Job Description
I. Receipt of file from Loan Officer to Credit Approval (CA)
A. Review file for correct stacking order. Make sure LO has a matching 1003 with the 1st AU submission. Check AU submission, make changes if necessary and sign the 1003 to validate. Review the application and disclosures for signatures and dates where needed.
B. Review AU findings for initial determination, and check the file for appropriate documentation. Send any necessary verifications. Note: On Conventional loans, make sure to review the MI coverage required..
C. Review the Loan Officer’s Needs List. Check the file to see if there are additions to the list. If necessary, send the borrowers an INITIAL letter to request additional information (ie: divorce decree, BK papers, alternative credit, etc)
D. Review documentation in the file and make any necessary changes in the computer system:
E. calculator tape or writing on the paystub. Complete verbal VOE if required, submit the file with a
** Submit all files to a DHI Underwriter at your Regional Underwriting Center. The files will be distributed by the Underwriting Assistant at the Regional Center Location.
II. Credit Approval (CA) to Final Approval (FA)
A. Processor to review conditions when received from Underwriting.
B. Provide status of file to all parties. Note: Check for Credit Sharing Consent status (this information is available in the Loan Summary screen within Empower and on the Loan Processor Project to Close Report) Print a Credit Approval Letter and mail to the borrower. A copy of the letter should be provided to the Loan Officer. (A copy may be provided to the sales agents, builder and any outside agents as determined by the Branch)
C. Order any documents pertinent to the property, ie: title, flood cert. NOTE: Flood certs must have the legal description as well as borrower names. If FHA, order all builder information (plans, specs, description of materials, builder’s cert, etc.)
D. Order FHA or VA case number with appraiser assignment. Order Conv or
FHA appraisal through eAppraiseIT. (
E. When appraisal is received, check for value and any required repair or
inspection conditions. If FHA, complete Appraisal Logging in FHA Connection. If VA LAPP, submit appraisal to Underwriting for review within 24 hours. NOTE: If an FHA appraisal is completed ?as is?, the borrowers need to sign the Notice to Homebuyer 5 days prior to closing. This should be sent immediately. Relay to the borrower the importance of returning the Homebuyers Summary as soon as possible. Fax copies are acceptable.
**NOTE** It is imperative that the Processor allow 8 days for final processing. This timeline allows for 48 hours through Underwriting and Closing, as well as shipping time from Closing to the Title Company/Attorney’s office at least 24 Hours ahead of your scheduled closing.
III. Quality Control
IV. General Processor Responsibilities
A. Review Loan Processor reports daily: Project to Close, Timeline Exception. The Loans in Process report should be reviewed on a weekly basis. Pipeline management is critical to closing success.
B. Maintain comments in the report comments on anything pertinent to the loan file. Any important conversations with the borrower, agents, builder, Loan Officer, etc. should be noted on the electronic notepad in Empower.
C. Be available for weekly processor meetings as directed by the Branch Manager.
D. Be aware of the AU findings in each file, and don’t over-document the File.
** Maintain communication with the Loan Officer, Builder, Agents, Branch Manager, and other Loan Processors. It is the key to the entire branch being successful in originations and closings.
Job Requirements
College Decree preferred, not required
2+ years experience expected, bilingual Spanish speaking is priority
Tags: loan processing, loan processor job, mortgage jobs, processing
