Mortgage Loan Processor

Description

Who We Are:

Mayo Employees Federal Credit Union provides competitive products and world-class service to Mayo Clinic employees and their families in reaching their financial goals. Our strong mission of caring for our members drives what we do every single day. Mayo Employees Federal Credit Union has been awarded multiple top honors through Rochester Post Bulletin's annual "Best of the Best" Awards including "Best Credit Union" for seven years in a row as well as "Best Place to Work" in 2025 and 2026!

Department: Mortgage & Business Lending

Days of Work: Monday - Friday, 8 AM to 5 PM

Salary range: $23 - $25 per hour based on experience

Location: Cascade Lake Business Center, Rochester, MN

FLSA Status: Nonexempt

Schedule: Full time

Hours/Pay Period: 80

Remote Worker: No

The Mortgage Loan Processor provides support and backup to the Mortgage and Lending Department. The Mortgage Loan Processor processes loan files in preparation of underwriting and prepares and coordinates loan documentation for loan closings. They ensure that all activities, functions and relationships are handled in compliance with the mission, goals and standard operating procedures of the credit union. Mortgage Loan Processors must be familiar with the Truth-In-Lending Act and Regulation Z, the Real Estate Settlement Procedures Act, HUD's Regulation X, and the Home Mortgage Disclosure Act and Regulation C. The Mortgage Loan Processor I also provides back up support for home equity loan processing and may perform other duties as assigned.

Duties and Responsibilities

Assists members with their first mortgage needs:

• Accepts initial mortgage loan applications from the Mortgage Loan Officer. Orders appropriate verifications, appraisals, flood certifications, title work, insurance binders, etc.
• Ensures that all required disclosures are accurate and are delivered to the member within regulated time frames according to Federal Regulations B, C and Z.
• Maintains loan files by filing loan folders and supporting documents in an orderly fashion while awaiting submission to underwriting.

Works to ensure mortgage loan files are complete for underwriting submittal:

• Reviews all residential mortgage loan applications received from the Mortgage Loan Officer to verify that application data is complete and meets established standards to include type and amount of mortgage, borrower assets, liabilities, and length of employment. 
• Ensures receipt of all necessary verifications from third parties to corroborate information the member has stated in the application (i.e., verification of employment, verification of deposit, debt obligations, etc.).
• Follows up with third parties not completing required verifications in a timely manner. 
• Ensures written documentation is obtained for any derogatory credit history.

Performs final actions necessary to facilitate loan closing:

• Schedules closings on all residential mortgages in accordance with the policies and procedures.  
• Responds to questions regarding closings and servicing from borrowers, settlement agents, real estate agents, or any other principal parties to the loan transaction.
• Reviews all preliminary information sent by the closing agent such as title binder, survey, etc. for accuracy.
• Ensures that the closing papers are complete and forwarded to the closing agent in a timely manner.
• Reviews all closing papers after settlement to ensure that all documents have been properly received and executed in accordance with the closing instructions and the requirements of the secondary market and/or the third-party investor.
• Ensures that all funds due to the credit union have been calculated correctly by the closing agent and received in a timely manner.

Requirements

Education and Experience Requirements

A high school diploma or equivalent AND two years of experience working in a financial institution.  

All employees must be bondable by MEFCU’s insurance policy. Continued employment is subject to maintaining a favorable bondable status per insurance standards.

Knowledge, Skills, and Abilities

Employees in this position are expected to possess and demonstrate the following knowledge, skills, and abilities throughout their employment:

Knowledge of: Truth-In-Lending Act and Regulation Z, the Real Estate Settlement Procedures Act, HUD's Regulation X, and the Home Mortgage Disclosure Act and Regulation C, overall credit union philosophy and operations, credit union products and promotions

Skill in: interpersonal communication, time management, organization, providing superior customer service

Ability to: manage time efficiently, perform multiple tasks simultaneously with a high degree of accuracy, be flexible to support work volumes, keep current on economic environment factors that may impact lending, work independently and as part of a team

Physical and Environmental Criteria

This physical effort required to perform this position is best described as: Sedentary. Exerting up to 10 pounds of force occasionally and/or a negligible amount of force frequently or constantly to lift, carry, push, pull or otherwise move objects, including the human body. Sedentary work involves sitting most of the time. The majority of this position involves computer work, which requires fine dexterity in the continuous movement of the wrist and fingers.

Sensory requirements necessary in the performance of the essential functions of this position include: sight, hearing, touch.  

Environmental conditions that may exist in the performance of the essential functions of this job include: None.  

Why Mayo Employees Federal Credit Union?

Our mission of caring for our members drives what we do every single day.  Join our team and build your career in an environment where your work is valued, and you can make a difference in the lives of our members. 

The Mayo Employees Federal Credit Union offers fantastic benefits, including:

· Affordable Medical Plans

· Six Paid Holidays and Generous Accrued Paid Time Off Plan

· Employer-Paid Life and AD&D Insurance (additional voluntary coverage is available for employee purchase too!)

· Employer-Paid Short and Long-Term Disability Insurance

· Employer-Paid Health Reimbursement Account or Health Savings Account contribution

· 401k Plan with Generous Employer Match

· Tuition Assistance

· Flexible Spending Accounts

· Employer-Paid Identity Theft Insurance

· Employee Assistance Program

· Voluntary Accident and Critical Illness Insurance

· Discounted Pet Insurance Program