Assumption Processor Sr.

Start something good. Empower your career. Become an employee owner at Cenlar.

Employee owners have made Cenlar the nation’s leading mortgage loan subservicer. Our unique culture is defined by our core values of respect, trust, integrity and care. Company ownership, a promote-from-within philosophy, and opportunities for continuous professional growth make Cenlar a great place to launch or boost your career. Consider this opportunity to join our team as an Assumption Processor Sr.

The Assumption Processor is responsible for evaluating initial assumption applications for eligibility based on investor guidelines, including VA, FHA, Fannie Mae, Freddie Mac and private investors. The processor works primarily with borrowers and applicants to receive and review loan applications, send/receive disclosures, pull credit, calculate debt-to-income ratios, obtain conditions, and submits complete packages to underwriting for a credit-qualifying review.

Responsibilities:

• Responsible for Customer, Client, Third Party Interaction, including phone, email, and paper communication
• Performs reviews and processing with comprehensive understanding of agency and other investor guidelines, all mortgage legal documents and compliance issues
• Reviews assumption requests for eligibility based on client and investor guidelines
• Prepares and sends new assumption applications to eligible parties
• Serves as point of contact for all assumption questions; walks borrower/applicant through assumption process and set expectations around processing, underwriting and closing timelines
• Reviews incoming applications to determine completeness; works with borrowers/applicants to obtain missing documentation, such as bank statements, pay stubs, processing fees, property tax bills, etc.
• Ensures NMLS certification is completed annually to maintain active LO status
• Prepares various TRID disclosures, including Loan Estimates, at the onset of the assumption process to ensure compliance with investor and regulatory requirements
• Submits complete applications to underwriting
• Works with applicant to obtain any conditions as determined by the underwriter
• Maintains knowledge of investor assumption guidelines; i.e. – required credit score, DTI, ratios
• Provides direct contact for applicant, borrower and client status inquiries
• Pulls credit reports, property reports and verification of employment for review, as needed
• Monitors changes in investor guidelines and update policies and procedures accordingly.
• Assists in creating policies and procedures for Special Products management
• Identifies opportunities for process improvement, and works with Special Products management to implement.
• Assists with other projects as assigned by Special Products Management
• Provide training for incoming processors

Qualifications:

• Bachelor’s degree or equivalent experience
• 5+ years of prior processing or origination experience
• Strong compliance background
• Self-motivated – directed/work independently
• Superior leadership skills and the ability to work with management peers on common goals
• Working knowledge of all GSE guidelines (FHA, VA, Fannie Mae and Freddie Mac)
• Strong organizational and time management skills
• Detail Oriented
• Ability to problem solve and create solutions
• Knowledge of Calyx preferred

Total Rewards:

As an employee-owner at Cenlar, you’ll receive an outstanding benefits package that includes paid medical, dental, and life insurance, 401(k), and tuition assistance as well as opportunities for training and professional advancement.

Cenlar is a drug-free workplace and an equal employment opportunity/affirmative action employer M/F/D/V/SO.