Following is a sample job description template for the position of loan coordinator; you can edit and use it for your organization.
Job title: Loan Coordinator
Years of Experience: 1 to 3 Years
Job Type: Full Time Employee
Education Level: Bachelor’s degree
Job Summary:
Insurance Overload Staffing is seeking Loan Coordinators that will be responsible for providing support to the assigned Loan Specialist. The primary focus of the position is to manage the clerical/administrative and loan processing duties.
Duties and Responsibilities:
- Submit the closing transmittal and all additional documents to the closing department.
- Complete closing transmittals
- Gather all conditions and submit to underwriting for final approval.
- Make sure all information in the file is consistent such as the address, loan amount, interest rate, etc.
- Capable of independently processing the most complex loans.
- Meets performance standards and goals established by the bank.
- Maintains positive working relationship with brokers, realtors, builders, referral sources, and other customers.
- Submits approved loan application to closing or initiates action on canceled/rejected loans.
- Reviews all documents, works loan up and submits file to Underwriting, communicates with borrower/realtor/builder to provide current status reports, and may issue commitment letters.
- Orders all necessary supporting documentation.
- Responsible for reviewing applications for completeness.
- Responsible for processing residential loan applications.
Position Requirements:
- Coordination of submission throughout loan origination process—underwriting, quality control, closing, funding
- Generate preliminary underwriting documents
- Conduct income verification
- Order appraisals
- Strong communication skills; candidate must be helpful, patient and informative while assisting clients with gathering necessary documentation to keep the loan process moving
- Loan processing experience and general mortgage industry understanding
Salary: $12.00 – $13:00 Hourly DOE