Work Type: Full Time
Position is located at 2601 NW Expressway Suite 401E in Oklahoma City, Oklahoma.
Position is Monday through Friday 8 am to 5 pm.
Summary:
SUMMARY Under the limited direction of the assigned supervisor/manager, the Mortgage Processor 2, processes conventional single family 1-4 unit residential mortgage loan applications. The incumbent analyzes and validates the verified documentation within the loan file and ensures the loan file meets the requirements for any of the following agencies, as applicable to the program: Freddie, Fannie and/or private mortgage insurers. The incumbent will review property appraisal reports and make recommendations to underwriting, as applicable. The Mortgage Processor 2 will handle a high volume of data and must complete all duties with a high degree of accuracy and complete confidentiality.
ESSENTIAL DUTIES AND RESPONSIBILITES include the following. Other duties may be assigned.
- Work in connection with the lender to discuss and review new loan files as they are assigned. Review the loan file to make certain it meets the conventional single family 1-4 unit mortgage loan criteria.
- Communicate with customers regarding loan files. Serve as a resource to the customer once the application is received in mortgage operations through loan closing.
- Analyze the credit, income and asset documentation; using the required income calculator worksheet to document W2 wage earners, retirement, social security, Schedule C, E and/or F income on 1040 tax return, as applicable.
- Ensure integrity of source and data documented in loan file follows loan program requirements and that each file complies with real estate regulatory requirements from origination to closing, making additional requirements, as necessary.
- Review real estate residential property appraisals as it pertains to the appraisal checklist.Make any necessary comments regarding the appraisal in the checklist comment section for the underwriter.
- Update LOS (Loan Origination System) and validate that all data entry is accurate.Submit file through AUS (automated underwriting system) if applicable, to have accurate findings for loan file.Follow AUS requirements and obtain any further investor requirements as a result of the findings.Follow any manual guidelines as it pertains to investor requirements as found in AllRegs and/or Selling Guide.
- Provide lender with any Preliminary Condition Requirements as required for the Underwriter to make a credit decision on the loan file.
- Issue NOI (notice of incompleteness) letter when Underwriting does not receive the necessary items in order to make a credit decision.Close file for incompleteness if requested items are not received from borrower as directed on the NOI.
- Submit completed loan application files to underwriting for approval.
- Communicate with loan production associates in regards to credit decisions and with any updates or guideline requirement questions. Update the LOS (loan origination system) with condition requirements and any information that differs from original submission.
- Run the Soft Credit Pull report and address any additional debt not shown on original credit report.Run Early Check and final AUS, if applicable, to loan program and move file back to underwriter for final approval.
- Remain cognizant to the requirements of Fannie Mae and Freddie Mac through All Regs/Selling Guides in efforts to minimize any potential loss to Arvest and repurchase requests from investors.
- Understand and comply with bank policy, laws, regulations, and the bank’s BSA/AML Program, as applicable to your job duties.This includes, but is not limited to; complete compliance training and adhere to internal procedures and controls; report any known violations of compliance policy, laws, or regulations and report any suspicious customer and/or account activity.
TEAM ACCOUNTABILITIES
- Support and uphold the Arvest Mission Statement
- Maintain a high level of cooperation and rapport with all associates in order to ensure accurate and efficient operations and service.
- Formulate and communicate new ideas and suggestions that will improve profitability and efficiency for the company’s overall operation.
- Foster and promote the proper company image at all times.
Responsibilities:
QUALIFICATION REQUIREMENTS:
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/or ability required. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
EDUCATION and/or EXPERIENCE
- High school diploma or general education degree (GED) required.
- 1 year of experience reviewing mortgage credit application files.
- 1 year of mortgage processing experience required.
- Or in lieu of the above years of experience; successful completion of an internal 8-week training course required.
- Working knowledge of all real estate regulations including, but not limited to: RESPA, TRID, TILA, Fair Credit Reporting Act, Fair Lending, Reg B (ECOA), Reg C (HMDA) and Flood Act and Interagency Appraisal and Evaluation Guidelines required.
- Arvest experience preferred.
OTHER SKILLS AND ABILITIES:
- Must be able to arrive at work on time, work on site and have regular work attendance
- Must be able to work cooperatively with other co-workers regardless of personality, presence or communication style
- Must be able to provide cordial customer service regardless of customer personality, presence or communication style
- Must be able to perform several tasks at once
- Must be able to work in a stressful atmosphere
- Must be able to rotate job tasks
- Must be able to occasionally work overtime
- Must be able to greet others cordially
- Must be able to coordinate multiple and changing priorities
- Must be able to verbally communicate with all other associates
- Must be able to operate telephone, scanner, copier and FAX machines
- Must be able to move from department, division, or bank to department, division or bank to attend meetings
- Must be able to operate personal computer keyboard in order to create reports, schedules and other appropriate documentation
PHYSICAL DEMANDS:
The physical demands described here are representative of those that must be met by an associate to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
While performing the duties of this job, the associate is regularly required to stand, walk, sit, and to talk and hear. The associate must occasionally reach with hands and arms; stoop, kneel, or crouch.
The associate may occasionally be required to lift or move up to 25 pounds.
Specific vision abilities required by this job include close, distance and color vision and the ability to adjust focus.
WORK ENVIRONMENT:
The work environment characteristics described here are representative of those an associate encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
The noise level in the work environment is usually moderate.