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Loan Processor (Waterstone Mortgage Corporation)
Ref No.: 16-08274
Location: Appleton, Wisconsin
The Processor II 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.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
  • 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 additional documentation or information is needed.
  • Ability to maintain a pipeline of 30 to 35 files and/or three to five 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 are to 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 with the clearing of post- closing exceptions received by investor to ensure WMC does not incur any financial loss.
  • Knowledge of current state's mortgage lending laws.
  • Order FHA and VA case numbers on government sites.
  • Possess knowledge of Real Estate compliance guidelines and ability to implement them.
  • Maintains a focus on enhancing customer service skills and knowledge
ADDITIONAL DUTIES:
  • Completes 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 two to three years of convention fixed and ARM mortgage loan processing experience.
Some working knowledge of VA and FHA loan processing and experience working with five or more 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 as well as working knowledge of DU, LP and other AU systems, FHA connection, and the VA web site. The ability to accurately input data is required.

ControlID: 14.234.89 SHR