Mortgage Processing Specialist

2 months ago

Franklin, Massachusetts, United States Dean Co-Operative Bank Full time
Job Overview

POSITION SUMMARY: In the highly regulated mortgage sector, the Mortgage Processing Specialist plays a crucial role in ensuring that loans are disclosed and finalized in accordance with all relevant lending regulations. The successful candidate will demonstrate the ability to manage multiple responsibilities, maintain a keen attention to detail, and work effectively both independently and under pressure. This position involves executing routine tasks associated with the processing and closing of mortgage loans.

KEY RESPONSIBILITIES:

  • Prepare and disclose application packages in line with industry timelines.
  • Process loans from initiation to closure, adhering to established regulations and guidelines, including various loan products such as construction and land loans.
  • Engage with applicants and loan officers to gather necessary information and resolve any outstanding issues.
  • Oversee a pipeline of loans, ensuring critical deadlines are met while providing backup support to team members.
  • Review loan applications for completeness and accuracy, and gather any required documentation from clients and third parties.
  • Analyze credit reports, income, and asset documentation to determine loan-to-value (LTV) and debt-to-income (DTI) ratios, facilitating submission to Underwriting for condition-free approvals.
  • Stay informed about and comply with all Internal, Federal, and State mortgage loan regulations and policies.
  • Act as the primary contact for borrowers throughout the loan process, including facilitating the execution of loan documents and finalizing the loan.
  • Review commitment letters and monitor fees, closing costs, and conditions. Collaborate with attorneys to prepare closing documents.
  • Initiate requests for any missing or incomplete information and maintain records of all documents ordered, requested, and received.
  • Address title issues with borrowers and legal offices to resolve deficiencies.
  • Coordinate and schedule closings, working with attorneys to obtain payoff figures.
  • Maintain ongoing loan files and perform necessary computer file maintenance.
  • Conduct second mortgage closings as required.
  • Monitor the closing and funding pipeline daily to ensure timely workflow completion.
  • Audit closing packages for accuracy, completeness, and compliance with all regulatory and secondary market guidelines.
  • Cross-sell and refer other financial institution products and services as appropriate.
  • Perform additional duties as assigned.

SUPERVISORY ROLE: None

QUALIFICATIONS AND SKILLS:

  • High School diploma or equivalent; Associate's Degree preferred.
  • A minimum of two years of prior loan administration experience is required.
  • Experience with Loan Estimate and Closing Disclosure under TILA-RESPA Integrated Disclosure regulations is essential.
  • Three years of TRID experience in closing and funding since 2015.
  • Ability to multitask and thrive in a fast-paced environment.
  • Strong problem-solving skills and the ability to handle sensitive inquiries or complaints effectively.
  • Capability to interpret complex technical instructions and manage multiple variables.
  • Excellent customer service and organizational skills.
  • Intermediate proficiency in word processing and spreadsheet applications.
  • Ability to read and interpret various documents, including contracts and loan documents, and communicate effectively with colleagues and customers.
  • Willingness to work onsite as this position is not remote.
  • Comprehensive knowledge of loan disclosures, closing documents, and post-closing review functions.
  • Ability to work collaboratively in a team environment and maintain positive interactions with co-workers and management.

WORKING ENVIRONMENT: The characteristics of the work environment are typical of an office setting. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions. The noise level is generally moderate.

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