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0-5 years of experience
Process all Stafford loans for approximately 3,000 students each year.
- Coordinated the transition from FFELP lending to direct lending.
- Researched the rules and regulations of direct loan lending and created a process to serve both traditional and non-traditional students.
- Strategically contracted 3-4 collection agencies specifically for Perkins loans and followed up with students after loan grace period on non-payment, resulting in a 10% drop on the default rate of Perkins loans in the last two years.
- Counseled students both one-on-one and in group settings on paying for college and budgeting for the future.
0-5 years of experience
- Primary project manager and liaison between homebuyers, loan officer and processor, consistently managing a portfolio of 30-35+ projects simultaneously. Efforts have resulted in the successful closing of 162 home loans in the past 12 months (March 2015 through March 2016).
- Reviewed loan documentation within a 24 hour or less SLA, attending immediately to any discrepancies, omitted data, and verifying assets and income.
- Submitted complete loan applications on strict timelines and with great emphasis on attention to detail and 100% accuracy.
- Collaborated with loan officer to trouble shoot any potential problems on files and/or loan documentation, ensuring compliance with industry and company policies.
- Communicated with homebuyers when needed to gather any additional required documentation needed to successfully complete loan closing.
- Organized home closing session including all applicable parties, ensuring loan documentation was clear and accurate, and resulting in a successful close on the loan and home buyer satisfaction.
0-5 years of experience
Primary contact between inside Mortgage Sales associates and Mortgage Brokers/customers to bring loan from application through loan approval and to the closing table.
- Collect and review all loan documentation including title reports, insurance policies, sales contracts, appraisals and credit/employment histories.
- Research and verify all documentation using 3rd party resources and multiple research tools to seek out possible fraudulent information.
- Assisted manager as “Team Lead” position; completed reports, trained fellow associates, assisted with escalated issues.
0-5 years of experience
Assist mortgage production employees with the timely and accurate processing of mortgage loans.
- Maintain positive working relationships with mortgage production and vendors to promote effective communication between all parties.
- Managed ongoing reporting and order out for incoming mortgage loans.
- Supported team onboarding through training new employees on role best practices and processes.
- Maintained the central mortgage email to support timely borrower responses and mortgage document uploads.
0-5 years of experience
- Provided assistance and support to professional lending staff
- Communicated policies and legal regulations regarding loan documentation to lenders, attorneys, title companies, and employees
- Prepared manual documents and verified accurate documents were received for each transaction to meet bank and investor guidelines
- Documented loan packages thru an automated software program that verifies accuracy of input and output
- Provided high level of quality customer service, timely review, processing, and turn around of loan documentation
- Reviewed HUD 1’s for accuracy of fees and allocated credits
0-5 years of experience
Liaison between customer, loan officer, underwriter and closing department for retail mortgage closings. Worked with customers to collect and review the appropriate legal and credit documentation needed to comply with investor guidelines for mortgage loans.
- Processed real estate mortgage loans from conditional approval to closing
- Prepared credit documentation to coincide with investor specific required documentation for underwriting to clear loans to close
- Provided closing department with the necessary legal and loan specific documentation to enable them to prepare the paperwork for residential real estate closings.
0-5 years of experience
- Processed CBNA, CBNA DIR, Purchases, Full Doc, FHA/VA, and Conventional
- Loans worked in MSP, LPS, MERS, LPM, File Net, ESP, Excel
- Set up the loan file, analyzed loan application, calculated pay stubs, W2’s, Rental Income, Bonuses, and other income sources ordered preliminary title report, compared credit report to AUS and 1003 liability, appraisal, determined which supporting documents to order and order them ( VOE, VOM, VOD, subordinations, credit inquiries).
- Notified originator and borrower of credit decision within regulatory time frames reviewing final conditions for compliance, and accurately documenting the file (HUD 1, GFE, Fees, and Title Issue).
- Regular customer service – initiated calls, follow-up and constant communication with borrowers, MBO’s and Title Company’s
0-5 years of experience
Received the Valid Victorian award for best in class for a two months loan processing training
- Worked for United Bank of Switzerland under PHH Mortgage Private Label Solutions Division
- Responsible for a pipeline of over 40 loans.
