Loan Processor - Residential

Purpose: The Loan Processor- Residential is responsible for processing residential loans in an accurate and timely manner with adherence to all internal policies and procedures, as well as compliance with federal, state, local and investor guidelines.

Essential Functions:

• Review mortgage and home equity loan applications for accuracy, completeness and compliance. Monitor and maintain an application pipeline resulting in timely application decisions and loan closings.
• Prepares the file for underwriting: finishes collecting all key exhibits, analyzes the credit report addressing any shortcomings with LOE’s; analyzes income and employment documentation, calculates monthly income; analyzes all asset and bank statements, questioning large
  • deposits – ensures there is enough cash-to-close; receives and uploads appraisal into the loan file; submits file to underwriting once Ready-for-Underwriting trigger is met.
• Clears all conditions that do not impact the reconsideration or adjustment of the initial credit decision.
• Directly communicate with applicants, Loan Officers, referral clients, service providers and branch referring partners to gather and clear underwriting conditions, primarily responsible for documentation collection. Provide exceptional service to both internal and external customers.
• Orders and verifies third party services (flood, hazard, title) and documentation; verify vendor orders are complete and invoices received. Communicate with various external sources and vendors to obtain property survey, flood certificate, title commitment, payoff information and other exhibits needed for loan file. Review exhibits are received in a timely manner and to ensure they meet Bank and investor requirements.
• Verifies loan data accuracy, including but not limited to pricing of loan – Rate, Points, Fees, APR state restrictions and HMDA data.
• Acts as a resource for the lending team, performing research as needed.
• Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders. Incorporate the high-performance behaviors of HEART in every facet of work.

Job Related Qualifications – Education and Prior Experience:

Required:

• Education: High School Diploma or equivalent. Bachelor’s Degree preferred.
• Prior Experience: 2+ years residential banking experience
• Licenses or certification: Register with Nationwide Mortgage Licensing System Registry (NMLS) and obtain a unique identifier that is provided to consumers in accordance with all SAFE Act requirements. Renew registration with NMLS annually. Maintains and updates personal registry information as necessary to include name changes, employment changes, etc.

-OR-

Preferred:

• Education: Bachelor’s Degree
• Prior Experience: 2+ years residential banking experience

Competencies:

• Knowledge of different mortgage products, not limited to Home Equity, Construction, Government, Freddie Mac, Grants.
• Excellent written and verbal communication skills with the ability to interact with internal and external customers in a team environment.
• Excellent organizational skills with the ability to work in a demanding, fast-paced environment and manage multiple priorities to meet established deadlines.
• Possess a high level of attention to detail with the ability to follow procedures to ensure accuracy and compliance with industry regulatory standards.
• Working knowledge of Microsoft Office applications with the ability to learn and utilize new and existing banking software applications.
• Ability to work independently with minimal supervision.
• Ability to take initiative in problem solving and produce practical decisions and solutions.
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Physical Requirements:

• Able to regularly sit for prolonged periods of time.
• Able to regularly stand for prolonged periods of time.
• Extensive computer usage is required.
• Ability to work:
  • Evenings
  • Occasionally
  • Weekends
  • Occasionally

Benefits:

• Medical, Dental, and Vision Insurance
• Health Savings Account
• Flexible Spending Account(s)
• Company Paid Life Insurance, Long-Term Disability, and Short-Term Disability
• Voluntary Offerings: Life, Critical Illness/Specified Disease, Accident, Hospital Indemnity & Personal Accident
• Tuition Reimbursement
• Employee Referral Program
• Wellness Reimbursement Program
• Star Volunteer Program
• Employee Banking and Financial Perks
• Flexible Hybrid Work Schedule
• Paid Time Off (PTO)
• Company Paid Holidays

This job description is not exhaustive. The Loan Processor 1 - Residential may be required to perform other duties as assigned. The expected rate of pay for this position is shown above. Compensation offers are based on a wide range of factors including relevant skills, training, experience, education and, where applicable, licenses or certifications obtained. Market and organizational factors are also considered. In addition to your base rate of pay and a competitive benefits package, successful candidates may be eligible to receive cash or equity-based incentives based on the role and performance.