Loan Officer Assistant

at  Heritage Bank NA

Position Title: Loan Officer Assistant (LOA)?
Job Summary: The Mortgage Loan Coordinator works closely with Mortgage Loan Officers (MLO) and plays a critical role in the mortgage loan process. This position is responsible for the comprehensive structure and review of mortgage loan applications, ensuring the selection of the most suitable loan products for borrowers based on detailed analysis and individual borrower needs. The LOA independently evaluates borrower profiles, runs automated underwriting findings, determines initial borrower eligibility, and manages file documentation. The LOA also ensures regulatory compliance, presents borrower loan options, manages the loan pipeline, and maintains regular updates to Mortgage Loan Officers.

Responsibilities:?

• Application Processing: Review loan applications and verify completeness of required documents.?
• Documentation Management: Gather and organize necessary paperwork, including income verification, credit reports, and matching documentation to investor guidelines.?
• Communication: Maintain regular communication with borrowers, lenders, and other stakeholders throughout the loan process.?
• Credit Score and Borrower Eligibility Review: Evaluate applicants’ credit scores, borrower eligibility documentation and generate and evaluate automated underwriting report findings to the loan supervisor.?
• Transaction Monitoring: Monitor loan transactions, ensuring compliance with regulations and internal policies.?
• File Preparation: Prepare mortgage loan files for delivery to processing department for eventual delivery to underwriting.?
• Collaboration: Work closely with loan applicants to address any issues or questions during the closing process. Provide support to Mortgage Salespersons by assisting in loan support and customer service.?
• Administrative Duties: Perform administrative and clerical tasks as needed.?

Qualifications:?

• Experience: Prior experience in mortgage lending, loan processing, or a related role is advantageous.?
• Thorough understanding of knowledge of mortgage documents?
• Mortgage industry knowledge and prior experience as a loan coordinator or loan processor with a strong background in industry knowledge.?
• Skills:?
• Excellent communication skills with customer and co-workers on the team?
• Attention to detail while handling a high volume of work with multiple interruptions.?
• Ability to work effectively in a team-oriented environment with minimal supervision.?
• Organizational abilities?
• Familiarity with loan documentation and regulations?
• Proficiency in using relevant software and tools used in the mortgage industry.?

At our organization, we prioritize customer-centric, service-based approaches. We value teamwork, efficiency, and a commitment to providing an exceptional customer service experience.?
? The Loan Officer Assistant (LOA)
Responsibilities:
Loan Application Structure and Review:
Conduct comprehensive reviews of mortgage loan applications.
Ensure the selection of suitable loan products based on detailed borrower analysis.
Exercise independent judgment in evaluating borrower profiles and determining the best loan product options.
Automated Underwriting and Eligibility Evaluation:
Conduct automated underwriting findings and evaluate initial borrower eligibility.
Make critical decisions on the readiness of loan applications for further processing.
Interpret automated findings and adjust loan terms and conditions as necessary to fit borrower qualifications and compliance standards.
Documentation and Preliminary Analysis:
Request and review necessary file documentation, including income verification and asset/liability analysis.
Independently determine preliminary income calculations and analyze assets and liabilities to assess borrower capacity and risk.
Make significant decisions based on documentation and preliminary analysis.
Regulatory Compliance and Disclosure Management:
Prepare and deliver early disclosures in accordance with regulatory requirements.
Manage compliance-related tasks and resolve issues that arise during the disclosure process without requiring prior approval.
Borrower Interaction and Loan Options Presentation:
Present borrower loan options and provide expert advice and recommendations based on thorough analysis.
Independently manage borrower expectations and make decisions on loan structuring to enhance borrower satisfaction and compliance.
Pipeline Management and Reporting:
Manage the loan pipeline to ensure timely progression and resolution of loan files.
Provide regular updates to Mortgage Loan Officers.
Exercise discretion in prioritizing loan files and addressing issues impacting loan processing timelines or borrower experience.
Strategic Communication and Decision Making:
Communicate with Mortgage Loan Officers and other stakeholders to resolve complex issues.
Make strategic decisions impacting the loan process.
Implement solutions and improvements in the loan processing workflow using independent judgment.
Additional Duties:
Review loan applications and verify the completeness of required documents.
Gather and organize necessary paperwork, including income verification, credit reports, and matching documentation to investor guidelines.
Maintain regular communication with borrowers, lenders, and other stakeholders throughout the loan process.
Evaluate applicants’ credit scores and borrower eligibility documentation.
Generate and evaluate automated underwriting report findings to the loan supervisor.
Monitor loan transactions to ensure compliance with regulations and internal policies.
Prepare mortgage loan files for delivery to the processing department and eventual delivery to underwriting.
Work closely with loan applicants to address issues or questions during the closing process.
Provide support to Mortgage Salespersons by assisting in loan support and customer service.
Perform administrative and clerical tasks as needed.
Qualifications:
Proven ability to exercise independent judgment and make significant decisions in the loan process.
Strong analytical skills and attention to detail.
Excellent communication and interpersonal skills.
Thorough understanding of regulatory requirements and compliance standards.
Ability to manage multiple tasks and prioritize effectively in a fast-paced environment.

• Application Processing: Review loan applications and verify completeness of required documents.?
• Documentation Management: Gather and organize necessary paperwork, including income verification, credit reports, and matching documentation to investor guidelines.?
• Communication: Maintain regular communication with borrowers, lenders, and other stakeholders throughout the loan process.?
• Credit Score and Borrower Eligibility Review: Evaluate applicants’ credit scores, borrower eligibility documentation and generate and evaluate automated underwriting report findings to the loan supervisor.?
• Transaction Monitoring: Monitor loan transactions, ensuring compliance with regulations and internal policies.?
• File Preparation: Prepare mortgage loan files for delivery to processing department for eventual delivery to underwriting.?
• Collaboration: Work closely with loan applicants to address any issues or questions during the closing process. Provide support to Mortgage Salespersons by assisting in loan support and customer service.?
• Administrative Duties: Perform administrative and clerical tasks as needed.