Job description

Sparrow Company is looking for a Loan Processor for one of our clients in EL PASO, TX.

Essential Duties and Responsibilities:
1. Complete prompt, accurate review of files received from loan officer using the Underwriting Checklist published on the company intranet without exception

a. Review credit; identify potential issues

b. Review income; identify potential issues

c. Review assets; identify potential issues

d. Review loan specific items (VA, gifts, DPA, etc.); identify potential issues

e. Review DU Findings; identify potential issues

f. Ensure signed disclosures are in the file g. Request any missing/required documentation from Loan Officer and/or borrower(s)

2. Request/order all necessary items/verifications

a. Credit supplements

b. Verification of employment (as necessary/applicable)

c. Verification of deposit (as necessary/applicable)

d. Verification of rent (as necessary/applicable)

e. Tax return transcripts (as necessary/applicable)

f. Loan specific documents (payoff, COE, child care letter, homebuyer certificate, etc.)

g. Title work (commitment, fees, CPL, wire instructions, tax cert)

h. Survey

i. Appraisal

j. Home insurance

3. Prepare/submit files for underwriter review as early as possible; minimum of 15 days prior to anticipated closing date

a. Goal is no less than one S1 per day

b. Check all 1003 information for accuracy and completeness

c. Review all Image Center documents; remove unnecessary/redundant Documentation

d. Review all supporting documentation received from borrower and third-party providers; update 1003 as necessary

4. Maintain regular communication with Loan Officer so that all interested parties can be updated

a. LP should meet with LO no less than once per day

b. All pending documentation should be reviewed with LO until received

5. Maintain an accurate pipeline

a. Maintain accurate closing dates based on information obtained from buyer/seller/builder

b. Drive the pipeline at the direction of the loan officer to ensure timely closings

c. Review pipeline daily/intra-day/hourly (as necessary)

6. Submit approved files to closing

a. Follow closing checklist provided by management without exception

b. Include borrower AKA’s, VOE contact, agent license numbers and any other special instructions

7. Maintain a working knowledge of all guidelines and regulations

a. Fannie mae/DU

b. FHA

c. VA

d. State/local bond/DPA program

e. RMMC policies f. LOS functionality

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