Mortgage Loan Processor

Location
Alexandria, Alexandria City, Virginia
Posted
Aug 15, 2014
Closes
Oct 13, 2014
Ref
726614
Function
Banking, Other
Industry
Banking
Hours
Full Time
Pentagon Federal Credit Union serves over 1 million members in the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, and the Veterans of Foreign Wars. We were federally chartered in 1935 and serve our members worldwide.

Pentagon Federal Credit Union is one of the strongest and safest financial institutions with more than $18 Billion in assets. We offer mortgages, credit cards, automobile loans, personal loans, checking, money market savings, and other accounts.
 
We have an immediate opening for a Full Time Mortgage Loan Processor in our Alexandria, Virginia location.

General:
 
The incumbent reviews all information supplied on residential mortgage loan applications with members. Submits the loan through the Desktop Underwriter system and satisfies conditions required by the automated loan origination system. Calculates debt-to-income and loan-to-value ratios. Assembles a completely documented file for submission to underwriting.

Duties:

• Initiates and maintains contact with members throughout the processing period, assisting them with any questions and notifying them of any additional information required.
• Submits loans through DU and orders and follows up on any outside services such as credit reports, title, appraisals.
• Satisfies DU conditions and ensures documentation meets secondary market requirements.
• Monitors loans in process to determine any deviation from standard processing time and to take appropriate actions including notifying the manager for alternatives to ensure members receive timely service.
• Establishes accurate closing date and monitors promised closing dates to meet dates established. Meets standards for closing percentages of loans processed.
• Enters required information from all incoming mail and documents into the fields in the origination system and files documentation in the member's file. Tracks development of information to ensure compliance with underwriting guidelines for the specific mortgage loan program.
• Performs final reviews of the completed application packages and prepares the file for approval, specifying any applicable conditions to the approval. Reviews the commitment and any additional required disclosures.
• Notifies the member of the underwriting decision.
• Prepares, if applicable, the "Decline Letter" and ensures accurate disclosure of the reason(s) for the adverse action at whatever time during the processing period it is determined that applicants do not qualify.
• Maintains the necessary records in the appropriate system to ensure that PenFed is in compliance with HMDA reporting requirements.
• Serves as support to PenFed operations employees in answering inquiries and providing information on mortgage loan programs.
• Maintains a working knowledge of all mortgage products available through competitive organizations to accurately respond to member questions.
• Researches problems and files documents as required.
 
MLO Requirements:

Must register with the Nationwide Mortgage Licensing System & Registry (NMLA).

Must obtain unique identifier required for MLOs.

Must maintain the registration in accordance with PenFed policy and all related regulations.
 


Requirements:
 
• Associates degree (or an equivalent combination of education and experience), three years work experience with one year related work experience in residential mortgage lending or 1st Trust Mortgage or Home Equity processing/closing.
• Also requires good analytical and math skills, strong oral and written communication skills , and outstanding computer skills.

We can offer you:

• Challenging intellectual environment that requires both individual contribution and team collaboration.
• Medical, dental, vision & prescription drug coverage.
• Convenient Alexandria location with assigned free parking; close to metro and the beltway.
• Company paid short- and long-term disability coverage.
• Company paid life insurance.
• Generous education assistance program.
• Flexible Spending Accounts for out-of-pocket medical and dependent care expenses.
• Immediate enrollment in 401(k) plan with company match (100% of first 4% you contribute) after 6 months on the job.
• On-site fitness center and cafeteria

No security clearance is required. You must be bondable and pass a credit check.

We are proud to be an equal opportunity employer: m/f/v/d