To provide accurate and quality service to members by analyzing, processing and preparing closing documents for 1st Trusts and Home Equity loans and to establish and maintain effective member relations and resolve member problems. The primary function of this position is to ensure the timely and correct packaging of all loans originated by loan officers, while ensuring that the applicant's documents are accurate and comply with secondary market guidelines and state and federal compliance. The processor is responsible for the processing of the loan from loan officer submission through the closing/funding of the loan.
Major Duties & Responsibilities
35% - Ensure that each loan is processed accurately by making sure the file is properly documented, closed, disbursed, coordinated, filed and conforms to the Truth-in-Lending Act (TILA), Real Estate Settlement Procedure Act (RESPA), and HMDA. Fund loans and accurately transfer loan data into servicing platform. Prepare closing instructions, closing documents and loan proceeds for delivery to settlement agent/attorney within 24 hours of the scheduled closing date. Coordinate settlements and answer questions regarding closing requirements. Prepare wires if necessary, for funding. Review HUD-I Settlement Statement for accuracy and compliance with RESPA and make corrections. Prepare and deliver closed loans to post closing department within 48 hours.
35% - Perform technical analysis of member documentation to identify, evaluate, and determine accuracy and compliance. Analyze and calculate debt to income ratios to meet secondary market guidelines. Review/update credit report for any discrepancies not discovered in the origination process. Verify debts and add to application any outstanding debts not listed, re-calculate payments, verify income and assets. Order and examine title search, insured closing letters, and appraisal. Obtain mortgage insurance approvals. Order flood and homeowner's insurance certifications and ascertain appropriate coverage is in place to protect the interest of the credit union against financial loss from physical damage or defects. Ensure title meets required guidelines, prepare and send updated compliance disclosures to members in the event program/loan request changes, order 4506-T, and update LOS system and process through Desktop Underwriter. Secure corrections in a timely manner and obtain additional information deemed necessary to make an underwriting decision.
10% - Evaluate and explain mortgage loan programs to members, evaluate their needs, identify cross sell opportunities and recommend loan options. Provide members with information regarding Credit Union policies and procedures.
10% - Act as liaison for the mortgage department with various vendors such as appraisal companies, credit reporting agencies, settlement attorneys, and title companies. Maintain oral and written communication with members to ensure an orderly process.
10% - Complete post-closing review of loan file from settlement agent to ensure all documents comply with regulations and guidelines. Process wire and balance mortgage general ledgers (i.e. wire, appraisal, flood, credit report, misc. servicing). Identify and correct general ledger errors.
Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the USA PATRIOT Act, and the Office of Foreign Assets Control.
Knowledge & Skills
Two to Five years of experience in similar or related role.
A two-year college degree or equivalent combination of education and experience.
Must have a firm understanding of Mortgage compliance rules and regulations (i.e. RESP; Req Z-TILA;Req B; HMDA; A.I.R; SAFE Act; Fannie Mae).
Must be proficient with processing in Desktop Underwriter.
Should be familiar of Fannie Mae guidelines and be able and willing to stay abreast of changes.
A significant level of trust and diplomacy is required to be an effective subject matter expert in the position. In-depth dialogues, conversations and explanations with customers, direct and indirect reports and outside vendors of a sensitive and/or highly confidential nature is a normal part of the day-to-day experience. Communications can involve motivating, influencing, educating and/or advising others on matters of significance.
Strong oral and written communication skills; excellent telephone manners and techniques
Strong Mathematical and Problem-Solving skills
Ability to handle multiple tasks, meet deadlines, and process a minimum of 25 loans at one time.
Ability to work independently within the limits of policy and authority.
Excellent organizational skills; must be detail-oriented
Intermediate working knowledge of Microsoft Office products; previous exposure to processing, closing or
servicing software preferred; skilled in typing and computer usage.
Is able to bend, sit, and stand in order to perform primarily sedentary work with limited physical exertion and occasional lifting of up to 10 lbs. Must be capable of climbing / descending stairs in an emergency situation. Must be able to operate routine office equipment including computer terminals and keyboards, telephones, copiers, facsimiles, and calculators. Must be able to routinely perform work on computer for an average of 6-8 hours per day, when necessary. Must be able to work extended hours or travel off site whenever required or requested by management. Must be capable of regular, reliable and timely attendance.
Must be able to routinely perform work indoors in climate-controlled shared work area with minimal noise.
Mental and/or Emotional Requirements
Must be able to perform job functions independently or with limited supervision and work effectively either on own or as part of a team. Must be able to read and carry out various written instructions and follow oral instructions. Must be able to complete basic mathematical calculations, spell accurately, and understand computer basics. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines / requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising highest level of discretion on both internal and external confidential matters.
NRL Federal Credit Union