Peak Finance Company provides uniquely competitive rates and a best-in-class team to find innovative mortgage solutions personalized to the needs of our clients. Our residential real estate financing experts specialize not only in offering traditional loans at competitive rates, we work on behalf of credit challenged, self-employed, and first-time home buyers.
Responsible for checking, sorting, compiling and tracking data relevant to loan applications. Plays an important role in the entire loan transaction
Essential Duties and Responsibilities:
- Manage loan transactions from start to finish and tailor it to fit each client’s individual needs.
- Assemble documents in loan file according to established procedures.
- Review all data in loan file for accuracy; verify and correct errors
- Create loan in Encompass system
- Ensure confidentiality of client records
- Act as liaison between clients, loan officers, real estate agents, etc.
- Processors will confirm disclosures are provided within 3 days of taking the application.
- Disclosing FHA files, including inputting initial disclosure fees, preparing broker disclosures and submitting skinny package to investor to send out initial disclosures within 24 hours of application date.
- Ensure E-folder is uploaded properly for Encompass.
- Review submission sheet, check program info, Doc type, and LO notes
- Review loan application for accuracy and completeness
- Evaluate and make corrections to loan application once supporting documentation is received: title report, purchase addendums, insurance, asset, MI info, VA funding fees, income, etc.
- Review credit report for the following: delinquencies, collections/charge offs, judgements, tax liens, bankruptcy, inquiries, fraud alerts, address discrepancies, soc sec discrepancies, and If any debt is missing request statements
- Submit to Automated Underwriting (DU/LP) to ensure that documentation integrity is in line with findings.
- Evaluate deficiencies and identify potential issues with applications, documents in file, and DU/LP
- Inform Loan Officer of file status by issuing a needs list including PTS and PTD conditions
- Review needs list with LO answering any questions they may have, assure there are no substantial omissions, and identify mandatory PTS items
- Order supporting documentation- VODs, VOE’s from Admin Asst, VOR’s, VOMs (VOM’s to be updated when CD is requested if outdated).
- Order Condo cert if required, and all other docs needed for condo review
- Communicate HOA project qualifications with LO
- Follow up on outstanding PTS items.
- Review initial disclosures confirming all required fields are complete and signatures are present.
- Obtain Flood Cert confirming property is not in a flood zone. If Property is in a Flood Zone, impounds are required for the flood insurance even if borrower requested to waive impounds (COC will be required).
- Pre-underwrite/Review and comply with investor guidelines
- Restructure loan parameters if necessary, providing on going communication with Loan Officer
- Submit all appropriate documents to investor/Lender
- Continue to follow-up confirming submission was received and there are no outstanding items needed before file can be submitted to underwriting
- Continue to follow-up and check Investor/Lender websites for updated status
- Communicate with LO the progress of submission to UW
- Once approval is received processors will review approval as well as identify LO and Processor/Escrow responsibilities
- Act as liaison between Escrow, Title, and LO and communicate with borrowers, and buyer’s/seller’s agents
- Ensure all LQB status dates are updated daily
- Review PTF/PTP conditions and confirm all items have been submitted to UW.
- Additional duties as assigned
Education & Skills Required:
- At least 5 years of experience in residential loan processing within a "fast paced" environment
- Must be familiar with loan processing guidelines including Fannie Mae, Freddie Mac and FHA.
- Solid knowledge of standard loan practices, documents and real estate terms
- A solid understanding of the mortgage market
- Ability to work collaboratively with colleagues and staff to create a results-driven, team-oriented environment.
- Proficient in Encompass Software as well as lenders' underwriting software, tools and DU-LP.
- Excellent organizational and time management skills
- Strong written and verbal communication skills
- Strong knowledge of income calculation and tax return analysis preferred