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The Loan Officer Assistant position requires a mortgage loan originator license. Every Loan Officer Assistant must obtain a license in his/her home state and is responsible for taking all steps to maintain a current license. No licensable activity (taking applications or discussing loan terms, programs and rates with customers) may be performed until a valid MLO license has been approved and issued by the state, or at any time a license is pending or suspended.
Must have a very positive, can-do attitude. If a job requires staying late to hit a deadline, they must be willing to stay late or come in early to get it done. Must be able to write with correct grammar and spelling, and have excellent communication skills.
1. Answer phones for LO – friendly voice – you are the first point of contact to answer questions and direct calls.
2. Set loan application appointments for LO. Since you are a licensed LOA, you may be called upon to handle the application process itself.
3. Take Loan Applications - either over the phone or direct the applicant to LO's website to fill out an application. This involves taking a complete 1003, completing the conversation log and reviewing all disclosures for accuracy. The 1003 review includes review and completion of all applicable addendums. It also includes review of the borrower's income and making sure the Income Calculation Worksheet is completed and in the file. Review of the credit report in detail and making sure the Derog Only Report is sent to the borrower along with the disclosures.
4. Be familiar with guidelines on specific loan type and if applicable, print program guidelines and review – place in loan file.
5. Run AUS – review all pages of the findings.
6. If transaction involves Mortgage Insurance – make sure you go on-line, get the MI quote, and print for the file.
7. Completion of a detailed Items Needed List and communication with the borrower on all items needed. Ask the borrower for the first 2 pages of their tax returns for address verification for 4506t. List should also include a copy of the borrower's DL and SS card. If transaction involves a gift, address items needed.
8. Preparing the disclosure package to be sent to the borrowers after it is thoroughly reviewed and completed. Prior to being sent to the borrower, the LO's signature should be obtained on all applicable documents.
9. Preparing the Pre-Approval letter to send to borrower and to Agent – upon Borrower's written request or authorization to do so. (If loan is on a Texas property, the applicable Texas letter must be used.)
10. Upon receipt of the signed disclosures from the borrower and the credit documents, thorough review to make sure all disclosures are signed – if not, they need to be sent back to the borrower to be signed – review of the credit documents received from the borrower to make sure they are complete and accurate.
11. Upon receipt of the executed Sales Contract, thoroughly review for accuracy.
12. Set up files for processing.
13. Print LO's pipeline and also current months Projections Report for status meetings with the LO's team on a weekly basis. Maintain a calendar or a white board on loans closing during the month and follow up on each.
14. Assist in monitoring the projections for the month – make sure accurate information is in the system as far as estimated closing date and coordinate changes with the processor and closer. 15. Assist the processor/LO in collecting additional documentation from the borrowers as needed or requested
16. May be called upon to lock loans at the LO's request and under the LO's supervision, based on the criteria the LO provides. Once locked, verify the lock confirmation information for accuracy.
17. Send marketing letters on a timely basis.
18. Coordinate ongoing marketing campaigns: a) Touch Campaigns, B) Birthday Cards, C) Realtor Drip Post cards, d) Past Client Post Cards, e) Realtor and f) Affinity emails
19. Misc. Tasks: a) Maintain database, b) Database entry, c) Solve client issues as needed when clients call
20.Work in Word, Conductor, Excel software programs as well as our Share Point site and be familiar with all areas.
21. Review all Bulletins as they come out to be aware of industry, Investor and company requirements. If a Bulletin comes out that has an effect on a program type, review LO's pipeline to be sure we are reacting timely to any changes and acting upon them as needed.
Job Type: Full-time
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