- Served as the client’s single point of contact from registration to closing. I collected all documents needed and worked directly with the underwriters to close the loans in a timely manner.
- Coordinated closings with attorneys, and closing agents.
- Very Knowledgeable of the mortgage process and all procedures to move a loan to closing.
0-5 years of experience
- Educated new, existing and exiting students of their rights and responsibilities regarding any Title IV FFELP debt they have incurred.
- Managed the responsibility for the Default Management program at the corporate level for 2 to 3 campuses.
- Assist students in navigating the loan repayment process, ensuring that their loans remain in good standing.
0-5 years of experience
- Managed a pipeline of active and inactive loans
- Responsible for answering calls and emails regarding program questions and loan status
- Reviewed conditions and communicated with client for outstanding conditions
- Verified file consistency
- Contacted all clients on a daily bases for updates
0-5 years of experience
Currently reviews 1003;DU and LP findings ; If applicable request additional documents from counterparts (bankers processors underwriting)
- Using Microsoft excel, manage a pipeline of 60-150 loans per day
- Submit information to Credco to obtain additional mortgage info and to remove disputes that appear on AUS findings
- Calculate income to make a qualifying decision to move the file forward to processing
- Maintains constant high volume emails via Outlook to counterparts for complex scenarios and problem resolution
0-5 years of experience
- Input mortgage applications as assigned by the loan officer and prepare and email applications and disclosures to borrowers
- Review online applications, contact borrowers for missing information, pull credit reports, update
- Follow up with borrowers, confirm receipt of disclosures and address any questions and pending
- Contact borrowers prior to closings, review HUD and cash to close totals
- Processed, Pre-underwrote, Closed, and Funded FHA/VA, HARP, and Conventional
- Excelled with organizational, planning, and prioritization duties when working a pipeline of 50 loans plus
0-5 years of experience
- Review appraisals to make sure the property is in good condition and the value of the property are within standards of the loan
- Ability to manually calculate qualifying ratios
- Work with underwriters, mortgage loan officers to get in the proper documents for the initial credit decision
- Also review credit applications, credit bureau information, collateral valuation, tax returns, financial statements, and or other supporting documentation to clear underwriter conditions
- Set expectations with the customer on documents being received in a timely matter
- Review title for vesting, judgments and liens
- Experienced at discussing documents with customers such: w2, paystubs, profit and loss statements, balance sheets, 1065, 1120, 1040 tax returns, social security income, pension, royalty income, Notice to applicant regarding title, borrower certification, 4506t, ssa-89, loan application, divorce decree, and separation agreements and more.
6-10 years of experience
Mortgage Loan Coordinator
- Assist Loan Officers with marketing and processing customer loans
- Enter customer applications to lock in a specific product and rate
- Keep track of business partner information and create marketing material
- Review income/asset documentation and submit it to Underwriting for review
- Work with 3 party title, escrow and insurance companies to gather information needed
- Manage a pipeline of 50 purchase and refinance loans
0-5 years of experience
- I assisted in the interviewing process of new home loan applicants
- I was to collect and review documentation pertaining to a home loan, ensuring a complete package before submission
- I kept a day to day log of active loans, ensuring that loan conditions were met in a timely manner
- I helped maintain relationships with active, past and future Customers, Real Estate Agents, Title and Escrow companies.
- I represented the company at various marketing events including but not limited to Open Houses, Realtor Expos and various networking events
0-5 years of experience
- Accurately prepare and review legal binding Real Estate Documents for Capital One, NA, branches and attorney closings.
- Review Legal Binding Real Estate Documents, meeting Federal and State Regulations and Requirements.
- Communicate with Capital One, NA Associates and outside affiliates via phone and email.
- Meet production Goals as set by Closing Supervisor and department service level agreement.
- Assist closing representative with any questions or issues regarding closing documents or state specific closing guidelines.
- Reviewed critical loan document for content, notarization and execution accuracy. Remediation.
- Assigned risk rating to documents based on review.
- Routed failed review to appropriate stake holder for remediation.
- Measured 3rd party vendor performance through re-testing loan performance.
- Managed documented errors findings in tracking spreadsheet and saved results to Knowledge Link.
