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Loan Processor (VIP Mortgage)
Ref No.: 16-08345
Location: Madison, Wisconsin
VIP Mortgage, Inc. is seeking a motivated and enthusiastic on-site Onboarding Loan Processor to work with our Onboarding Transition Team! Our Transition Team supports new branches joining VIP Mortgage, Inc. by providing concierge level service. The Onboarding Loan Processor will take full ownership of a loan file from the day the loan is sent from Sales to Operations on our Onboarding Transition Team. They will need to review accurate notes, 1003, and borrower documents provided from the Sales team. They also will prepare initial disclosures and a complete and accurate needs list that requests all remaining items from the borrower to get their loan approved and through funding.
Once the needs list is sent, the Loan Processor's main role is to ensure the Onboarding Team hits the commitment and closing dates. Their main function is to review the borrower's income/asset/credit documents as it is received and respond with a revised needs list of what is still remaining; re-reviewing upon receipt to ensure approvability. The Loan Processor is in direct communication with the borrower regarding missing items that are needed to get the loan all the way through funding. They will also determine if there are substantial changes within a file upon reviewing required data and documents that may pose a possible adverse effect upon the loan and communicate back to the sales team. They will package the loan for submission to underwriting, re-disclose the loan as needed and prepare the loan for pre-closing review/closing. Please do not apply if you are remote, this position is in the local office.
Essential Job Functions:
  • Prepare initial disclosures including gathering and inputting title fees
  • Managing a pipeline of 40-60 loans per month and closing anywhere from 20-40 loans per month.
  • Prepare and send needs list to borrower. Verify the information already gathered and request other items and documentation as needed with proper follow up on all documentation requested. Be familiar and proficient with all loan origination software and automated systems
  • Ensure that all loan documentation is complete, accurately verified including completing income calculations, complies with company policy, has data accuracy, and all documentation requirements
  • Verify loan documents, provided by the borrower, including income, assets, and credit
  • Update loan origination software systems with proper information
  • Follow and manage each loan throughout its processing life from funding to sale of loan, stepping in as need be and contacting the appropriate parties
  • Must be able to meet crucial deadlines as requested and help manage the pipeline
  • Consistently communicate with transition team/new branches and meet weekly with new branches to review pipeline
  • Review and confirm Investor/Agency Guidelines
  • Work quickly reviewing loans and following up on needed documents in a timely manner
  • Perform any duties/activities assigned by management
Qualifications (Knowledge, Skills, Abilities):
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
  • High School Diploma or equivalent, required
  • 7-10 years of mortgage processing and/or mortgage underwriting experience required
  • Experience with Encompass LOS and working in a paperless environment required
  • High sense of urgency and customer service focused/driven
  • A thorough and deep understanding about rules and regulations regarding mortgage loans, underwriting guidelines and compliance
  • Familiarity with Client, non-conforming, FMHLC, FHA, VA, bond and dpa guidelines
  • Strong communication ability both written and oral, well organized, and proven time management skills
  • Ability to learn at a fast-paced environment and adapt to change
  • Must possess professionalism and strong interpersonal skills
  • Ability to be flexible with hours to support various time zones as needed
Environment: Office Environment, not remote
Physical Demands: Dexterity of hands and fingers to operate a computer keyboard, reaching overhead, above the shoulders and horizontally, bending at the waist, and hearing and speaking to communicate and provide information to others.
VIP Mortgage, Inc. is an Equal Opportunity Employer
Job Type: Full-time
Job Location:
  • Madison, WI
Required education:
  • High school or equivalent
Required experience:
  • Mortgage Processing: 7 years
ControlID: 14.234.89 SHR