Mortgage Lending Specialist

Job Title: Mortgage Lending Specialist

Category: Mortgage Lending
Employment Type: Contract
Experience: 6+ years

Job Overview:

We are seeking a highly skilled and experienced Mortgage Lending Specialist to join our team on a contract basis. The ideal candidate will have over 6 years of experience in mortgage lending, specializing in Loan Origination, Credit Risk, and Financial Analysis. The specialist will be responsible for managing the entire mortgage loan origination process, ensuring compliance with industry regulations, conducting thorough credit risk assessments, and performing detailed financial analysis to determine loan eligibility.

Responsibilities:

Loan Origination:

• Lead the Loan Origination Process: Oversee the entire loan origination cycle, from application submission to loan approval, ensuring the process follows established protocols and guidelines.
• Customer Interaction: Communicate with potential borrowers to gather necessary financial information and documents for loan processing.
• Document Review: Review loan applications, verifying accuracy of financial statements, employment history, and creditworthiness.
• Liaise with Internal Teams: Collaborate with underwriters, loan processors, and closing teams to ensure smooth loan processing and resolution of any issues.

Credit Risk Analysis:

• Evaluate Credit Risk: Perform thorough assessments of loan applicants' credit profiles, including analyzing credit scores, credit histories, and risk factors associated with the borrower.
• Risk Identification: Identify potential risks in loan applications, focusing on applicants with higher credit risk profiles, and recommend mitigations or adjustments.
• Compliance with Regulations: Ensure all loan assessments meet industry regulations and internal credit risk policies. Stay updated on the latest risk management practices and financial regulations.
• Monitor Risk Trends: Keep track of industry trends, credit risk patterns, and economic factors that could impact the mortgage lending process.

Financial Analysis:

• Assess Borrowers Financial Health: Analyze applicants' financial documents, such as income statements, tax returns, bank statements, and other relevant financial data to evaluate the borrowers ability to repay.
• Debt-to-Income Ratios: Calculate and analyze debt-to-income (DTI) ratios to assess affordability and loan eligibility.
• Loan Structuring: Work with the underwriting team to structure mortgage loans that align with the financial capacity of the borrower while minimizing risk.
• Approval Recommendations: Provide recommendations based on financial analysis, determining the applicant’s ability to repay the loan while considering factors such as employment stability, assets, liabilities, and creditworthiness.

Collaboration and Communication:

• Client Communication: Engage directly with borrowers to explain loan terms, address questions, and ensure clients understand the mortgage process.
• Team Coordination: Work closely with loan officers, underwriters, and compliance teams to facilitate smooth workflow and timely approval of loans.
• Problem Resolution: Address and resolve issues or discrepancies that arise during the loan origination or risk assessment process.

Regulatory Compliance:

• Adhere to Regulations: Ensure that all mortgage loan origination, risk analysis, and financial assessments comply with applicable laws, guidelines, and industry standards.
• Documentation: Maintain accurate and complete records for all loan applications and decisions to meet audit and compliance requirements.
• Update with Industry Standards: Stay informed about changes in mortgage lending regulations, industry standards, and best practices to continuously improve risk management strategies.

Required Skills and Qualifications:

• Experience: Minimum of 6 years in mortgage lending, with a focus on loan origination, credit risk analysis, and financial analysis.
• Loan Origination Expertise: Proven experience in managing the loan origination process, including customer interaction, document verification, and coordination with underwriting teams.
• Risk Analysis Skills: Strong understanding of credit risk principles, ability to assess financial data and identify risks, with experience in managing complex loan profiles.
• Financial Analysis Skills: Proficient in financial statement analysis, calculating debt-to-income ratios, and evaluating financial health for mortgage eligibility.
• Knowledge of Regulations: In-depth knowledge of mortgage lending regulations and guidelines, including compliance with federal and state laws.
• Problem-Solving: Strong analytical and problem-solving skills to handle complex loan applications and resolve issues effectively.
• Communication Skills: Excellent written and verbal communication skills for dealing with clients and collaborating with internal teams.
• Detail-Oriented: High attention to detail with the ability to maintain accurate records and ensure compliance with all procedures.
• Team Collaboration: Ability to work effectively with cross-functional teams, including underwriters, loan officers, and compliance teams.

Preferred Qualifications:

• Certifications: Relevant certifications such as Mortgage Loan Originator (MLO), Certified Mortgage Banker (CMB), or equivalent will be a plus.
• Technology Skills: Proficiency in loan origination software and tools, as well as Microsoft Office Suite (Excel, Word, PowerPoint).
• Problem Solving: Ability to analyze and solve complex problems related to financial eligibility and risk management.