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FHA Loan Processors (48)
IL - Schaumburg
Exciting Loan Processor Opportunity!
Location: Opportunity Snapshot For the experienced processor with a demonstrated ability to accurately power through a pipeline of 40-50 loans from opening to funding in a fast-paced environment, this position offers you a number of unique opportunities. We are a small, young mortgage company with a unique business model that has revolutionized the industry. Fueled by a solid national sales infrastructure, talented senior leadership, and strong capital backing, we are positioned for high growth while most of our competitors are going out of business. This means you'll be able to create your own career destiny and high-impact players will be ideally positioned to grow with the company. To be a good fit for this opportunity you will bring solid hands-on expertise in funding both conventional and government secured loans—including FHA, as well as purchase and refinance. In addition to your knowledge of federal and state regulations and requirements, you will also showcase your interpersonal savvy—exuding a polished and poised demeanor—as you interact with diverse stakeholders ranging from real estate agents and lenders to surveyors and escrow agents. Of course, you will also showcase the utmost sensitivity in handling highly confidential information and exhibit extreme grace under pressure as you juggle a high volume of loans and expertly navigate them through the required guidelines to funding. You will also need to be self-motivated and energetic, have a high bias for action, and be comfortable achieving goals autonomously. Established in 2006, Prospect Mortgage specializes in acquiring midsized residential lenders, providing them with capital, cost-efficiencies, and increased resources while maintaining a decentralized, entrepreneurial business model. We've created a team-oriented, energetic, and upbeat culture with a focus on success. Prospect is backed by Sterling Partners, a multibillion-dollar private equity fund based in Chicago and Baltimore. What Else You'll Bring to the Table In addition to the qualifications detailed above, you'll need: - Minimum3 years of progressive track record as a processor with hands-on experience in qualifying applicants for both conventional and government loans
- Must have 1 year FHA experience in the past 2-3 years and be up to date with current guidelines
- Conventional, A-Paper and Retail loan experience
· Processors who are in communication with the LO’s, Borrowers and Realtors. - Expert knowledge of standard loan practices, documents, and real estate terminology
- Excellent communication and organization skills
- Ability to multi-task and operate in a high-volume, fast-paced environment
- Computer proficiency in a Microsoft Office environment
What's in It for You
- High impact within a fresh business model – we are positioned for success and had one of our busiest months in spite of a flatlining economy. Being a small, young company, you will get to "own" everything that has to do to with processing loans. In fact, we encourage you to introduce your ideas for innovation and improvement to further optimize our loan environment.
- Exposure & skill development – you'll handle a variety of loans and greatly expand your technical competencies.
- Career growth -- "growth" is the operative word here and as you help us grow, you'll be ideally positioned to take on increased responsibilities and advance your career.
- Personal autonomy -- you'll be empowered to take ownership of your objectives and to achieve your goals on your own initiative in a flat, results-oriented environment.
- Optimistic work environment -- we've become one of the largest independent retail mortgage companies in the country, and we take the "independent" part seriously. Instead of waiting on the sidelines while the industry is resuscitated, we're implementing proactive strategies today that we believe will position us to command strong market share within a couple of years. Here you'll find people committed to succeeding and growing, and having fun in the process.
- Excellent compensation -- in addition to a competitive salary, bonus per file and we offer a comprehensive benefits package.
More About Your Role
If you're a good fit for this position, you already know most of what this job entails. However, to be sure we're providing a complete picture, here are some details.
This is an individual contributor role reporting directly to the Operations Manager and you will join a team of processors at our Schaumburg, IL office. As you come on board, you’ll be trained on our proprietary origination systems and processes, but after a short “breaking-in” period we’ll expect you to quickly build a pipeline of about 45 loans. The particulars of a loan and time to close will depend on the completeness and complexity of the loan package but we have specific steps at each milestone, such as within: the first 24 hours of receipt of the loan application; 24 hours of approval of loan; 4 hours to CTC, so deadlines are a constant consideration and your objective is to have all loans “Ready for Docs” within 14 days of receipt of application.
