Loan Processor

Institution for Savings; Newburyport (MA); On-site; USD 54,000 - 60,000; Full time

Benefits offered by this job

Health insurance

401(k) match up to 10%

Life insurance

Disability insurance

Pension plan after 2 years

Generous vacation and paid time off

Job summary

The Institution for Savings in Newburyport, MA is seeking a Loan Processor – Residential Lending to support the mortgage team. This role manages residential loan files from application to closing, ensuring accuracy, compliance and timely communication with all parties involved.

The ideal candidate has a Bachelor’s degree or 1–2 years related experience, knowledge of mortgage products, and proficiency with loan origination systems and document management tools.

Qualifications

• Bachelor’s degree or 1–2 years related experience.
• Knowledge of residential mortgage products and guidelines.
• Familiar with loan origination systems and document management tools.
• Excellent attention to detail and organizational skills.
• Strong written and verbal communication skills.
• Ability to work independently and as part of a team.

Responsibilities

• Verifies application data is complete and satisfies the Bank’s residential lending policy.
• Works with loan originators to ensure all required documents are received and follows up on missing documents.
• Records receipt of all loan documents in the Bank’s LPS.
• Prepares disclosures for 1–4 family residence loans within regulatory timelines and delivers to applicants.
• Orders and reviews credit reports and flood determinations.
• Submits requests to appraisal department and monitors receipt of reports.
• Verifies documents are authentic and documents underwriting comments.
• Prepares loan commitment letters for signature and delivery to borrowers.
• Works with originators to satisfy any outstanding loan conditions.
• Reviews file for HMDA compliance and updates LPS as needed.
• Notifies closing representative when file is ready for closing.

Skills

Attention to detail

Organizational skills

Written communication

Verbal communication

Independent work

Team collaboration

Mortgage knowledge

Education

Bachelor’s degree

1–2 years related experience

Equivalent education/experience

Tools

Loan origination systems

Document management tools

Job description

If you are unable to complete this application due to a disability, contact this employer to ask for an accommodation or an alternative application process.

Loan Processor

Full time employee Newburyport, MA, US

Salary Range: $53,500.00 To $60,000.00 Annually

Loan Processor – Residential Lending

The Institution for Savings is seeking a full-time, in-office Loan Processor. The ideal candidate should be detail-oriented and highly organized to support the mortgage lending team. This role is responsible for managing residential loan files from application to closing, ensuring accuracy, compliance and timely communication with all parties involved.

Key Responsibilities:

• Verifies application data is complete and satisfies the requirement of the Bank’s residential lending policy
• Works closely with loan originators to make sure that all required documents are received and initiates customer contact to follow up on missing documents
• Records the receipt of all loan documents in the Bank’s LPS
• Prepares all closed-end and open-end loan disclosures within regulatory timelines for loans secured by 1 to 4 family residence properties and delivers disclosures to applicants through a variety of channels including mail, electronic means and in person
• Orders and reviews credit reports and flood determination certificates
• Submits request to the appraisal department and monitors receipt of reports
• Verifies all documents are authentic and accurate and documents underwriting comments to the loan file
• Prepares loan commitment letters for loan originator’s signature and deliver to the borrowers via mail, electronic means or in person
• Works with loan originators to satisfy any outstanding loan conditions
• Reviews loan file for HMDA compliance and update LPS as needed
• Notifies loan closing representative that the file is ready for closing once all conditions have been satisfied

Qualifications:

• Bachelor’s degree or one to two years related experience and/or training; or an equivalent combination of education and experience
• Knowledge of residential mortgage products and guidelines
• Familiar with loan origination systems and document management tools
• Excellent attention to detail and organizational skills
• Strong written and verbal communication skills
• Ability to work independently and as part of a team

The salary range posted is one component of the Bank’s compensation package. The Bank offers an excellent benefits package including 100% paid medical, dental and vision insurance, 401(k) match up to 10%, life insurance, pet insurance, disability insurance, pension plan after 2 years of service, quarterly incentive plan, generous vacation and paid time off.

Salary Range: $53,500.00-$60,000.00

The Institution for Savings is an Equal Opportunity Employer. Member of FDIC. Member DIF