6-10 years of experience
Loan Officer Assistant
- Initiated and followed-up on loan applications on home buyers
- Maintain records with input of changes to keep clear written documentation
- Follow-up on accounts receivables to ensure timely pay dates
0-5 years of experience
- Analyze and collect data necessary for speeding along the loan process
- Work collaboratively with sales reps and title companies
- Order payoffs to make sure that all dating is correct and accurate for the client’s needs
- Request any reports needed for the loan, such as; Verification of Employment, Appraisals, Credit reports and Homeowner’s Insurance
- Assist the accounting department with payments, invoices and billing inquiries
0-5 years of experience
- Learned and implemented closing procedures for 18 states.
- Ordered supplies
- Learned how to process and close mortgage RD loans.
- Ordered FHA Case #’s
0-5 years of experience
- Obtained necessary information to close the loan
- Worked with attorneys on resolving title issues
- Provided updates to borrowers regarding their loan process
- Scheduled closings
0-5 years of experience
- Originate and disburse Federal Student Loans, including Stafford, unsubsidized, and Parent PLUS loans
- Certify and disburse private loans from various lenders and banks
- Reconcile all loans on a monthly basis in conjunction with the US Department of Education and Salve’s business office
- Assist Director and Associate Directors of Financial Aid on a daily basis to ensure timely disbursements to undergraduate, graduate and continuing education students within their workload
- Communicate daily with students, parents, and other offices within Salve’s community to ensure a positive experience in financing their students’ education
0-5 years of experience
- Process Conventional, FHA, VA and USDA home loans
- Conduct comprehensive research to secure the most suitable mortgage program for clients
- Adhere to all financial requirements
- Coordinate with clients, appraisers, underwriters, account executives, and title officers through the entire home loan processing including processing, underwriting, and fulfillment
0-5 years of experience
Retail Mortgage Lending
- Ensuring a timely and accurate experience for clients, both refinance and purchase
- Reviewing loan approvals and satisfying all required prior to closing and closing conditions
- Scheduling, tracking and execution of all closing, contingency, and lock dates
- Prepare and submit timely and accurate loan files to the closing department
- Conducting credit and underwriting analysis to ensure smooth process for clients
- Running DU & LP as necessary to adjust file figures throughout the process
- Retail environment, processing to several different major lender guides
- Providing exceptional customer service and consultative guidance to my clients
- Continuing education training & compliance classes
0-5 years of experience
- Provide existing and prospective students with Title IV loan calculations based on eligibility
- Guide students through the completion of the FAFSA and other financial aid documents
- Assist Director of Financial Aid with loan processing and disbursements
0-5 years of experience
- Intake new files from loan officers, order appraisals, title and verifications
- Review closing figures, input closing information and order closing documents
- Ensure all files are complete and coordinate with title companies to ensure smooth closings
0-5 years of experience
- Verify and quality check underwriter decision tools for accuracy to comply with regulations policies and procedures for HAMP, COMP, CAP, RPP, DIL, SS, GSE and Non GSE programs.
- Review and create final loan modifications agreements for various investors based on lending program requirements.
- Knowledgeable of RESPA, FDCPA, Anti-Money Laundering regulation practices applicable to mortgage lending.
- Maintain Quality Assurance/Compliance Levels as defined by the company.
- Monitor department timelines on each file; escalate delays to meet daily company goals.
- Self-manage queue pipelines to meet regulatory timelines.
- Review and prepare Capitalized Arrearages forms to be submitted to the borrower.
- Proficient at Freddie WP2, Fannie HSSN, WIT Tool, and FHA Outputs.
- Cooperate with Single point of contact, Loss Mitigation reps, third party vendors, and corporate employees to ensure the best customer experience.
- Update Policy and Procedures according to policy changes, enhancements to checklists, and final instruments.
6-10 years of experience
- Work with customer to process & complete loan package prior to submission to Underwriting
- Order personal credit reports and D&B reports
- Interface with Underwriting to minimize market and credit dependencies
- Perform post-approval due diligence & order external searches
- Collect & analyze all financial documentation needed for closing
- Schedule closing and coordinate with Banker and Client
- Request funding and move to booking
- Provide ultimate customer service experience
Loan Coordinator Duties and Responsibilities
The type of organization a loan coordinator works for will determine their exact role and responsibilities. Based on job listings we analyzed, a loan coordinator’s duties typically involve:
Appraise Loan Applicants Loan coordinators meet with clients to perform an initial appraisal of their potential borrowing, which involves finding out information about their income, any debt they may have, and explaining different loan types to them.
