LOAN PROCESSOR

REMOTE | N/A

Grow Mortgage was founded in 2022 with two principles in mind, providing the fastest and most seamless mortgage experience possible, while also bettering the communities in which we serve. We were named a Scotsman’s Guide Top Workplace for 2024!

We are seeking a detail-oriented and highly organized Mortgage Loan Processor to join our team. The ideal candidate will have a strong understanding of the mortgage process and excellent communication skills. You will be responsible for managing and processing mortgage loan applications from initial submission through approval, ensuring all documentation is complete and compliant with company and regulatory standards.

Responsibilities

• Process loans (Conventional, FHA, VA, USDA Purchase/Refinance) in a manner consistent with all company policies and procedures as well as all regulatory requirements
• Analyze conditions for all loan programs to ensure compliance with investor specifications
• Set and explain proper expectations for the loan process and documentation needed to complete the loan application
• Gather all the necessary information and documentation for the loan processing
• Maintain regular contact with borrowers, real estate agents, loan originators and underwriters to facilitate the loan approval process and address any issues or additional requirements.
• Monitor and ensure closing dates and company deadlines are met

Requirements

• Strong understanding of Agency Requirements (FNMA/FHLMC/VA/HUD/USDA)
• Understanding of loan products, mortgage documents, and regulatory guidelines is desirable.
• Ability to calculate income
• Proven experience with analyzing and structuring loan files
• Strong attention to detail and time management skills
• Has a great sense of urgency
• Strong written and verbal communication skills
• Proactive not reactive
• Speed and clarity in communication 
• Willing to work in a fast-paced environment with an openness to change.

Salary

• Competitive salary and benefits package.
• Opportunities for career growth and advancement.
• Training and development programs.
• Positive and collaborative work environment

Benefits

• Grow Mortgage believes great people are at the center of every successful business.
• Medical, Vision, Dental Benefits
• 401(k) with employer match
• Flexible PTO

Location

• REMOTE

Availability

• This is not a 9-5 position. You may have hours where nothing is needed, but then multiple clients providing documentation for review at once. This role is supporting outside sales and home buyers, so availability does need to be flexible. 

Communication Expectations 

• We use GCHAT – it is the go to for any communications
• We value over-communication (more context the better)
• We value speed in communication (be prompt in responding or provide context as to why you may be slow to respond)
• We value the mindfulness in communicating with the team when coverage or assistance is needed

LOAN ORIGINATOR ASSISTANT (LOA)

REMOTE | N/A

Grow Mortgage was founded in 2022 with two principles in mind, providing the fastest and most seamless mortgage experience possible, while also bettering the communities in which we serve. We were named a Scotsman’s Guide Top Workplace for 2024!

We are seeking a detail-oriented and proactive individual to join our team as a Loan Originator Assistant. This role is pivotal in supporting our loan origination process by handling administrative tasks, maintaining client communications, and ensuring smooth operations. The ideal candidate will have a strong customer service orientation, excellent organizational skills, and the ability to thrive in a fast-paced environment. 

Responsibilities

• Follow up on loan applications with the borrower(s)
• Conduct phone calls and follow up with potential borrowers
• Work closely with the LO to ensure accurate application 
• Collect and review borrower financial documentation to ensure correct information is submitted to our operations team.
• Qualify the borrower(s) based on the ability to repay
• Review income/credit/assets

Requirements

• Strong understanding of Agency Requirements (FNMA/FHLMC/VA/HUD/USDA)
• Understanding of loan products, mortgage documents, and regulatory guidelines is desirable.
• Underwriting Background preferred but not required 
• Ability to calculate income
• Proven experience with analyzing and structuring loan files
• Strong attention to detail and time management skills
• Has a great sense of urgency
• Strong written and verbal communication skills
• Proactive not reactive
• Speed and clarity in communication 
• Willing to work in a fast-paced environment with an openness to change.

Salary

• Competitive salary and benefits package.
• Opportunities for career growth and advancement.
• Training and development programs.
• Positive and collaborative work environment

Benefits

• Grow Mortgage believes great people are at the center of every successful business.
• Medical, Vision, Dental Benefits
• 401(k) with employer match
• Flexible PTO

Location

• REMOTE

Availability

• This is not a 9-5 position. You may have hours where nothing is needed, but then multiple clients providing documentation for review at once. This role is supporting outside sales and home buyers, so availability  does need to be flexible. 

