Entry Level Loan Processor Jobs in Somerville, MA

Job Title: Loan Set Up Coordinator
Department: Operations
Reports To: VP of Loan Operations & Development
FLSA Status: Non-Exempt
Location: Danvers, MA

Position Summary

At NewFed Mortgage, our mission is to make the mortgage process smooth, transparent, and service-focused - for both our borrowers and our team. As part of our vision to create a culture rooted in integrity, collaboration, and continuous improvement, we provide meaningful opportunities for individuals to grow their careers while supporting a high-functioning, people-first environment.

The Loan Set Up Coordinator plays an essential role in supporting the loan lifecycle. This entry-level position is a great opportunity to build a foundation in the mortgage industry. You'll help ensure that files are organized, team communications are timely, and loan processes move efficiently - all while gaining valuable experience across multiple facets of mortgage operations. You'll work closely with loan officers, processors, and production partners to help move files efficiently and compliantly through the pipeline.

Key Responsibilities

• Third Party Requests: Order and track appraisals, title commitments, flood certifications, FHA Case Numbers, VA Certificates of Eligibility, and other loan-level verification.
• Disclosure Management: Prepare and deliver accurate, TRID-compliant initial disclosures in accordance with regulatory timelines and company policy.
• Pipeline Monitoring: Track outstanding items, follow up with vendors and internal teams, and ensure timely completion of third-party orders.
• File Preparation: Review incoming documentation for completeness and accuracy to ensure loans are properly set up for processing.
• Collaboration: Communicate with loan officers, processors, and production partners to provide updates on loan setup status.
• Communication: Respond to internal team inquiries and provide status updates by phone and email, in collaboration with processing and sales teams.
• Compliance Support: Ensure loan set-up activities align with company policies, TRID requirements, and applicable regulations
• Administrative Support: Assist with ongoing projects and other administrative tasks such as scheduling, report preparation, correspondence, and other clerical responsibilities.

Key Competencies

• Communication Skills: Professional and clear in both written and verbal communication with internal teams, vendors, and borrowers as needed.
• Customer Service Mindset: Committed to supporting internal and external stakeholders with a helpful and respectful attitude.
• Detail-Oriented: Strong attention to detail and organizational skills. Capable of maintaining accuracy when handling sensitive documents and data.
• Time Management: Able to balance multiple responsibilities and prioritize tasks effectively to meet deadlines.
• Adaptability: Comfortable learning new systems, processes, and technologies in a dynamic environment.
• Problem-Solving: Resourceful and willing to seek guidance and propose solutions as needed.

Required Qualifications

• Education:High school diploma or equivalent.
• Tech-Savvy: Comfortable navigating the internet and vendor systems to research, order, and track documentation.
• Communication Skills: Clear and professional in both verbal and written communication to ensure accurate information exchange.
• Proficiency in Microsoft Office: Intermediate skills with Word, Excel, and Outlook to complete documentation, tracking, and correspondence.
• Data Entry & Accuracy: Efficient and accurate when entering data into systems to maintain reliable records.
• Follow-Up Skills: Persistent and organized in tracking outstanding items to ensure timely completion of tasks.
• Work Under Pressure: Able to perform efficiently and accurately when faced with tight deadlines or competing priorities.
• Mortgage Industry Knowledge (Preferred): Familiarity with TRID, industry processes and terminology is helpful, though not required.

Physical and Work Environment Requirements

• Must be able to work for extended periods at a desk using a computer, telephone, and other standard office equipment.
• Occasional lifting of materials up to 20 lbs may be required for document handling.

Compensation & Benefits

• Salary Range:Competitive hourly rate of $20.00 - $23.00/hour, commensurate with skills and qualifications.
• Wage Disclaimer:The wage range listed for this position represents NewFed Mortgage's good-faith estimate of the range of possible compensation at the time of posting. Actual compensation may vary based on factors such as experience, education, skill level, and location.
• Benefits Eligibility:Full-time employees are eligible for benefits and 401(k) participation starting the first of the month following 30 days of employment.
• Paid Time Off:Includes vacation time, sick time, personal time, and company holidays to support a healthy work-life balance.
• 401(k) Plan:Features a company match to support long-term financial goals.

The above is intended to describe the general content of and requirements for the performance of this job. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. NewFed Mortgage is an Equal Opportunity Employer.