Assess Credit Scores and Records This job involves reviewing credit information to assess whether applicants are eligible for a loan. Loan coordinators conduct thorough research on each applicant to assess their credit standing, income data, and any other information that may affect their ability to take out a loan.
Follow Up with Clients Loan coordinators follow up with clients to ensure that any important points are clarified and that they have all the information they need before the loan is finalized. This involves making sure that all applicable criteria are met and that loan repayment plans are explained in full.
Approve Loans After the loan application has been reviewed, loan coordinators give clients a final answer as to whether or not the loan has been approved. They also provide a clear explanation of what impacted that decision.
Review Documentation Loan coordinators ensure that the documentation provided is fully completed and forwarded to both the borrower and loan provider, with master copies maintained so they can be reviewed at a later date if need be. Loan coordinators also carry out quality control audits of databases on a regular basis to ensure that all information is current and accessible.
Loan Coordinator Skills and Qualifications
Loan coordinators are well-organized multitaskers. They’re also good communicators who take an analytical approach to their work. Typically, employers require a bachelor’s degree in a business or finance subject as well as the following abilities:
- Analytical thinking – loan coordinators are responsible for reviewing applicant files and looking for relevant information, so good analytical skills are a must
- Aptitude for finance – this job involves analyzing the finances of applicants applying for credit, so the ability to read financial statements and understand accounting principles is necessary to this role
- Decision-making – a primary aspect of this job is formulating decisions based on the information provided by loan applicants, so loan coordinators must be good at making decisions and justifying their processes
- Computer proficiency – loan coordinators regularly work with accounting software, so applicants for this job need to be good with computers and have the skills to pick up new applications quickly
- Interpersonal skills – loan coordinators work closely with people from all different backgrounds, guiding them through the loan application process and providing them with information, so they must be good communicators
Loan Coordinator Education and Training
The minimum requirement to become a loan coordinator is a high school diploma, although most employers prefer candidates to have a bachelor’s degree in finance, accounting, business, or another relevant area. Some companies will accept two or more years of loan processing experience instead of a degree, although this is dependent on the organization. Loan coordinators should have a thorough understanding of the state and national regulations regarding loan requirements and the associated documentation.
Loan Coordinator Salary and Outlook
The median annual salary for loan coordinators is nearly $40,000, according to PayScale. Loan coordinators in the 10th percentile earn around $28,000 annually, while the highest paid earn close to $54,000 a year. Loan coordinators can earn bonuses of up to $12,000 based on individual or group performances, and profit-sharing opportunities of up to $5,000. Location has the biggest impact on the pay level for this role, and many employers offer dental plans and medical insurance as part of their benefits package. The Bureau of Labor Statistics predicts that this sector will grow 11 percent through 2026.
Helpful Resources
We’ve collected some of the best resources to help you learn more about a career as a loan coordinator:
The Lender’s Network – this blog is packed with useful information about loans, mortgages, credit scoring, and much more, making it a useful reference for those pursuing a career as a loan coordinator
Loan Officer Recruiting Network – over 17,000 people around the world are part of this group, which offers support and advice for professionals looking to hire or earn a position as a loan coordinator. It’s a great place to find guidance for what’s needed to gain a job in this field, as well as for networking with others in the industry
FHA Training Manual for Loan Officers and Loan Processors – this book serves as a great training source for new and experienced professionals in the loan industry, and provides an in-depth guide to FHA-insured loans and mortgages. From file submissions and cash investments to program types and terms, it’s a useful reference to have at hand
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Loan Coordinator
Last edited by: Gabriela Barcenas, CONTENT STRATEGIST -
Gabriela Barcenas
CONTENT STRATEGISTGabriela is a Certified Professional Resume Writer (CPRW) and career adviser. With 10 years of digital media experience and five years of resume writing expertise, her publication history includes fashion, education, travel, social justice, equitable design and career advice.
