- Hourly / - BiWeekly /
- Monthly / $36,312.00-$57,214.00 Yearly
A Loan Processor is the full performance level of work processing and closing loans and monitoring grants for single family home mortgages and insurance and multi-family housing projects. Employees in this class do not supervise.
Employees receive general supervision from Loan/Insurance Underwriter Supervisors or other administrative personnel.
Monitors the progress of loans and related grants for single family home mortgages and multi-family housing projects through various stages of processing to determine compliance with applicable Federal and State laws, rules, regulations, granting limitations and funding restrictions;
Evaluates mortgage servicers, including savings and loan associations, mortgage companies and mortgage servicing companies, to determine compliance with established policies and procedures related to late charge notifications, escrow analysis and payment processing;
Reviews mortgage applications and preclosing and closing documents for completeness and accuracy;
Reviews final settlement documents to ensure compliance for settlement;
Maintains detailed records regarding the status of loan issues and advises higher level administrators of any problems that may delay closing;
Determines that all post-closing issues have been settled in order for funds to be disbursed;
Prepares program statistical reports and analyses and related program administrative detail;
Acts as liaison with mortgage loan and grant applicants, counterparts in other State and Federal agencies and private lending institutions to explain State program requirements;
Assists in developing and implementing policies and procedures related to loan processing;
Performs other related duties.
Knowledge of application processing and closing rules, regulations, policies and procedures for loans and related grants for single family home mortgages and insurance and multi-family housing projects;
Knowledge of Federal and State mortgage loan housing programs;
Skill in monitoring the progress of loans and related grants for single family home mortgages and multi-family housing projects;
Skill in evaluating private mortgage servicing companies for compliance with established program policies and procedures;
Ability to gather and verify financial information from applicants and mortgage servicers to determine program compliance;
Ability to establish and maintain complete and accurate files of loan or insurance applications through various stages of processing;
Ability to prepare reports and present recommendations;
Ability to establish and maintain effective working relationships with underwriters, asset management officers, agency grants managers, agency fiscal personnel, loan applicants, mortgage servicing personnel, bank officials and attorneys.
Education: Graduation from an accredited high school or possession of a high school equivalency certificate.
Experience: Two years of experience processing and closing loans for secured mortgages or mortgage insurance.
1. Additional experience as described above may be substituted on a year-for-year basis for the required education.
2. Candidates may substitute U.S. Armed Forces military service experience as a non-commissioned officer in the Loan Specialist classification series or Loan Specialist specialty codes on a year-for-year basis for the required experience.