Position: Residential Loan Officer How to Apply: Email a resume and cover letter to [email protected] Salary: Salary range is $65,000 – $75,000 per year; non-commission Benefits: Health, Vision, Dental & Retirement Job Type: Full-Time, Hybrid Work
About the Organization: Mill Cities Community Investments (MCCI) bridges the capital access gap in low-to-moderate income communities and under-resourced populations in the Merrimack Valley and expands across Massachusetts through a range of low-cost loan programs and technical assistance to homeowners and businesses. MCCI is a U.S. Treasury-certified Community Development Financial Institution (CDFI) and a state-certified Community Development Corporation (CDC).
MCCI’s Residential Services is committed to assisting homeowners build and preserve their wealth by improving the health, quality, and sustainability of their homes for their families and community.
Summary of position: The residential loan officer position supports MCCI’s mission and growth by advancing residential services’ financial offerings to low-income homeowners. The Residential Loan Officer’s main responsibilities include loan origination and processing, underwriting, and closing loans. This includes evaluating borrowers’ risk on both new and existing obligations and ensuring quality and soundness for the loan. This position is accountable for maintaining thorough knowledge of various loan programs offered by the organization and network.
Responsibilities:
Serves as the primary point of contact for clients proving awareness of our lending products and understanding and accessing their financial needs.
Originate loans using the Encompass loan origination system and other loan databases.
Ensure all disclosures are provided and executed in a timely manner.
Coordinate with clients and partners to compile and verify all necessary documentation to process and complete mortgage loan files.
Underwrite loans ensuring compliance with established program policies and guidelines, including evaluating credit, debt ratios, and home equity.
Prepare and present financial analysis for review and credit approval to the Residential Loan Committee.
Manage the loan closing process, including coordinating with the client and preparation of closing documents.
Meet with the client to review the closing package and notarize signatures on documents as needed.
Ensure accurate and timely upload of all closed loans to investors and delivery of the note.
Develop and maintain relationships with referral sources and partner agencies.
Maintain high levels of customer service, facilitate resources and assist in problem-solving as needed.
Perform other duties as assigned.
Required Skills & Experience:
Experience in mortgage lending or relevant professional experience preferred.
MA Mortgage Loan Originator License or ability to obtain one within 90 days of start, required.
MA notary public or the ability to become a notary public within 90 days is required.
Valid driver’s license.
Fluency in Spanish and English is preferred.
Strong communication, analytical/technical skills, and time management.
Experience working with and servicing a multicultural client base.
Excellent people skills, with experience collaborating in a multi-disciplinary, diverse, and dynamic team
Solid computer skills, including MS Excel, Word, Google Drive, and loan databases.
Bachelor’s Degree in a related field, such as business administration, Business, Accounting, Finance, Community and Economic Development, or equivalent experience preferred
Position Type and Expected Hours of Work: Designated days and schedule will be primarily Monday-Friday.
Travel: The position requires regular travel throughout MA; based on the needs of the operations and business. Mileage is reimbursed following IRS regulations.
MCCI is an Equal Employment Opportunity Employer. MCCI provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
Nectar Community Investments small business client New England Counseling and Wellness PLLC recently closed on its second financing with us, which helped owner Johelly Chalas hire two new therapists and one administrator for her growing business. The first loan supported Johelly as she launched this much-needed bilingual mental health care facility for the Lawrence community. We chatted with Johelly and Small Business Loan Officer Saul Peña about Nectar’s approach to the loan process and its benefits for Johelly and her team.
Saul, can you walk us through Nectar’s loan process?
Saul Peña: After Johelly applied, we had an initial consultation to get a feel for her business and what her current needs were. That’s how we start all our loans. We also do a quick assessment and review documents, such as a balance sheet and a personal financial statement, so we can let the potential client know within a week whether we’re moving forward with the application. If we don’t, we’ll refer the business owner to an ecosystem partner for technical assistance.
If we do move forward with the loan, I like to dig into the details with our client, understand their plans for the financing and how it will help their business. …
Access to capital does not exist on a level playing field. To support underrepresented business owners with patient, longer-term financing capital, Nectar Community Investments launched the innovative Business Equity Investment Fund in 2022. Through the Fund, Nectar invested in and purchased equity in small businesses to support their long-term growth and development. Our investment went beyond dollars: we acted as a strategic partner, offering resources and experience to help entrepreneurs expand while giving them the freedom to run their business the way they wanted.
We’ve completed the initial phase of BEIF, and we were proud to support the Bay State Banner, NXGN Camps, Sweet Grace Heavenly Cakes and QMB Inc. during that period. What we learned through the BEIF will help inform our approach as we continue to innovate and find ways to invest in underrepresented entrepreneurs. To discover how we can support your small business, click here to read about our small business loans. You can also contact us with any questions.
We’re thrilled to share that the Massachusetts Clean Energy Center (MassCEC) has awarded Nectar Community Investments a $50,000 EmPower Implementation grant to increase access to the benefits of clean energy and reduce the energy burden on historically underserved populations across Essex and Middlesex counties. MassCEC funding will support Nectar residential lending activities, including providing financing to low- and moderate-income homeowners for clean energy and energy efficiency upgrades, as well as ongoing community engagement efforts to increase awareness and education of available offerings.
As our Executive Director Glynn Lloyd wrote in this CommonWealth Beacon op-ed, a study from the American Council for an Energy-Efficient Economy shows that low-income households face dramatically higher energy burdens – spending a larger share of their income on energy bills – than the average household. At the same time, programs for energy improvements have largely focused on electrifying or decarbonizing units in larger multifamily buildings rather than on single-family homes, and low-income communities are also vulnerable to predatory lending practices. Nectar offers flexible, innovative financing options that empower homeowners to save money, cut emissions, and ultimately enhance home quality and stability, and we’re grateful to MassCEC for its support and leadership as we continue to pursue this …
