Loan Processor - Loan Manager
The primary focus of the Senior Loan Manager is to process loans in a timely and efficient manner to ensure a clean approval and a timely closing. The Senior Loan Manger must have working knowledge of FHA / VA /Conventional/ Jumbo/ USDA/ 203k and Sec 184 loan program guidelines. They will work directly with Production Associate or Loan Officer and team to facilitate documents, as needed, for loan submission into Underwriting and then to Closing. This position requires frequent communication with the Loan Partner, Loan Officer, Set-Up Clerk, Underwriting and Closing.
Top 3 Responsibilities and how you will be measured:
1) Close Every Loan on Time
Measurement: Review all new files within 48 hours and publish a needs list via phone and
2) Collect all Conditions from Borrower
Measurement: Submit all files to underwriting fifteen days prior to close of escrow date.
3) Create Raving Fan Realtors and Borrowers
Measurement: Have documents in title two days prior to close of escrow date.
Essential Duties of the Position:
- Review new loan submissions from Loan Officer or Approval Specialist within 48 hours of receipt.
- Verify loan is complete with checklist and accompanying disclosures, documents, needs list, anticipated or confirmed program/investor, and etc.
- Return any incomplete loans back to Operations Manager with explanation, so they may complete and resubmit.
- Request any additional items needed from borrower to complete loan.
- Order and receive VODs, VOEs, appraisal, title, and etc. as appropriate.
- Compile and process all documents as received in a timely manner to meet projected close date.
- Input final information as validated in Encompass and reruns AUS, as applicable, for final loan submission.
- Submit loan to Underwriting within 24 hours of receipt of documents, as needed, for a complete loan file to obtain a clear loan approval.
- Submit all documents needed to draw closing documents within 72 hours of closing.
- Ensure closing instructions and documents have been released to title 72 hours before closing, ensuring a final settlement statement is issued to Loan Officer or team 48 hours prior to closing.
- Submit complete files to Underwriting based on Investor and/or AUS requirements. Clears any conditions that require communication to the title companies, appraiser, employers, surveyors, and etc.
- Have quiet time from 8:00 a.m. to 12:00 p.m. every day.
- Coordinate submitted files to Underwriting & Closing to meet file expectations.
- Communicate loan approval from underwriting.
- Pipeline Management – update and track information in Encompass with current and up to date information. Must track all items ordered, received and/or still lacking.
- Place detailed comments in the conversation log every time a file is handled.
- The Senior Loan Manger must have working knowledge of FHA / VA /Conventional/ Jumbo/ USDA/ 203k and Sec 184 loan program guidelines.
- Minimum of 2 years minimum of FHA/VA experience with 5 years total mortgage industry experience.
- Thorough understanding of automated underwriting engines.
- Special care to review cash, income, credit and property issues must be taken.
- Solid Time Management skills and the ability to organize prioritize and perform multiple tasks simultaneously.
- High level of proficiency with mortgage loan processing and underwriting systems.
- Commitment to excellence and high standards.
- Excellent written and oral communication skills.
- Ability to manage priorities and workflow.
- Versatility, flexibility, and a willingness to work within constantly changing priorities with enthusiasm.
- Acute attention to detail.
- Proven ability to handle multiple projects and meet deadlines.
- Good judgment with the ability to make timely and sound decisions.
- Ability to effectively present information and respond to questions.
- Must have high school diploma or equivalent.
- Must be able to work 40 hours per week and overtime as required.
- Must be proficient in Word, Excel, and Outlook applications.
- Must be dependable and self-motivated.
While performing the duties of this job, a person is regularly sitting in a standard office environment, at a desk, using a computer, phone, fax, and copy machine. This person may occasionally need to lift up to 20 pounds.
- Standard office environment
Pay rate ranges betwee $17-32/hr DOE plus bonuses.
Summit Funding, Inc. (NMLS #3199) is a full service mortgage lender offering expertise in every area of residential mortgage lending; including purchases, refinancing and construction lending. We have built a strong reputation as an outstanding mortgage firm that serves the lending needs of real estate professionals, builders and individual home buyers throughout the Country. We pride ourselves on our positive culture at Summit Funding, and we know that our diligence in hiring only the best candidates is largely responsible for this culture. Summit Funding has approximately 85 Branch and Satellite Offices in 20+ States and a workforce of over 1,000 Team Members. Compensation for this position will depend on experience. Summit Funding offers a complete compensation package including Medical/Dental/Vision insurance, 401K, Paid Time Off, Flex Spending, Etc. Please do not contact our office for additional information and please do not apply unless you meet ALL the minimum qualifications above. Summit Funding is an Equal Employment Opportunity Employer.