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Mortgage Loan Trainee

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Central Bank

2mo ago

  • Internship
    Full-time
    Off-cycle Internship
  • Ankeny

AI generated summary

  • You need a bachelor’s degree or equivalent experience, 1+ years in sales, service, or finance preferred, and must have or obtain an NMLS license within 60 days.
  • You will process loans, assess applications, verify documents, liaise with stakeholders, ensure compliance, and develop skills in mortgage programs while maintaining client relationships.

Requirements

  • EDUCATION & EXPERIENCE
  • Bachelor’s degree required or equivalent work experience
  • 1+ years of relevant work or internship experience in sales, service, or finance, preferred
  • NMLS licensed or willing to be licensed within 60 days

Responsibilities

  • Loan Processing 60%
  • Assess new loan applications and clients’ overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.
  • Verify all required disclosures are provided on time and meet compliance.
  • Set up file and order, follow up on, and review for accuracy, credit report updates, income/employment verifications, surveys, title and lien searches, property appraisals, and other required documents and inspections.
  • Submit loan package to underwriter ensuring that loans meet portfolio or investment guidelines.
  • Serve as liaison between underwriters, loan officers, closing companies, and customers.
  • Access computer system to pull account histories, payoffs, etc.
  • Ensure final loan approval in a timely manner to meet scheduled closing dates.
  • Review closing documents to ensure clear title, correct homeowner insurance.
  • Request information needed to complete a closing statement.
  • Forward loan documents and instructions to closing department.
  • Prepare closing documents according to lender product guidelines.
  • Review and balance Closing Disclosure and appropriately disburse loan funds.
  • Complete HMDA Forms and Escrow Letters.
  • Follow-up on final loan packages ensuring properly recorded legal documents, including title insurance/guaranty and deliver completed and correctly stacked loan file to Central Bank’s post-closing department.
  • Enter and update residential loan information on the tracking spreadsheets.
  • Verify all required documents are maintained for compliance tracking.
  • Skill Development 40%
  • Acquire and maintain knowledge of different mortgage loan programs and Bank products.
  • Gain familiarity with the mortgage loan systems used to take applications and communicate with clients.
  • Work closely with loan processors and underwriters to collect all documentation needed to process applications.
  • Learn to accurately analyze income, asset documents, and credit reports, and know how to properly structure a loan.
  • Understand how to check incoming applications for completeness, check income and liabilities and the rest of the application for any errors.
  • Begin to create and nurture relationships with both referral partners and borrowers to draw in new business and retain existing clients.
  • Serve as the primary contact during the "lead to contract" phase of the loan process and liaison between clients, referral partners, and the loan officer, and conduct meetings to coordinate any follow-up items.
  • Coordinate collection of documentation and prepare the file for processing.
  • Complete an external Originator Training Program.
  • Perform all other duties as assigned.

FAQs

What are the primary responsibilities of a Mortgage Loan Officer Trainee?

A Mortgage Loan Officer Trainee primarily focuses on loan processing and skill development, which includes assessing loan applications, verifying compliance, and learning to analyze financial documentation.

Is prior experience in the mortgage industry required for this position?

No prior experience in the mortgage industry is required, but relevant work experience in sales, service, or finance is preferred.

What qualifications are necessary to apply for the Mortgage Loan Officer Trainee position?

A bachelor's degree or equivalent work experience is required, along with a willingness to obtain NMLS licensing within 60 days of employment.

What percentage of the job is focused on loan processing?

Sixty percent of the job is focused on loan processing.

Will I receive training on mortgage loan programs and systems?

Yes, as a trainee, you will acquire knowledge of different mortgage loan programs and learn to use the mortgage loan systems used for applications and communication.

Can I expect to work directly with clients and referral partners?

Yes, trainees will serve as primary contacts during the "lead to contract" phase and are expected to build relationships with clients and referral partners.

Is this position designed for long-term career development?

Yes, this role is specifically designed for training and gaining the necessary experience to become a full-fledged Mortgage Loan Officer.

How will my performance be evaluated as a trainee?

Performance will be evaluated based on your ability to process loans accurately, acquire knowledge of mortgage products, and effectively communicate with clients and team members.

Are there opportunities for advancement after completing the training?

Yes, upon successful completion of the training and obtaining the necessary licenses, trainees can advance to full Mortgage Loan Officer positions.

What type of work environment can I expect in this role?

You can expect a collaborative work environment, where you will work closely with experienced loan officers, processors, and underwriters while developing your skills in the mortgage industry.

Central Bank

Strong roots. Endless possibilities.

Finance
Industry
1001-5000
Employees
1902
Founded Year

Mission & Purpose

Central Bank is a privately held $20 billion bank headquartered in Jefferson City, Missouri, serving 13 markets across 8 states. Specialising in community banking, they offer leading-edge technology through a network of over 150 facilities in Missouri, Kansas, Illinois, Colorado, Iowa, Tennessee, North Carolina, Florida, and Oklahoma, along with more than 22,000 ATMs nationwide. Their mission, encapsulated by "Strong Roots. Endless Possibilities," is to deliver high-quality financial products and services that support the growth and success of customers and communities. Committed to local decision-making, they aim to strengthen their community engagement as they expand their offerings.