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Hiring Range: $20.00- $26.12

_The posted salary range reflects Eastern’s expected hiring range. Actual pay may vary based on experience, skills, and market factors; additional compensation may apply. Eastern offers a robust benefits and retirement package. Please see the description of benefits included with this job posting for additional information._

BASIC FUNCTION:

The Loan Processor collects and processes supporting documentation for mortgage loan applications. They are responsible for ensuring files adhere to company policy as well regulatory and secondary market guidelines. They answer inquires and keep all parties, including but not limited to borrowers, real estate brokers and loan officers updated on the status of applications. They serve as liaison with service providers and vendors to ensure quality and timeliness of service. The Loan Processor will verify the accuracy of the application, collect documentation and submit the loan to underwriting for approval. They will follow up on any conditions required by underwriting to clear the loan to close. Once the loan is cleared of all conditions, they will schedule the loan with the closing agent, complete the pre-closing function and submit loan to closing.

ESSENTIAL DUTIES:

• Receive new loan application files from assigned loan officers, retrieve and review all program disclosures to ensure that all forms are signed and dated by all borrowers; all appropriate boxes are filled in and/or checked off. Verify that disclosures have been uploaded to the correct Placeholders and clear each disclosure in system. Follow up on any missing disclosures.

• Order case numbers for FHA and VA loans, submit VA appraisal fees and/or lock fees to HOME Accounting Department.

• Ensure Title Agent is approved to do business with HOME, and ensure that File Contacts have been updated so that services are ordered correctly.

• Order all required services including but not limited to: appraisal, preliminary title work, tax transcripts, Data Verify, verifications of employment and assets.

• Complete LDP/GSA and CAIVRS as required

• Review all loan applications to ensure that processing system is complete, accurate, and in compliance with regulatory guidelines

• Review loan application against product specific guidelines, calculate income, review credit and verify borrower has sufficient assets to close.

• Run AUS if applicable and collect all documentation required to submit a complete loan package for underwriting approval.

• Upon loan approval, complete Conditional/Full Commitment letter(s) as needed.

• Work with loan officer on any loan that does not meet product guidelines to request exception, restructured loan or submit for decline if issue cannot be resolved.

• Obtain, review and have all conditions added by underwriter cleared to ensure that loans are complete and saleable when moved to closing.

• Ensure that all conditions moved to Funding are submitted to underwriting by 12pm the day prior to closing and cleared by underwriter by 3pm. It is the processors responsibility to ensure that funding conditions are cleared by 3pm the day prior to the closing and to reschedule the closing if not cleared on time.

• Manage loan pipeline to ensure that all services are received timely and commitment and closing dates are met. Update pipeline weekly to ensure dates are correct and extended if necessary, and that any nonviable loans have been withdrawn.

• Issue Second Notice of Incomplete Application following established procedures to ensure files meet regulatory compliance requirements.

• Communicate effectively with all parties of the transaction including borrower, real estate broker, loan officers and underwriters.

• Schedule closing and complete pre-closing procedure, complete closing verbal of verification.

• Complete all assigned training and regulatory courses on time.

• May be required to perform other job-related functions as requested by manager, subject to reasonable accommodations.

KNOWLEDGE, SKILLS AND ABILITIES:

• Ability to read and understand credit reports

• Ability to determine funds required to close loan and meet reserve requirements

• Ability to calculate income for borrowers paid hourly, including overtime and bonus income.

• Ability to read and understand personal and business tax returns and calculate income according to investor guidelines

• Extensive knowledge of all types of mortgage loan programs including housing agencies, conventional and government loans, construction and construction rehab.

• Ability to read and interpret product and investor guidelines

• Ability to complete tasks timely under variable demand scenarios

• Strong attention to detail with excellent interpersonal and written communication skills

• Excellent time management and organization skills are essential

• Able to work with co-workers, vendors, and all levels of management.

• Ability to identify and resolve problems in a timely manner by gathering and analyzing information.

• Effective oral and written communication with customers, co-workers and all levels of management

• Must be able to interact with customers in a courteous manner face to face, by phone and email

• Team player that is highly motivated and goal oriented

• Be able to work under pressure, meet deadlines and handle a flexible schedule if required

• Computer literate, familiarity with mortgage processing software is a plus

EDUCATION:

• High School diploma or equivalent required combination of training and experience

• 2 to 5 years of loan processing experience

Working Conditions:

**PHYSICAL DEMANDS** The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee must be able to remain in a stationary position 50% of the time. The employee frequently is required to operate a computer and other office productivity machinery, such as a calculator, copy machine, and printer. The employee is occasionally required to move about inside the office to access file cabinets, office machinery, etc. They also occasionally travel to locations outside of the facility, to attend meetings, trainings, events, and other business activities. The employee occasionally positions self to maintain or access files in file cabinets. The employee must have the ability to communicate information and ideas so others will understand. Must be able to exchange accurate information in these situations. The employee frequently observes details at close range (within a few feet of the observer). The employee must occasionally lift and/or move boxes or equipment up to 20 pounds across office for various needs.

**WORK ENVIRONMENT** The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Persons holding this position are generally subject to inside environmental conditions having the lighting, temperature, and noise level of an open floor-plan office environment (moderate, but occasionally loud at times). This role routinely uses standard office equipment such as computers, phones, photocopiers, and filing cabinets.

At Eastern Bank, we pride ourselves on supporting our employees by offering tremendous opportunity for individual growth. As an inclusive company, we work to ensure that our valued employees are treated fairly, recognized for their individuality, and encouraged to reach their fullest potential. These values have earned us a reputation as a great place to work and provide a strong reason why you should consider a career with us. We are proud to offer comprehensive compensation plans and a benefits program called Total Rewards that includes medical, dental, vision, life and disability insurance, retirement, vacation and tuition reimbursement.

Eastern Bank is an equal opportunity employer. All job applicants will be considered for employment without regard to race, color, religious creed, national origin, sex, sexual orientation, gender identity, genetic information, military service, age, ancestry, or disability.

At Eastern Bank, we are dedicated to building a diverse, equitable, inclusive and authentic workplace. If you’re excited about this role but your experience doesn’t fully align with every qualification, we still encourage you to apply! You may be just the right candidate for this position or others across the company. Our Recruitment team is waiting to chat with YOU.