Cornerstone Bank was formed in 2017, born of a long history of supporting the community, and providing a strong foundation to help people and businesses thrive. Serving Worcester County, Cornerstone Bank’s local presence and community-based banking model enables a unique ability to deliver outstanding service, with a personal touch. Cornerstone provides the highest level of service and expertise for individuals, businesses, and community organizations with branch locations throughout Central Massachusetts. 

Cornerstone Bank is committed to providing a collaborative workplace where innovation, teamwork, accountability, and excellence are recognized and where employees are encouraged to broaden their skills, seek opportunities for professional development, serve their community, and provide outstanding customer service with each encounter.

Being a part of the Cornerstone team has many great benefits and perks. This includes a competitive pay, a generous student-loan paydown program, comprehensive benefit package including, medical, dental, vision insurance and even pet insurance! We offer a 401(k) plan with an employer contribution and match, success-sharing bonuses, paid time off and more! 

If you are looking to join a team that is committed to your ongoing professional growth and development, we are looking forward to speaking to you! 

We are currently looking for a Mortgage Loan Processor to join our team. This position reports directly to our VP – Loan Production Manager and is responsible for a variety of loan processing and related administrative activities in conformance with established Bank policies, procedures, and objectives.

Responsibilities and Accountabilities

• Processes residential loan applications in accordance with established policies, procedures, and timelines.
• Clear understanding of lending regulations, including but not limited to the preparation of Initial Disclosure documents, as they relate to TILA-RESPA (Loan Estimate and Closing Disclosure completion).
• Conducts initial loan review, requests 3rd party reports and verifications, contacts appropriate party about missing documentation, notifies attorney with preliminary closing request and prepares various forms and reports.
• Obtain and analyze information to process mortgage applications which includes, but is not limited to, credit reports, appraisals, title work, verification of employment, calculation of income, asset verification and any other pertinent information.
• Knowledge of Cornerstone Bank mortgage products. Ability to analyze customer needs, identify options for appropriate loan programs to discuss with the V.P. Loan Production Manager.
• Knowledge of Secondary Market (FreddieMac/Fannie Mae) underwriting requirements. Loan Processors are responsible for keeping up with changes in Cornerstone Bank’s underwriting policies and procedures. Attends relevant meetings and seminars as requested by supervisor.
• Prepares file for underwriting and documentation completion. Works with underwriter to obtain necessary documentation for approval/denial process. Upon loan approval, sends completed loan file to Closing Department.
• Accountability for obtaining signed rate lock form from customer, if applicable. Collection of application and if applicable, rate lock fees.
• Processor must accurately determine customer’s request to escrow monthly taxes and insurance. Review payment method with customer prior to loan closing.
• Communicate at least weekly if not more often with customers throughout the loan process, keeping them informed of their loan status; as well as inquiries from originators, branch managers and other Bank personnel within scope of authority and expertise in accordance with established customer service guidelines.
• Accuracy of data in processors loan pipeline. Processors are to consistently update and maintain loan status in our loan origination system. Document work performed on loan files in our loan origination system.
• Responsible in meeting department service level goals.
• •Prepares and provides a variety of ongoing and recurring reports.
• •Performs miscellaneous administrative and clerical support duties as required.
• • Performs all duties in accordance with prescribed regulatory compliance guidelines.

Qualifications

•  Ability to adapt to any mortgage department changes  
•  Must be detail oriented and able to meet strict deadlines
•  Must possess excellent communication, organizational, customer service, interpersonal, and computer skills
•  Able to use various types of office equipment, including personal computer and peripheral devices  
•  Good understanding of Bank’s products and services
•  Ability to navigate Bank’s lending systems
• Working knowledge of Microsoft Word & Excel

Education/Training/Experience

• High School diploma or equivalent 
• One to two years loan processing or related experience

INDEPENDENT ACTION

Hybrid working schedule with a minimum of two (2) in office days per week.

Performs work independently within scope of established guidelines and practices. Consults with Manager where clarification or exception to Bank policy may be required. 

NOTE: These statements are intended to describe the general nature and level of work involved for this job. It is not an exhaustive list of all responsibilities, duties and skills required for this job. 

Cornerstone Bank is an Equal Opportunity Employer. In compliance with Equal Opportunity Guidelines and the Americans with Disabilities Act, Cornerstone Bank provides reasonable accommodations to qualified individuals with disabilities and encourages both prospective and current employees to discuss potential accommodations with the employer.