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Loan Processor I (Waterstone Mortgage Corporation)
Ref No.: 16-07246
Location: Woodbury, Minnesota
The Processor I responsibility is to process loans for customers as needed for programs offered by WMC.

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.

  • Review new file within 48 hours of receipt and verify that compliance documents were issued within proper time frame. Notify the appropriate staff member if any additional documentation or information is needed.
  • Ability to maintain pipeline of 25 files and/or two to three Loan Originators.
  • Order all necessary documents to satisfy AU 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.
  • Prepare loan for underwriting submission by utilizing investor's submission checklist.
  • Clear any approval or suspense conditions as outlined by the underwriter.
  • Ensure that all appropriate closing documentation is in the loan file (i.e. 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.
  • File to be given to closing department within timelines established by WMC.
  • Assist other processors, Underwriters and Closing departments as needed.
  • Respond to customer inquiries and other related parties on a transaction as needed.
  • Assist in the clearing of any post- closing conditions and ensuring WMC does not incur any financial loss.
  • Maintain strict confidentiality regarding customer's account and other information.
  • Maintain a focus on enhancing customer service skills and knowledge
  • Complete any additional duties assigned by management .
  • Complete regulatory and compliance training, as required.
  • Assists WMC employees and departments as needed.
SUPERVISORY RESPONSIBILITIES: This position does not require supervisory responsibility.

Requirements QUALIFICATIONS: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE: A high school diploma or general education degree (GED) is required as well as one year. or more of loan processing/real estate finance experience. Experience working with a minimum of 3 different investors is preferred.

COMPUTER SKILLS: Advanced knowledge of related computer applications such as Microsoft Office is required. Experience on a mortgage loan processing system, preferably Encompass, is required. Some knowledge or experience with DU, LP automated u/w systems is preferred. The ability to accurately input data is required.

ControlID: 14.234.89 SHR