Overview
Under the direction of the Loan Operations Assistant Manager, the Loan Processing Analyst reviews, analyzes, and processes mortgage loan files according to St. Mary’s Bank guidelines. The Analyst communicates timely with members and ensures regulatory requirements are met and in compliance with all applicable state and federal laws and regulations.
Key Responsibilities
• Review and verify loan applications for accuracy and completeness.
• Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
• Order third-party vendor services needed to open a loan, including but not limited to appraisals, title services, verifications, and flood zone determinations, and process funds for services ordered within the agreed-upon timeframe.
• Coordinate with loan officers, underwriters, and other stakeholders to gather necessary documentation and information.
• Maintain detailed records of loan applications, approvals, rejections, and associated documentation.
• Communicate effectively with applicants to clarify information and resolve any discrepancies or concerns.
• Prepare and present loan packages for final approval by underwriters and management.
• Ensure compliance with all regulatory requirements and company policies throughout the loan processing cycle to include Equal Credit Opportunity Act (ECOA), Real Estate Settlement Procedures Act (RESPA), Regulation Z (Truth In Lending, Know Before You Owe), Regulation C and Home Mortgage Disclosure Act (HMDA).
Core Skill Competencies
• Communication: Clear and effective communication skills, both written and verbal.
• Attention to Detail: Meticulous in reviewing documentation and identifying discrepancies.
• Analytical Skills: Ability to interpret financial data and make informed decisions.
• Time Management: Efficient in managing multiple loan applications and meeting deadlines.
• Problem-Solving: Capable of resolving issues that arise during the loan processing cycle.
• Team Collaboration: Ability to work effectively with cross-functional teams.
• Technological Proficiency: Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint, Outlook) and in using loan processing software and other relevant tools.
Physical Demands
• Prolonged periods sitting at a desk and working on a computer.
• Occasional lifting of office supplies, up to 15 pounds.
Qualifications
• Minimum of High School Diploma or equivalent with at least 4- 6 years current/recent experience in mortgage loan processing and loan closing functions.
• Certification with the National Association of Mortgage Processors (NAMP) preferred.
• Complete knowledge and understanding of secondary market (FNMA/FMAC), government (FHA/VA/RD), and NHHFA lending requirements. Home Equity lending a plus.
• Minimum of 5+ years of being single point of contact for members during mortgage transaction processing.
• Minimum of 5+ years understanding of State and federal compliance banking and lending regulations.
• Experience guiding members through the POS system, utilizing critical members facing technology required for the mortgage process.
• Ability to manage a high-volume processing pipeline (30+ loans).