Reimagining the way global consumers access credit and financial solutions
Processor Lead, Loan Operations
About Milo Credit:** Reimagining the way global consumers access credit and financial services in a borderless world. We are the first digital home lending solution for global consumer and investors who want to buy or cash out of their US real estate. We lend directly to our consumers through a world class digital multi-language platform. We are a venture backed fintech startup. *The Opportunity: * **The Milo Credit team has an amazing opportunity for an experienced Loan Processor to lead and buildout the Milo Credit loan processing team. The Processing Lead will be our first processing hire and will be responsible for processing loans, hiring & managing a team of high-quality loan processors, and driving efficiencies to reduce the time to process a loan. The Loan Processor team reviews all new residential loans received for prior to underwriting. Prepares and issues all applicable initial disclosures to the borrowers. Works closely with the Loan Consultant to obtain necessary required documentation to submit file for underwriting review. Upon obtaining loan approval, works with Loan Consultant and Underwriter to obtain clearance of underwriting conditions in order to submit file to closing area.
- Manage the loan process from when a customer commits to working with Milo Credit through the closing of their loan.
- Identify parts of the process that can be improved and reduce the amount of time spent on any given loan or loan task.
- The Processor Lead will process and hire/manage a staff of processors. In addition, provide support to Loan Operations staff with all residential loans and discuss conditions with the department’s loan consultants and loan operations staff.
- Review loan application for completeness and proper signature in order to comply with Compliance requirements and applicable regulations.
- Preliminary review of loan file within the LOS system and if applicable, prepare and send an incomplete letter to borrower listing the documentation needed for a credit decision.
- Order appraisal reports and title work using Milo Credit’s approved Appraisers and Closing agents list.
- Support loan consultants by assisting with clearing underwriting conditions.
- Review documentation (conditions) received from borrower and submit to underwriting to clear conditions on a timely basis and move file into closing once all conditions are met.
- Completes loan processor duties in accordance with established processes and/or checklist.
- Meet with loan team and review the residential pipeline reports on a weekly basis to ensure that all loans in pipeline are active loans and that decisions are made on a timely basis.
- Work closely with account executives to assure loans in the current pipeline are processed and approved in a timely manner to meet monthly goals.
- Ability to work as a team covering back-up assignment for loan opener/loan processor as applicable during vacation and regular time-off.
Bonus Points for:
- Experience working in Encompass or another LOS.
- Experience processing and/or underwriting foreign national loans at a regional bank.
- Having a network of other high-quality processors/underwriters/closers that would be interested in joining the team.
- Independent and entrepreneurial mindset.
- Strong communication skills, both written and verbal.
- Ability to manage and prioritize a large number of tasks without micromanagement.
- Highly organized and detail oriented. Ability to meet and manage deadlines.
- Persistent and creative. Ability to stay calm in stressful or frustrating circumstances.
- Willing and able to learn quickly. Self-starter with a “No task is too big or small” attitude.
- Excited to join a startup and put in the hustle required to get things done!
- 5+ years of related experience in Banking, specifically Residential Lending Originating, Processing, and Underwriting; or equivalent combination of education and experience.
- Working knowledge, understanding and following of bank credit policies and guidelines.
- Working knowledge, understanding and following OFAC, BSA, TRID and all compliance regulations required in residential loan origination.
- Strong verbal / written communications skills, & ability to manage staff to work together.
- PC proficient in Microsoft Office applications including Word, Excel, PowerPoint, and Outlook and Internet browser applications.
- Bilingual language skills (English and Spanish) preferred.
- Ability to review loan scenarios and discuss and pricing with loan officers and investors.
- Excellent customer service and customer relationship building skills.
Milo Credit at a glance
Milo Credit focuses on Financial Services, Machine Learning, Artificial Intelligence, Credit, and Emerging Markets. Their company has offices in Miami. They have a small team that's between 11-50 employees.