The Licensed Loan Partner assists the Loan Originator with handling applications and originating mortgage loans. The position is responsible for approving and retaining qualified borrowers and communicating with clients and other parties of interest.
Reasonable accommodations may be made to enable individuals with disabilities to carry out essential functions.
1. Assists the Loan Originator with handling borrower applications and compiling the initial documentation for pre-approving applicants. Ensures borrowers have supplied all the necessary information to process the file.
2. Examines credit reports, tax returns, income statements and asset documentation to determine the creditworthiness of borrowers.
3. Runs the AUS through LP or DU to ensure borrowers are eligible.
4. Compiles the quotes for generating loan estimates. Prices and locks in mortgage loan rates. Sends out disclosures and re-disclosures within the required timeframe.
5. Updates and maintains the lead tracking system, following up with leads to determine the status of their applications.
6. Maintains current knowledge of agency and investor guidelines as well as state and federal regulations.
7. Communicates with borrowers and other parties of interest to provide updates, answer questions, and request any necessary documentation for files.
8. Reviews the terms of the sales contract to ascertain whether they can be met.
9. Verifies the final information on the closing disclosure.
Requires a high school diploma and thorough knowledge of agency and investor guidelines as well as state and federal regulations.
* Preferable to have a bachelor’s degree and thorough knowledge of agency and investor guidelines as well as state and federal regulations.
* NMLS license preferred