Communication Expectations 

• We use GCHAT – it is the go to for any communications
• We value over-communication (more context the better)
• We value speed in communication (be prompt in responding or provide context as to why you may be slow to respond)

Qualifying questions:

Experience and Skills:

• Can you describe your experience in the mortgage industry or related fields?
• What specific tasks did you perform in your previous roles related to loan origination?
• Do you have experience using loan origination software (LOS)? If so, which ones?
• How do you ensure accuracy and attention to detail in your work?

Knowledge of Loan Processing:

• Can you outline the typical steps involved in processing a mortgage loan application?
• What documents are typically required from borrowers during the loan application process?
• How do you handle situations where there are missing or incomplete documents from the borrower?

Communication and Client Interaction:

• How do you communicate with borrowers, lenders, and other stakeholders throughout the loan process?
• Describe a time when you had to handle a difficult client or borrower. How did you resolve the situation?
• What strategies do you use to keep all parties informed and updated during the loan process?

Organization and Time Management:

• How do you prioritize tasks when handling multiple loan applications simultaneously?
• Can you describe your approach to meeting deadlines in a high-pressure environment?

Teamwork and Collaboration:

• Give an example of a time when you worked closely with a loan officer or team. What was your role, and how did you contribute to the team’s success?
• How do you handle disagreements or conflicting priorities within a team environment?
• What do you think is the most important quality for successful teamwork in a loan processing department?

Problem-Solving and Adaptability:

• Describe a challenging situation you encountered in loan processing. How did you approach it, and what was the outcome?
• Can you give an example of a time when you had to quickly adapt to changes in loan processing procedures or software?

Career Goals and Motivation:

• Why are you interested in working as a loan originator assistant?
• Where do you see yourself in your career in the next 3-5 years?
• What aspects of this role do you find most rewarding, and which do you find most challenging?

ASSESSMENTS: 

When calculating debt-to-income ratio (DTI), which of the following is considered as ‘debt’?

• a) Rent payments
• b) Car loan payments
• c) Utility bills
• d) All of the above

Jessica, our applicant, tells you they get paid a salary of $3000 every two weeks. What is the qualifying monthly income for the borrower? 

• a)$6,750
• b)$6,000
• c)$6,500
• d) There is not enough information to calculate the income

On an FHA loan, the borrower has had multiple jobs in the last two years. What documentation will you ask for to verify that information? (Please answer thoroughly)

• WVOEs from all employers to verify start and end date of employment 

What are the things you look for when reviewing a borrower’s credit report? 

• Tradelines/Inquiries/Addresses in the last 2 years/derogatory information (bankruptcy or judgments) any mtg lates, auto leases, US Credit history, 

Please calculate this income:  

• Variable income (provide pay stubs) 

If a VA borrower has a current entitlement charged on their COE $38,000, What is the max loan amount for $0 down for a purchase of another property in Mecklenburg county? 

Justin has a current primary FHA loan. He is looking to upgrade his property to a new one within 50 miles from his current home, using FHA financing again. Justin would like to use rental income from the departing residence to qualify. How much rental income can they use? 

• a) They can use 75% of the lease agreement or the 1007 even if it’s positive income
• b) They cannot use any rental income for the departing residence
• c) We would need a lease agreement and proof of receipt to only offset the PITIA
• d) We would need a lease agreement and the appraisal to show they have enough equity in the property as well as a 1007 to only offset the PITIA

Melissa has been self employed for six years and she is looking to purchase a primary residence using that income. How many years of tax returns will we need to correctly calculate the borrower’s income?

• DU will call it out in the findings; LPA will call it out in the findings
• DU will call it out in the findings; LPA will need 2 years of tax returns
• The business has been active for more than 5 years, so both DU and LP will allow one year of tax returns. 
• DU will need two years of tax returns; LPA will call it out in the findings

Michael is currently living at home with his parents and he does not have any primary expenses at all. He is looking to buy his first investment property. Per DU’s guidelines, how much rental income can we use for the subject property to qualify the borrower?

• We cannot use any rental income
• We would use the lower of the lease agreement or 1007
• We can only offset the subject property PITIA
• The limit does not exist

If you cosigned on a mortgage for a family member, what documents do you need  to exclude the ENTIRE PITIA from your DTI? (Please answer thoroughly)

• Proof that the person making the payments is obligated on the loan, 12 month history of payments from that person, no lates, proof that taxes and insurance is escrowed (or paid for 12 months) proof that 12 months of dues are paid (if any)