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Jr. Processor - Grand Rapids

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The Loan Partner III is responsible for both Loan Partner and Processor job duties as needed. This position is viewed as contract to close and will be involved in all aspects of moving a loan file through to closing. Individuals in this position shall not engage in loan origination during the course of his/her employment with WMC. Loan origination is defined as (1) taking a residential mortgage loan application; or (2) offering or negotiating terms of a residential mortgage loan for compensation or gain; (3) advertising or communicating to the public that you can perform loan origination services. Please see the Loan Originator Compensation Policy for more details on the definition of loan origination. ESSENTIAL DUTIES AND RESPONSIBILITIES: Function as the primary contact and liaison between clients, Branch Manager, Sales Manager and/or assigned Loan Originators. Responsible for taking applications over the phone and scheduling appointments. As part of the sales team, this individual is responsible for requesting/obtaining referrals from all WMC clients, current and potential. Responsible for submitting complete loan applications for each customer file. Responsible for quoting rates to clients and locking loans. Work as a liaison for Loan officers and with processing to help coordinate weekly pipeline meetings with each LO for accurate file tracking. Track all requested documents in Encompass Run Automated Underwriting with updated Encompass file and read what the required documentation will be that is needed. Make sure that Automated Underwriting results match Encompass. Review documentation received within 24 hours of receipt for discrepancies, omitted data, verified income calculation, asset verification and Encompass updates based on verified information. Immediately notify Loan Originators when any discrepancies are found on documentation. Partner with Loan Originators in resolving problems on files/documents. Ensure files are complete and set-up in accordance with WMC policy and procedures. Attend all Branch/team meetings. Maintain contact with client throughout the loan process, respond to customer inquiries and other related parties on a transaction within a timely manner. Assist Loan Originator in gathering all necessary forms and paperwork Maintain up-to-date status information for all files with a weekly meeting scheduled with the Loan Originators keeping them on track, notified of all transaction details and status of closings. Order FHA and VA case numbers on government sites. Establish communication with borrowers to introduce self, give status, and remind them of items needed within 48 hours. Establish communication with Realtors confirming commitment and closing dates, requesting any missing pages or addendums outline in the offer, requesting any missing signatures and title company information. Ability to maintain pipeline of 25 files and/or two to three Loan Originators. Order any third party verifications needed; including, but not limited to, VOE's, VOD's Payoffs, Updated Homeowners Insurance, Subordination Agreements and Tax Transcripts. Once received compare to LO input in Encompass to determine actual credit worthiness. Order Title Commitments, Appraisal, Hazard Insurance and Flood Insurance on the file. Order all necessary documents to satisfy Automated Underwriting and/or product requirements from Loan Originator, customer or Vendor. Track all requested documents in Encompass. Review documentation received within 24 hours of receipt for discrepancies, omitted data, calculate verified income, verify assets and update Encompass based on verified information. Immediately notify Loan Originator of any documentation discrepancies. Loan Originator will determine necessary remedies. Call the customer and realtor referral partners every week, preferably picking the same date weekly to give a status update on the loan file. Prepare loan for underwriting submission by utilizing investor's submission checklist. Once file is out of Underwriting if additional documentation or information is needed for the file, immediately notify the borrower. Maintain a sense of urgency and inform the customer we need this information within 48 hours. Review all documents to make sure they are not expired. If any are now outdated, contact the appropriate parties to obtain more current info. Clear any approval or suspense conditions as outlined by the underwriter. Ensure that all appropriate closing documentation is in the loan file (ie title documentation, home owners insurance, etc.). Documents must be reviewed within 24 hours of receipt and communicated with Loan Originators. Loans are to be processed to meet contract deadlines and rate lock expiration dates. Set reminders of loan commitment and closing dates to meet these deadline dates. Upon receipt of all property specific items compare and verify consistencies and make necessary changes to Encompass. (Matching address, seller and buyer names, contract fully executed, sales concessions, seller contributions, personal items included, verbiage relate to repairs or defects, as is or subject to, mortgages and liens against the property, trust and/or POA's, effective and expiration dates, coverage's, premiums, testing results, payoff dates and amounts, etc.) Order any additional items the current documentation review necessitates. File to be given to closing department within timelines established by WMC. Organize and compile file documentation for the closing department requirements checklist. Clear post-closing exceptions received by investor to ensure WMC does not incur any financial loss. Communicate with closer to prepare loan for final documents, funding and sale to investor. Maintain accurate and timely milestone tracking. Responsible to meet deadline dates on the loan contracts along with rate lock expiration dates. Communicate with Title companies, Realtors, Loan Originators and Borrowers to schedule/confirm the time, day and place the closing will take place. Knowledge of current state's mortgage lending laws. Possess knowledge of Real Estate compliance guidelines and ability to implement them. Review all investor overlays and make sure the investor specific forms and verifications are included as well as the loan product matches the program specification. Cross training ability to learn other positions to help the Branch when vacations and illness occur. Must be able to work under pressure. Must possess excellent organizational skills. Maintain strict confidentiality regarding customer's account and other information. ADDITIONAL DUTIES: . Complete any additional duties assigned by management . Complete regulatory and compliance certification and training, as required. . Assist WMC employees and departments as needed ATTRIBUTES OF SUCESSFUL LOAN PARTNERS . Outgoing . Flexible . Punctual . Self-driven . Motivated . Goal Oriented . Team player


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Last Updated on: February 21, 2018
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