Position: Loan Processing and Verification Specialist
Location: Remote (Work from Home)
Company: Firstsource
About Firstsource
Firstsource Solutions is a global provider of business process management (BPM) services, with a strong focus on creating exceptional customer experiences across multiple industries. We operate in sectors like banking, financial services, insurance, healthcare, telecom, and media. Our purpose-led approach, centered on our “Digital First, Digital Now” strategy, drives us to combine technology with a human touch to simplify complex processes and deliver outstanding results for our clients. Join our 16,800-strong team as we continue to innovate and support our employees’ growth, well-being, and professional development.
Role Overview
We are seeking a detail-oriented Loan Processing and Verification Specialist to join our remote team. This role involves the validation, setup, and review of various loan-related documents for clients in the mortgage industry. The Task Specialist will work closely with customer service and operations departments to support smooth mortgage loan processing, ensuring all compliance requirements and client expectations are met. The ideal candidate has experience in mortgage operations, especially with reviewing, validating, and preparing documents for underwriting.
Key Responsibilities as Loan Processing and Verification Specialist
- Document Review: Evaluate and verify critical mortgage-related documents, including:
- Homeowners Insurance (HOI) documents
- Tax Certificates
- Borrower income documentation and identification cards
- Title Commitment and Vesting details
- Mortgage disclosures and related documents
- File Setup and Validation:
- Set up loan files accurately and ensure all required information is complete.
- Verify borrower occupancy and ensure all data aligns with client and regulatory requirements.
- Confirm Homeowners Insurance and property tax status to mitigate risks.
- Disclosure Management:
- Send necessary disclosures to borrowers promptly and ensure accuracy.
- Validate title and vesting documents to ensure proper ownership and interest alignment.
- Underwriting Preparation: Gather and organize all pertinent documentation and data required for underwriting, ensuring readiness and compliance.
- Cross-Department Collaboration: Work with customer success, operations, and compliance teams to address client inquiries and maintain efficient mortgage processing.
Required Qualifications: Loan Processing and Verification Specialist
- Education: Bachelor’s degree from an accredited institution.
- Experience: 1-6 years in US mortgage processes, with a specific focus on document review and loan setup.
- Skills:
- Strong understanding of mortgage documentation, including disclosures, tax certificates, and HOI.
- Experience in validating property details, occupancy, and title commitments.
- Familiarity with mortgage loan setup and preparation for underwriting.
- Communication: Excellent written and verbal communication skills.
- Attention to Detail: High accuracy in reviewing and verifying data to maintain compliance and support underwriting processes.
- Problem-Solving: Ability to identify and resolve discrepancies in documentation and escalate issues as necessary.
- Time Management: Effective at prioritizing tasks to meet deadlines in a fast-paced work environment.
Why Join Firstsource?
- Remote Work: Enjoy the flexibility of working from home with an organization that values work-life balance.
- People-First Approach: Firstsource is dedicated to the well-being and growth of our employees through upskilling in new technologies and support for physical, mental, and financial health.
- Professional Growth: Join a supportive environment where your skills in mortgage processing and client success are valued and developed.
- Global Impact: Be part of a company that serves top clients around the world, simplifying complex processes and delivering value through innovative solutions.
How to Apply fro Loan Processing and Verification Specialist
To be considered for this role, please register or log in to our platform and submit your application. We look forward to welcoming a motivated and detail-oriented professional to our team at Firstsource.
Expected Interview Questions
1. Can you explain your experience in mortgage document review and loan processing?
Answer:
In my previous role, I was responsible for reviewing mortgage-related documents such as homeowners insurance (HOI), tax certificates, income documentation, and title commitments. I ensured that all required information was complete, accurate, and compliant with regulatory standards. I also worked closely with the underwriting team to gather and organize documents, ensuring that everything was ready for approval. My focus was on attention to detail and ensuring that all documents were processed accurately to avoid delays.
2. How do you ensure accuracy when reviewing loan documents and verifying data?
Answer:
I ensure accuracy by carefully reviewing each document and cross-checking it with other available records. For example, I verify the borrower’s income documentation, homeowners insurance, and title commitment against the loan application to ensure consistency. I use checklists to ensure I don’t miss any important details and double-check key information such as the borrower’s occupancy status, tax status, and property details. If I find any discrepancies, I immediately escalate them to the relevant team for further clarification.
3. How do you handle situations where loan documentation is incomplete or inaccurate?
Answer:
When I encounter incomplete or inaccurate documentation, I first identify the missing or incorrect information and document it clearly. I then contact the borrower or the relevant department to request the necessary updates or clarifications. I ensure that the communication is polite and professional, explaining the importance of providing accurate documentation for a smooth processing experience. I also follow up regularly to ensure that the required documents are received on time, to prevent delays in the loan processing cycle.
4. How do you manage your time and prioritize tasks in a fast-paced work environment?
Answer:
In a fast-paced environment, I prioritize tasks based on deadlines and the level of urgency. I use task management tools and maintain a daily to-do list to stay organized. I break down large tasks into smaller, manageable steps and focus on completing high-priority tasks first. If there are multiple tasks with the same urgency, I ensure I allocate time efficiently and balance my workload to meet deadlines. If any issues arise, I address them promptly while keeping stakeholders informed of my progress.
5. How would you collaborate with cross-functional teams, such as customer success or compliance, in your role?
Answer:
Collaboration with cross-functional teams is crucial in ensuring smooth loan processing. For example, if I need clarification on a compliance issue or documentation, I would reach out to the compliance team to ensure all regulatory requirements are met. Similarly, if there are customer inquiries regarding documentation status, I would work closely with the customer success team to provide clear and timely updates. I believe open communication, regular updates, and a team-oriented approach help ensure that any issues are addressed promptly and processes run smoothly.
