Mortgage Loan Processors

• Some specific tasks are as follows.
• A loan processor must validate the information on the loan application – including assets, liabilities, income, credit, employment, deposits, flood certification, etc. – by using third parties.
• He or she will provide documentation that is required by the departments backing the various loan types – i.e. the FHA, VA, and USDA Rural Development – to the applicant. This is in accordance with the policies and procedures of these overseeing departments.
• A loan processor originates loans on the origination system once approved, setting up the file for underwriters, loan officers and management to use.
• He or she issues disclosures required by federal regulatory corporations. He or she will review the rate once it has been locked and other information to ensure accuracy, review overage and underage and any fee waivers to verify that these have all been approved.
• He or she will order appraisals and credit reports and then ensure the information is accurate by cross-checking alternative documentation; then they will review flood and tax certifications, as well as surveys, to ensure they meet Extreme Loans guidelines before they are submitted to underwriting.

• If further information is required, the loan processor will contact the loan officer and/or the borrower in order to obtain it.
• He or she will order payoff information for existing mortgage loans / liens when working with a refinance.
• The underwriter provides a list of conditions required to close the loan, and the processor works with the loan officer to retrieve the information for the underwriter.
• If a file is “clear to close,” the processor verifies that it contains the tax report, the Title Commitment, Proof of Homeowner’s Insurance, Wiring Instructions, and the Insured Closing Letter.
• Log information and generate documentation to ensure the work on the file complies with RESPA, Regulation Z, HMDA, Fair Lending and various other regulations on the mortgage origination and application processes.
• The processor understands industry regulations – i.e. the Truth-in-Lending laws, Fair Credit Reporting Act, etc.
• He or she maintains the company’s reputation and image, the confidentiality of the loan information as well as the borrower, and gives great customer service.
• The processor works under the direction of management.

Extreme Loans is an Equal Opportunity Employer. It is the policy of the Company to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.