McKinsey Beauchamp

At Movement Mortgage I worked as a loan processor II and had the same job roles as I had at U.S. Bank other than having direct contact with the borrower’s. We did have contact with title company’s, insurance agents and employers, however, the loan officer assistant was the one responsible for contacting the borrower and collect the paperwork. Once the loan officer assistant obtained the documentation required for the loan, I would upload the paperwork to their file and send it over to underwriting. My job was to do a detailed review of the documentation to make sure nothing was missed. For instance, with bank statements, if there were any large deposits that needed to be sourced, I was responsible for making sure we caught this. Of course, the underwriter also reviewed the documentation, however, it works best when the processor catches these things upfront so that it does not cause any delay or issues closer to the closing date. Below are some everyday tasks that were expected from me as a loan processor.

• Reviewed loan files for completeness, identified missing documentation, and generated condition lists for applicants.
• Prepared documents for underwriting by verifying client income, credit reports, and other information.
• Utilized loan origination software to process and track loan applications.
• Handled any conditions sent from underwriting departments.
• Provided quick turnaround times to maintain fast-past schedule.
• Evaluated loan requests and documents to verify accuracy and completeness.
• Processed loan applications and monitored progress from start to finish.

I worked with customers who are trying to obtain a loan for a new primary, secondary or investment property. I requested and collected the paperwork that underwriting will need to review in order to give them a final approval. Once I collect the basic documentation, Income, credit and assets, I then submit their file to underwriting to be reviewed. Once they review the loan, as long as their debt to income ratio are within guideline limits and there are no issues that would cause us not to be able to approve the loan, they issue what we call a conditional approval. Then they are approved, contingent upon the items listed on the conditional approval which are typically third party items (ex: Appraisal, title, insurance). Once we are able to obtain the approval, I then schedule the closing and pass the file over to my closing department. I worked with borrowers every day. I have to give unfortunate news sometimes, which is the hardest part of the job. My job takes a lot of organization skills, customer service skills and multi-tasking. Below are simple steps that I had to take to complete my job on a daily basis.

• Reviewed loan files for completeness, identified missing documentation, and generated condition lists for applicants.
• Prepared documents for underwriting by verifying client income, credit reports, and other information.
• Worked with customers via telephone to answer questions, process transactions, and resolve issues.
• Set up and completed loan submission packages.
• Developed and maintained relationships with customers and loan officers to establish smooth loan process.
• Handled any conditions sent from underwriting departments.
• Provided quick turnaround times to maintain fast-past schedule.
• Collaborated with loan officers to develop strategies for managing loan application processing.
• Coordinated closing process with attorneys, title companies, and government clerks.
• Processed loan applications and monitored progress from start to finish.
• Proactively identified solutions for customers experiencing credit issues.

One of the hardest parts of this job was having to explain very technical financial information to applicants in an easier way for them to understand the reasoning behind certain required documentation or reasons as to why they were not able to be approved for a loan.