Mortgage Processing Specialist

2 weeks ago

Salt Lake, Utah, United States Consumers Financial Corporation Full time

Overview

My name is Matt Stout, and I have been a Loan Originator since 1992. I specialize in DSCR loans for the Airbnb community and manage multiple applications daily across numerous states. I also facilitate traditional mortgage loans in various regions. My current monthly closings range from 6 to 10 loans, with an upward trend as market rates begin to stabilize.

Position Summary

Qualifications:

1. Candidates must possess a Mortgage Loan Originator license and secure a Utah Loan Originator license within 120 days of employment, unless already licensed in Utah.

2. A minimum of 2 years of experience in mortgage loan processing is required.

Job Responsibilities:

This role merges the functions of a Loan Processor and a Loan Officer Assistant, ensuring a smooth experience for clients. It also provides opportunities for additional earnings beyond standard processing tasks. Responsibilities include typical loan processing duties, with extra compensation available for generating quotes and following up on leads. This is a full-time role with the flexibility to work remotely for 20 hours a week, allowing you to set your schedule between 7 AM and 6 PM MST, Monday through Friday.

Compensation Structure:

Compensation is based on closed files, structured as follows, either as a 1099 independent contractor or W2 employee with benefits (insurance + retirement plan):

  1. $1,150 for Loan Processing: This includes reviewing borrower documentation, submitting loans, and obtaining all necessary conditions from borrowers and third parties.
  2. 15 basis points for structuring loan options and completing a custom quote.
  3. 35 basis points on loans closed from follow-up calls.
  4. 80% commission on any loans personally originated, minus third-party expenses.
  5. Additional compensation is negotiable for other skills that enhance loan origination capabilities, such as marketing management.

Key Responsibilities:

Lead Management:

  • Leads are generated by Loan Originator, Matt Stout, during an initial interview with the prospect.
  • Following the interview, an email is sent detailing the required documentation and providing a link for document submission.

Loan Structuring:

  • Upon receipt of the required documents, the Processing Coordinator reviews and identifies suitable loan programs based on borrower qualifications.
  • The file is then entered into the system for further processing.
  • If adequate documentation is provided, the Processing Coordinator proceeds to create a loan quote.

Creating Loan Scenarios:

  • The Processing Coordinator prices loan programs based on recommendations and may schedule a meeting to discuss the file before finalizing the quote.
  • A primary financing option is created, detailing the most logical financing solution for the borrower.
  • Both primary and alternative scenarios are compiled into a summary for client review.

Delivering the Loan Summary:

  • The Loan Originator prepares a video to review the loan summary and sends the quote to the borrower.
  • Follow-up communication is maintained until the borrower commits to proceeding, at which point a meeting is scheduled to finalize the application.
  • The Loan Originator prepares the file for processing and returns it for submission to the investor.
  • The Processing Coordinator submits the loan to the investor, generates necessary disclosures, and completes all conditions and verifications.
  • Direct communication with the borrower is maintained to gather any additional documents required by underwriting.

Closing Procedures:

  • The Processing Coordinator sends the initial closing disclosure for review.
  • Final closing disclosures are obtained and reviewed before the borrower proceeds to closing.
  • Post-closing, the Processing Coordinator ensures all documentation is filed correctly and notifies the Loan Originator of the completed file.

This is an opportunity to engage in a dynamic environment as we anticipate a surge in refinancing activity. Join the team at Consumers Financial Corporation and contribute to our mission in the mortgage industry.

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