In general, your daily responsibilities are to: - Check new Loan Log in Loan Manager (our in-house origination system)
- Confirm receipt of loans in your name
- Reach out to LO on loans not received
- Review new loans for minimum documentation & check for accuracy and potential problems
- Advance to Missing Items or Submitted to UW in Loan Manager
- Obtain and review documents for acceptability against loan conditions with the loan officer, coordinate with buyers, sellers, title companies, escrow agents, surveyors and real estate agents to obtain additional documentation, complete loan submissions and perform closings
- Follow up on loans at doc status to ensure we are hitting our close dates
- Use RedZone (our in-house tracking system) to update activities on loans and manage pipeline via weekly reports
Keys to Success
As a small, lean team, we achieve our goals independently and are proud of our track record of delivering to schedule. To excel in this role you will showcase the following: - Scrupulous attention to detail and accuracy -- understanding that our success can be affected by just one disgruntled customer or inappropriate or untimely update to loan documentation, you'll take substantial care in "dotting each “i” and crossing every “t”.
- Strong initiative– you’ll assume ownership of your goals and activities, managing information and action steps with a minimum of supervision.
- Razor sharp attention to detail -- you'll expertly manage the various "moving parts" in getting the loan to fund and deliver highly accurate work on a consistent basis.
· Innovation -- with an eye for the "big picture," you'll demonstrate a strategic approach to problem solving, continually evaluating our loan processes and systems as you look for new and better ways to help us achieve our growth objectives.· Flexibility -- handling multiple systems and processes while supporting diverse stakeholders with differing requirements will regularly call upon your abilities to multitask, prioritize, and easily adjust to the evolving needs of the department. If this sounds like the right mix of challenge and opportunity for you, and you meet the minimum qualifications, we want to hear from you! Who We Are
When others see nothing but a downturn in the mortgage industry, Prospect sees opportunity. We understand how to grow for long-term results. We recognize individual companies that have the talent and tools for success. With fresh capital, cost-efficient scale, and decades of mortgage know-how, we are building a network of excellence coast-to-coast that combines the perfect blend of centralized strength and localized entrepreneurialism and leadership.
With about 1500 employees, Prospect Mortgage is one of the larger companies in the portfolio of Sterling Partners, a private equity firm with a history of generating extraordinary returns for investors. With nearly $4 billion of capital under management, Sterling's investment strategy is to invest from $5 million to more than $150 million of equity in each company with which we partner. They invest in industries with positive, long-term trends and bring their experience, expertise, and network in driving value to portfolio companies.
www.myprospectmtg.com
Exciting Loan Processor Opportunity!
Location: Opportunity Snapshot For the experienced processor with a demonstrated ability to accurately power through a pipeline of 40-50 loans from opening to funding in a fast-paced environment, this position offers you a number of unique opportunities. We are a small, young mortgage company with a unique business model that has revolutionized the industry. Fueled by a solid national sales infrastructure, talented senior leadership, and strong capital backing, we are positioned for high growth while most of our competitors are going out of business. This means you'll be able to create your own career destiny and high-impact players will be ideally positioned to grow with the company. To be a good fit for this opportunity you will bring solid hands-on expertise in funding both conventional and government secured loans—including FHA, as well as purchase and refinance. In addition to your knowledge of federal and state regulations and requirements, you will also showcase your interpersonal savvy—exuding a polished and poised demeanor—as you interact with diverse stakeholders ranging from real estate agents and lenders to surveyors and escrow agents. Of course, you will also showcase the utmost sensitivity in handling highly confidential information and exhibit extreme grace under pressure as you juggle a high volume of loans and expertly navigate them through the required guidelines to funding. You will also need to be self-motivated and energetic, have a high bias for action, and be comfortable achieving goals autonomously. Established in 2006, Prospect Mortgage specializes in acquiring midsized residential lenders, providing them with capital, cost-efficiencies, and increased resources while maintaining a decentralized, entrepreneurial business model. We've created a team-oriented, energetic, and upbeat culture with a focus on success. Prospect is backed by Sterling Partners, a multibillion-dollar private equity fund based in Chicago and Baltimore. What Else You'll Bring to the Table In addition to the qualifications detailed above, you'll need: - Minimum3 years of progressive track record as a processor with hands-on experience in qualifying applicants for both conventional and government loans
- Must have 1 year FHA experience in the past 2-3 years and be up to date with current guidelines
- Conventional, A-Paper and Retail loan experience
· Processors who are in communication with the LO’s, Borrowers and Realtors. - Expert knowledge of standard loan practices, documents, and real estate terminology
- Excellent communication and organization skills
- Ability to multi-task and operate in a high-volume, fast-paced environment
- Computer proficiency in a Microsoft Office environment
What's in It for You
- High impact within a fresh business model – we are positioned for success and had one of our busiest months in spite of a flatlining economy. Being a small, young company, you will get to "own" everything that has to do to with processing loans. In fact, we encourage you to introduce your ideas for innovation and improvement to further optimize our loan environment.
