Entry Level Loan Processor
- Onsite in Columbia, MD
- Salary: $55,000 - 60,000
- Review loan applications submitted by borrowers for completeness and accuracy.
- Verify borrower information, including income, credit history, employment details, and financial statements.
- Collect and verify all required documentation, such as tax returns, pay stubs, bank statements, and property information.
- Ensure that all documents are accurate, current, and meet lender and regulatory requirements.
- Maintain clear and consistent communication with borrowers to request additional information or clarify details as needed.
- Collaborate with loan officers, underwriters, and other relevant parties to facilitate smooth loan processing.
Data Entry and System Management:
- Enter borrower information and documentation into loan processing software or database systems accurately.
- Update loan application statuses and document completion progress.
- Ensure that all loan applications comply with lender policies, industry regulations, and legal requirements.
- Stay up-to-date with changing lending regulations and guidelines.
- Organize and compile loan application files for submission to underwriting.
- Prepare and submit necessary documents to third-party vendors for services such as property appraisals and title searches.
- Identify discrepancies or potential issues in loan applications and work with borrowers and loan officers to resolve them.
- Prioritize and manage a pipeline of loan applications to meet deadlines and service level agreements.
- Provide regular updates on application progress to borrowers and stakeholders.
- Perform quality checks on completed loan files to ensure accuracy and completeness before submission to underwriting.
- Provide excellent customer service to borrowers, addressing their questions and concerns in a professional and helpful manner.
- Bachelor's degree in finance or related field preferred
- Previous experience as a loan processor or in a related role within the mortgage or lending industry.
- Strong knowledge of loan processing procedures, underwriting guidelines, and regulatory requirements.
- Proficiency in using loan origination software and office productivity tools.
- Excellent organizational skills and attention to detail.
- Effective communication and interpersonal skills.
- Ability to work independently and collaboratively in a fast-paced environment.
- Familiarity with financial documents, credit reports, and loan-related documentation.
Apply for this position