Merchants Mortgage & Trust Corporation (“MMTC”) is a private real estate lender headquartered in Denver, Colorado. MMTC specializes in short term residential bridge loans for investors, Multi-family loans, commercial loans, construction loans and rental property loans. MMTC originated over $700 million in loans in 2023 and is on pace to originate $1 billion in 2024 MMTC was acquired by KKR, a leading global investment firm, in 2022.
Job: Loan Originator Assistant
Location: Denver, CO
Roles and Responsibilities
- Follow-up and request closing items from borrower
- Review and confirm borrowers insurance agents contact info and provide insurance agent with required hazard insurance coverage required and make sure insurance is in-place before loan closing
- Collect and review all borrower entity documents to understand the structure and input such information correct into the LOS system
- Work with borrower to correct any findings from the processing department in the entity documents that require corrections prior to closing
- Review and clear all approval conditions from the credit committee
- Enter data entry into the loan producer system (LOS) to put the loan into loan processing
- Manage all communication with processing departments and borrower to ensure all loans are funded and closed in accordance with close of escrow dates on contracts
- Meet all funding conditions
- Collect a detailed construction budget from borrower and verify with the Draw department that budget meets its specifications before it is uploaded into the LOS system
- Follow-up and obtain all approved post-closing conditions and any correction items needed or excluded from closing packages
- Communicate directly with borrowers, loan officers (LOs), business partners and outside vendors to successfully present a complete file for closing and funding
- Collect borrowers ACH form completed, signed with a voided check before the closing
- Collect borrowers signed and completed credit authorization and run borrowers credit and upload credit scores into the LOS system
- Once LO has a deal agreed you will need to send borrowers a check list of items needed to close loan as well as collect all those items and upload them if accurate into the LOS system
- Pre-underwrite loans in accordance with Company guidelines including reviewing and reconciling loan applications to meet program requirements and analyzing loan application, credit profile/report(s), debt and assets, financial statements, debt service coverage ratios, leverage ratios, appraisal reports, renovation budgets, borrower experience, title reports, collateral, and supporting documentation
- Manage an ongoing pipeline of loans through the Company loan buying process
- Report on the status of loans within the pipeline on a regular basis
- Present loans to Help Desk and/or Credit Committee for exceptions and approvals
- Condition files for missing/supporting documentation according to secondary market and Company guidelines
- Order and perform the preliminary review of all third-party reports (i.e. appraisal, appraisal reviews, background reports, inspections, and environmental reports)
- Collect, analyze, and approve all required due diligence
- Perform property and market assessments to evaluate property conditions and market/submarket dynamics
- Communicate and document reasons for approval or rejection of loans so borrowers, brokers and loan officers are well-informed of decisions
- Communicate with counterparties and vendors effectively and professionally
- Mentor and train junior staff
Qualifications/Requirements
- Bachelor’s degree or some college preferred
- Prior mortgage experience helpful but not required. Preference for experience with processing or underwriting consumer residential and business purpose loans a plus
- Experience with institutional lending and secondary market loan trading preferred
- Effective pipeline management skills
- Exceptional interpersonal, written, and verbal communication skills
- Proficient in Microsoft Office, especially in Excel and Word
- Quick learner with demonstrated understanding of all the nuances required to perform the duties effectively
- Deep knowledge of process across states to effectively and efficiently edit and adjustment document sets on a state-by-state basis
- Effective communication, organization, and critical thinking skills required
- Ability to be flexible and solve problems to manage multiple sets of expectations across all parties involved with deal
- Integrity, attention to detail, and strong customer service skills required
Other
- Must be authorized to work in the US
- Must be available to work in office 5 days a week as required by management
