Non-QM Loan Processor

Job Title: Non-QM Loan Processor

Overview Rapid Mortgage Company seeks a Wholesale Loan Processor to be responsible for efficiently clearing all underwriting conditions while maintaining a high level of communication, organization, and attention to detail. This role demands strong interpersonal skills, a team-oriented mindset, and the ability to manage a high-volume pipeline of 25 or more files monthly across multiple investors and niche products, ensuring an accurate and timely closing process.

Key Responsibilities

• File Review: Thoroughly review loan files upon receipt for Loan Submission and after Conditional Approval. Review and organize Non-QM documentation, including bank statements, DSCR paperwork, and asset based income. Generate and deliver an initial needs list to the borrower within 24–48 hours of conditional approval.
• Borrower Communication: Conduct a "Welcome Call" within 24 hours of receiving the conditional approval to explain outstanding conditions and next steps. Communicate directly with borrowers to gather outstanding items and provide timely updates.  Maintain ongoing borrower contact every 48 hours throughout processing.
• Condition Management: Immediately address all actionable underwriting conditions. Delegate appropriate tasks to the Processing Assistant and manage timely condition follow-up and resolution.  Submit loan files to multiple Non-QM lenders and follow up proactively on underwriting conditions and decisions.
• Pipeline Management: Prepare for and actively participate in weekly pipeline review calls with Loan Officers, updating on loan progress, outstanding issues, and projected closing timelines.  Monitor the loan pipeline daily and escalate early if timelines are at risk.  Collaborate closely with the LO and LOA to keep deals moving quickly and efficiently.
• Investor Communication: Work directly with multiple brokers and investors to troubleshoot and resolve loan issues to facilitate smooth and timely closings.
• Appraisal and Title Coordination: Order and track appraisal corrections, final inspections, and work directly with title companies and insurance providers to clear title and policy issues.
• Quality Control (QC): Respond immediately to any QC findings or conditions to ensure compliance with internal and investor standards.  Maintain current knowledge of Non-QM program guidelines and lender overlays.
• Closing Coordination: Handle re-submissions, condition resolutions, and clear-to-close items with urgency and accuracy. Collaborate with the Funding team to deliver the signed Closing Disclosure (CD) in a timely manner, ensuring accurate cash-to-close figures and addressing any final changes.

Service Level Expectations

• Welcome Call & Needs List: Completed within 24–48 hours of receiving Conditional Approval.
• Client Follow-Up: Contact borrowers at least every 48 hours.
• Final Underwriting Submission: Submit clean files for final underwriting no later than 4 business days prior to the scheduled closing date.

Qualifications

• 3+ years of wholesale or retail mortgage processing experience required.
• Familiarity with Non-QM documentation, lender platforms, submission requirements and the ability to navigate underwriting guidelines a plus.
• Ability to work well under pressure and meeting tight deadlines is crucial to the workflow for loans that can have a very quick close.
• Proficiency in working with multiple brokers and investors simultaneously.
• Experience with niche loan products including Bank Statement Loans, DSCR, HELOCs, Non-Warrantable Condos, Jumbo Loans, and Renovation Loans.
• Strong understanding of FHA, VA, USDA, Fannie Mae, and Freddie Mac guidelines.
• Ability to independently run AUS systems: DU, LP, and GUS.
• Minimum 1 year of experience with Encompass LOS required.
• Strong understanding of TRID requirements.
• Proficiency with Microsoft Office Suite.
• Strong organizational and time management skills, attention to detail, and ability to manage a diversified and high-volume pipeline.
• Strong written and verbal communication skills.
• Ability to work independently in a fast-paced, deadline driven environment while exercising sound judgment and decision-making skills.
• Positive attitude, high integrity, and strong work ethic.

Benefits:

• Competitive salary
• Health, dental, and vision insurance
• Life insurance and LTD
• Retirement plan
• Paid time off and holidays
• Opportunities for career development and advancement