- Exposure & skill development – you'll handle a variety of loans and greatly expand your technical competencies.
- Career growth -- "growth" is the operative word here and as you help us grow, you'll be ideally positioned to take on increased responsibilities and advance your career.
- Personal autonomy -- you'll be empowered to take ownership of your objectives and to achieve your goals on your own initiative in a flat, results-oriented environment.
- Optimistic work environment -- we've become one of the largest independent retail mortgage companies in the country, and we take the "independent" part seriously. Instead of waiting on the sidelines while the industry is resuscitated, we're implementing proactive strategies today that we believe will position us to command strong market share within a couple of years. Here you'll find people committed to succeeding and growing, and having fun in the process.
- Excellent compensation -- in addition to a competitive salary, bonus per file and we offer a comprehensive benefits package.
More About Your Role
If you're a good fit for this position, you already know most of what this job entails. However, to be sure we're providing a complete picture, here are some details.
This is an individual contributor role reporting directly to the Operations Manager and you will join a team of processors at our Schaumburg, IL office. As you come on board, you’ll be trained on our proprietary origination systems and processes, but after a short “breaking-in” period we’ll expect you to quickly build a pipeline of about 45 loans. The particulars of a loan and time to close will depend on the completeness and complexity of the loan package but we have specific steps at each milestone, such as within: the first 24 hours of receipt of the loan application; 24 hours of approval of loan; 4 hours to CTC, so deadlines are a constant consideration and your objective is to have all loans “Ready for Docs” within 14 days of receipt of application.
In general, your daily responsibilities are to: - Check new Loan Log in Loan Manager (our in-house origination system)
- Confirm receipt of loans in your name
- Reach out to LO on loans not received
- Review new loans for minimum documentation & check for accuracy and potential problems
- Advance to Missing Items or Submitted to UW in Loan Manager
- Obtain and review documents for acceptability against loan conditions with the loan officer, coordinate with buyers, sellers, title companies, escrow agents, surveyors and real estate agents to obtain additional documentation, complete loan submissions and perform closings
- Follow up on loans at doc status to ensure we are hitting our close dates
- Use RedZone (our in-house tracking system) to update activities on loans and manage pipeline via weekly reports
Keys to Success
As a small, lean team, we achieve our goals independently and are proud of our track record of delivering to schedule. To excel in this role you will showcase the following: - Scrupulous attention to detail and accuracy -- understanding that our success can be affected by just one disgruntled customer or inappropriate or untimely update to loan documentation, you'll take substantial care in "dotting each “i” and crossing every “t”.
- Strong initiative– you’ll assume ownership of your goals and activities, managing information and action steps with a minimum of supervision.
- Razor sharp attention to detail -- you'll expertly manage the various "moving parts" in getting the loan to fund and deliver highly accurate work on a consistent basis.
· Innovation -- with an eye for the "big picture," you'll demonstrate a strategic approach to problem solving, continually evaluating our loan processes and systems as you look for new and better ways to help us achieve our growth objectives.· Flexibility -- handling multiple systems and processes while supporting diverse stakeholders with differing requirements will regularly call upon your abilities to multitask, prioritize, and easily adjust to the evolving needs of the department. If this sounds like the right mix of challenge and opportunity for you, and you meet the minimum qualifications, we want to hear from you! Who We Are
When others see nothing but a downturn in the mortgage industry, Prospect sees opportunity. We understand how to grow for long-term results. We recognize individual companies that have the talent and tools for success. With fresh capital, cost-efficient scale, and decades of mortgage know-how, we are building a network of excellence coast-to-coast that combines the perfect blend of centralized strength and localized entrepreneurialism and leadership.
With about 1500 employees, Prospect Mortgage is one of the larger companies in the portfolio of Sterling Partners, a private equity firm with a history of generating extraordinary returns for investors. With nearly $4 billion of capital under management, Sterling's investment strategy is to invest from $5 million to more than $150 million of equity in each company with which we partner. They invest in industries with positive, long-term trends and bring their experience, expertise, and network in driving value to portfolio companies.
www.myprospectmtg.com
