Loan Officer Trainee

Loan Officer Trainee The Loan Officer Trainee is a position that is being trained to become a Loan Officer. The position is responsible for assisting loan officers in the loan process.  The Loan Officer Trainee will be trained on and assist with the following:

1. Interview customers applying for residential mortgage loans.
  a. Collect & analyze pertinent loan and financial information from the customer.
  b. Explain financing and mortgage programs and bank requirements
2. Analyze customer?s financial/credit posture to determine if it meets minimum loan criteria established by the bank.
  a. Analyze credit, collateral, and income capacity, investments and debts.
  b. Determine potential products applicable to customer.
c. Advise the customer of different products available
  d. Market & promote to customer
3. Inform customer of the outcome of the preliminary loan analysis
a. Explain alternatives, if any, to restructure the loan and meet lending criteria
b. Discuss & advise regarding advantages and disadvantages
4. Determine and obtain all necessary documents from borrower needed to submit loan to underwriting
a.  To include ordering of appraisals if applicable
5. Review and prepare the mortgage file after additional documentation has been received enabling the processor to send the file for final review by the underwriter
a. Reconcile income, appraisal value, credit history or other discrepancies
 6. Review and sign final loan application (1008) for accuracy.
  a. Review final loan information with borrower and make any necessary changes prior to closing
7. Obtain final HUD and closing documents from closer and review for accuracy
a. Review HUD with borrower and obtain closing date, time and details necessary
b. Provide closer with appropriate details to schedule closing
8. Act as a liaison to the closer, funding and post closing to ensure that loan is closed and funded in a timely and effective manner
9. Evaluate and understand potential compliance issues and attend training as they relate to this position, including but not limited to:
a. Fair Lending/Equal Treatment Act
b. Fair Credit Reporting Act
c. HMDA
d. RESPA
e. Privacy Act
10. Perform other duties as may be required or assigned