Loan Officer Assistant Job at Key Mortgage Services, Schaumburg, IL

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  • Key Mortgage Services
  • Schaumburg, IL

Job Description

Loan Officer Assistant

The Loan Officer Assistant (LOA) provides comprehensive support to one or more Loan Originators throughout the loan file production and submission process. This role is focused on delivering an exceptional experience to borrowers and referral partners while ensuring loan files are accurate, complete, and compliant with Key Express submission requirements. By managing day-to-day file support, the LOA enables Loan Originators to dedicate more time to business development and relationship building.

Essential Duties
  • Submit concise loan applications for the Loan Officer by auditing, reviewing and validating data entry to match supporting documentation
  • Communicate with and support Loan Processors to obtain conditions
  • Assist clients and guide them through the mortgage pre-approval process
  • Reviewing supporting documents and information to determine what is needed
  • Track outstanding items on all loan files and follow up with borrowers for additional information & documents using point of sale system, Glyde, to ensure timely receipt of necessary documentation.
  • Running AUS and notifying LO that the file is ready for review and Pre Approval
  • Understand income sources and accurately calculate borrower qualifying income
  • Analyze credit reports to understand liabilities and identify potential issues
  • Calculate housing and expenses ratios
  • Utilizing AUS tools (DU / LP) findings to obtain eligible / accept recommendations
  • Other duties may be assigned to provide coverage or additional administrative assistance

Licensed Duties

  • Has the ability to assist in discussing rate and terms with clients
  • Able to originate loans either for themselves or on behalf of the loan officer they support provided it does not impede the required support functions
  • Have knowledge of and ability to interpret mortgage program guidelines utilizing the available tools and software

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