Loan Processor, Newburyport, MA

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

Benefits offered by this job

Medical, dental, and vision insurance

401(k) match up to 10%

Life insurance

Disability insurance

Pension plan after 2 years

Paid time off

Job summary

The Institution for Savings is seeking a full-time Loan Processor in Newburyport, MA to support the residential lending team. You will manage files from application to closing, ensure accuracy and regulatory compliance, and maintain timely communication with all parties involved.

The role requires attention to detail, organizational skills, and the ability to work independently as part of a team in a collaborative in-office environment.

Qualifications

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

Responsibilities

• Verify data completeness per residential lending policy.
• Coordinate with originators to obtain required documents.
• Log loan documents in the bank's processing system (LPS).
• Prepare disclosures within regulatory timelines for 1–4 family loans.
• Order and review credit reports and flood determinations.
• Submit appraisals and monitor receipt of reports.
• Document underwriting comments and prepare loan commitment letters.
• Respond to outstanding loan conditions with originators.
• Ensure HMDA compliance and update processing system as needed.
• Notify closing team when file is ready to close.

Skills

Mortgage knowledge

Attention to detail

Organizational skills

Communication

Teamwork

Independent work

Education

Bachelor's degree

Tools

LPS (loan processing system)

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

7 days ago Requisition ID: 1100

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