Job Title: Assistant Business Officer/Loan Processor

Department: Private Banking

Classification: Non-exempt

Summary/Objective: The Loan Processor performs administrative duties with the primary responsibility of timely and accurate processing, validating, and closing of mortgage loans. Supporting Mortgage Loan Originator (MLO) on loan inquiries, review documentation, present our products to realtors and customers.

Essential Functions:

1. Setup new loan file/input data to loan origination system (Encompass) and GCMS, verify the accuracy of all loan data entered into the system, generating 3 days disclosures, etc.

2. Review loan application and all incoming documents for compliance and loan eligibility; clarify and/or obtain additional information, if necessary.

3. Research, validate and analyze financial documentation including but not limited to customers’ credit history, income tax returns, business and personal financial statements, cash flow history and projections for the business.

4. Conduct follow-up on outstanding documentation to ensure receipt within turnaround time standards.

5. Upon receipt of appraisal report, validate loans in automated underwriting system, prepare and calculate income and assets thoroughly before submitting to underwriting within turnaround time standards.

6. Maintain and review clients account records, update and re-categorize them according to status changes and the analysis of newly available financial information.

7. Ensure regulatory requirements are met in processing the approved, cancelled, and declined loan applications.

8. Maintain positive and open communications with MLOs, Underwriters, Credit Team and Funders.

9. Issue proper disclosures as required by federal regulatory compliance and review rate lock and point objectives for accuracy.

10. Work closely with MLOs to follow up all outstanding documents to ensure loan decision to be made within timeline.

11. Manage and maintain insurance record for NYR Region

12. Monitor the loan approval, issuing loan commitment letter, pre-closing package, and funding of loan within deadline.

13. Develop and maintain a high level of customer service by being proactive in communication with developers, sales partners, realtors, etc.

14. Provide support to MLOs including on-going training on residential mortgage products.

15. Communicating with developers/brokers to introduce our products, and perform product presentation at their office.

16. All other duties as assigned by management in accordance with company policies and State/Federal guidelines.

Competencies:

In order to perform the job successfully, an individual should demonstrate the following competencies:

1. 1+ years mortgage loan processing experience; possess a thorough understanding of various residential product/program guidelines, necessary conditions for approval, and Fannie Mae specific guidelines.

2. Knowledge of residential lending’s federal regulatory requirements and state regulations.

3. Excellent written, verbal, and interpersonal communication skills.

4. Strong time management and organizational skills.

5. Be able to prioritize workload in order to meet closing deadlines.

Required Education and Experience:

Bachelor’s degree from four-year college or university. 1-3 years related experience and/or training; or equivalent combination of education and experience.

Language/Communication Skills:

Able to read and interpret documents such as operating and procedure manuals. Able to write routine reports and correspondence. Fluency in Cantonese/Mandarin and English.