Pay is based on a number of factors including the successful candidate’s job-related knowledge and skills, qualifications, and prior experience. Arvest offers a comprehensive suite of benefits, including a full range of health and life, financial, and wellness benefits. For more information about benefits, please visit www.arvest.com/careers/benefits .
Position is Monday through Friday 8 am to 5 pm with the ability to work additional hours as needed.
Position is hybrid and is located at 202 S Goad Springs St. Lowell, Arkansas.
Bilingual In English/Spanish Preferred.
The story of Arvest is one of commitment started by our founders in 1961, with an intense dedication to focusing on our customers. We will always be active and involved members of the communities we serve, and we will always work to put the needs of our customers first as we continue to fulfill our mission – People helping people find financial solutions for life.
Job Title: Mortgage CLD/Assumption Processor
The Mortgage CLD/Assumption Processor processes 1–4-unit, single family mortgage loan application requests. The Processor will review all relevant items of the loan file, order necessary verifications, and analyze the documentation provided to ensure it meets the requirements for the requested loan program, which could be any of the following: Conventional, FHA, VA, RD, Jumbo, Bond, HUD 184, or Inhouse. The Processor is required to communicate with borrowers, mortgage loan officers, title companies, insurance agents, and other parties as needed. The Mortgage CLD/Assumption Processor will be expected to effectively manage a pipeline and must complete all duties with a high degree of efficiency, accuracy, and complete confidentiality.
We are seeking candidates who embrace diversity, equity, and inclusion in a workplace where everyone feels valued and inspired.
What You’ll Do at Arvest: (Other duties may be assigned.)
- Complete an initial review of each loan file to verify all documents needed to make a credit decision are provided and ensure all documentation meets the program and regulatory guidelines for the loan type requested, within the service level agreement. Request all necessary third-party verifications, update the loan file with preliminary conditions, communicate conditions to the assigned sales team, then submit the loan file to underwriting for a credit decision. If applicable, identify a complete list of items missing to make a credit decision and communicate directly with the customer to obtain prior to submitting to underwriting for a credit decision.
- Review assumption with release of liability loan requests; contact customer to request and obtain necessary credit documents to process an eligible request. Present loan offer to customer for acceptance, either verbally or in writing, including, but not limited to, providing disclosures of the loan terms. Prepare assumption release of liability closing documents. Maintain customer contact throughout the assumption process, initial application through closing. Update Mortgage Servicing Portal (MSP).
- If not in file and required, order a flood certification. Review the flood certification for all files to determine if the subject is in a flood zone. If determined to be in a flood zone, look up and print to the file the flood map to identify the location of all structures.
- Review each new loan file as they are received from underwriting within the service level agreement. Identify a complete list of items needed by reviewing existing documents, underwriting conditions, fraud reports, and all applicable manual guidelines, then communicate directly with the customer and/or third parties to obtain.
- Manage all aspects of assigned pipelines, including those for verifications to ensure compliance within the established service level agreement and outstanding requests are followed up on timely. This includes but is not limited to management of; third-party request, customer requests, required NADs (next action dates), and VVOEs.
- Maintain regular communication with borrowers regarding loan files. Serve as a resource throughout the loan process for questions and updates until the loan closes.
- Ensure the loan file reflects the current status by detailing actions taken, follow up dates, and borrower contact within the system by maintaining up to date processor comments. Collaborate interdepartmentally as needed based on file needs.
- Analyze the credit, income, and asset documentation in the file. Use required income calculation worksheets to document qualifying income (W2 wage earners, retirement, social security, or self-employment).
- Analyze personal and business tax returns to calculate qualifying income for self-employed borrowers.
- Review customer and third-party documentation as it is received within service level agreements. Make appropriate decisions for additional documents needed based on the information received, act to request clarifications or follow up items to comply with program and regulatory requirements.
- Reconcile and correct loan applications in the LOS (Loan Origination System) as documents are received from the customer and third parties. Identify and correct discrepancies found as needed to ensure consistent and accurate information is documented. Review manual guidelines following LOS updates, remaining aware of any changes that require action.
- If the loan request requires an appraisal, monitor, follow up, review, and ensure an appraisal is ordered and delivered timely. Notify underwriter and appraisal team of any discrepancies identified during the review process. Work with the assigned mortgage loan officer if additional reports are necessary.
- Ensure file compliance with regulatory deadlines by monitoring dates for NOI (Notice of Incomplete) and Reg B. Once all credit documents are available, ensure Reg B is established and the file sent to underwriting timely. Issue NOI when the file has borrower items outstanding and has not been submitted to underwriting for a credit decision, closing the file for incompleteness as needed.
- Review documents and finalize the file by ensuring all manual guidelines are met to submit loan applications to underwriting for final approval. Obtain underwriting approval on the first submission at least 85% of the time.
- Monitor and address all file alerts within the LOS from receipt of file through closing.
- Monitor the assigned pipeline for required VVOEs. Avoid closing delays by ensuring each VVOE has been obtained in a timely manner; working with the customer and/or sales team when there is a potential issue in obtaining the VVOE timely.
- Maintain general working knowledge of how to navigate investor guidelines for the loan program being processed, staying current with changes. Use resources such as All Regs/Selling Guides/Lender Handbooks, and Arvest Policies and Procedures to make appropriate decisions when processing a loan file, following the escalation procedure as needed. Adopt changes communicated and referencing resources to remain consistent and to minimize any potential loss to Arvest and repurchase requests from investors.
- Prioritize all QC (Quality Control) pre-funding and post-closing findings appropriately. This includes but is not limited to obtaining additional information from customers or third parties when needed.
- Understand and comply with bank policy, laws, regulations, and the bank’s BSA/AML Program, as applicable to your job duties. This includes but is not limited to; complete compliance training and adhere to internal procedures and controls; report any known violations of compliance policy, laws, or regulations and report and suspicious customer and/or account activity.
Toolbox for Success:
- High School Diploma or General Education Degree (GED) required.
- 1 year of experience reviewing mortgage credit application files required.
- 1 year of mortgage processing experience or equivalent required.
- 1 year of direct customer contact experience or the equivalent required.
- Working knowledge of all real estate regulations including, but not limited to RESPA, TRID, TILA, Fair Credit Reporting Act, Fair Lending, Reg B (ECOA), Reg C (HMDA) and Flood Act and Interagency Appraisal and Evaluation Guidelines required.
- Current NMLS SAFE Act Registration or the ability to be registered within 30 days required.
- Arvest experience preferred.
- Relevant military experience is considered for veterans and transitioning service members.
Physical Demands:
The associate must be able to travel occasionally by themselves within the US, possibly overnight. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions. We offer competitive compensation, benefits packages, and significant professional growth.
Along with an excellent benefits package, our associates are engaged, rewarded for performance, and encouraged to grow professionally and personally. Our future is driven by our associates. If you want to be recognized for your results and empowered to reach your potential, we urge you to apply.
Grade 11
Pay Range: $20.00 - $22.00 per hour
