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Residential Mortgage Loan Originator in Memphis at Vaco

Date Posted: 3/9/2018

Job Snapshot

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Job Description

Vaco Staffing is seeking a Residential Mortgage Loan Originator for a direct hire opportunity with a banking client in Memphis, TN. The position will require some travel and experience in mortgage loan lending and underwriting. Qualified candidates will have 2-3 years of experience and an active registration with the Nationwide Mortgage Licensing System and Registry.


1. Conducts interviews with prospective borrowers in order to analyze financial and credit data, determine member mortgage financing objectives, advise members of product/pricing policies and guidelines, and gathers any additional required information.

2. Responds to member inquiries and referrals that are generated from both their own contacts and from other business channels.

3. Ensures exceptional member service by maintaining thorough knowledge of lending programs, policies, procedures and regulatory requirements, demonstrating a commitment to professional ethics, complying with all Federal and State compliance policies and requirements.

4. Utilizes training materials, reference tools and other resources to provide accurate and up-to-date loan program/policy information to both external customers and internal business partners.

5. Provides complete loan applications to mortgage lending center and partners.

6. Ensures exceptional member experience by overseeing the loan process from origination to close and provides on-going communication to members and business partners.

7. Oversees and ensures successful completion of all assigned Residential Mortgage Loan Originator Training activities.

8. Reviews and analyzes individual residential mortgage loan requests to determine approval or denial.

9. Reviews financial statements, credit reports, ratios (i.e. Debt ratios, loan-to-value), appraisals, title reports and other relevant file documentation.

10. Validates borrower income, employment information, and value of a borrower's collateral and assets.

11. Reviews submitted files to qualify for Fannie Mae, Freddie Mac, FHA, VA, and USDA (Rural Development) guidelines as per automated findings.

12. Reviews and evaluates information on mortgage loan documents to determine if conditions meet established investor standards.

13. Ensures that the property specifications and loan terms meet financial institution requirements and government regulations.

14. Ensures compliance with industry standards, state and federal laws and disclosure requirements and that documents are consistent and uphold to company and industry guidelines.

15. Prepares formal reports of final underwriting decision.

16. Assists with re-negotiations of loans based on lending guidelines.

17. Communicates loan decisions to internal lenders, coordinators and/or processors.

18. Explains Fannie Mae/Freddie Mac, corporate, and investor guidelines to customers, loan processors, and sales associates.

19. Documents the reasons for approval or denial of the loan in the loan file.

20. Contacts customers and/or internal associates to gather information to make appropriate decisions and/or explain rationale behind credit decision.


EDUCATION/CERTIFICATION: High school graduate or equivalent. 2-4 year college degree preferred. Active registration with the Nationwide Mortgage Licensing System and Registry.

EXPERIENCE REQUIRED: Two years residential mortgage lending experience with a focus on generating self-sourced business.

REQUIRED KNOWLEDGE: Demonstrated understanding of residential mortgage underwriting and closing procedures.

Understanding of Federal Regulations governing residential real estate lending.

Knowledge of conforming and government mortgage loan guidelines.

SKILLS/ABILITIES: Strong computer skills including fundamental understanding of AUS applications, database management and laptop technology for communication purposes, including accessing rate, credit and loan status information.

Solid time management skills and the ability to organize, prioritize, and perform multiple tasks simultaneously.

Ability to communicate clearly and effectively, both verbally and in writing, across a variety of audiences.

Ability to analyze and comprehend complex financial data and provide financial alternatives.

Professional and effective interpersonal skills.

Enthusiasm for assignments and the ability to meet established timelines.