Process 1st trust mortgage and home equity loans by gathering and analyzing documentation required to facilitate the movement of those loans through to Underwriting and Closing as efficiently and timely as possible. Work closely with management regarding workflow, setting goals and objectives for the Processors Ability to handle complex transaction and different types of loans including but not limited to, Conventional, FHA, VA, HOC, MI companies and Agency specific products. . Assist Mortgage Team Leader in supporting Processors on all types of real estate transactions.
MAJOR DUTIES AND RESPONSIBILITIES
- Maintain a working knowledge of agency guidelines, government, and portfolio products.
- Able to perform duties as an Underwriter.
- Diligent monitoring of individual pipeline to ensure the timely moving of files in order to meet deadlines for rate locks, purchase contracts and any other applicable dates that must be met. Ensure regular follow up with borrowers and loan officer to keep them informed.
- Respond to general and specific questions from borrowers/members and Loan Officers as it pertains to the status of their loans in progress and communicate any outstanding documents or issues that have arisen on the loan
- Re-disclosure of LE and CD to members as applicable throughout the loan process ensuring compliance with all required regulations.
- Calculate housing debt to income and loan to value ratios independent of the information found in the mortgage system to verify accuracy and update if necessary
- Confirm that the terms of the loan and the applicants eligibility requirements conform to NIHFCU credit overlays
- Verify and analyze documentation received to include; credit, paystubs, w-2s, personal tax returns, business tax returns, bank statements, retirement statements, property appraisals, AUS findings and any other necessary documents to determine adherence to FNMA/FHLMC/NIHFCU/Investor and AUS guidelines and requirements
- Review any changes in loan terms, income, assets etc. and evaluate whether the changes will affect the decision and make necessary adjustments.
- Upon initial review of loan file, order any necessary documents to ensure complete loan file for submission to underwriting including but not limited to an appraisal, condominium questionnaire/budget, flood cert, tax transcripts, title policy and Home Owners insurance.
- Input and update all required loan information and data into LOS as documentation is received and reviewed
- Collaborate with management and loan officer on questionable loans to determine a possible course of action
- Review any changes to the loan transaction throughout processing and underwriting phases of the loan, determine if changes affect loan, resubmit to AUS, Secondary and Underwriting as necessary
- Interact closely with management, underwriting, closing, loan officers, members, title companies, real estate agents, and our AMCs to provide and obtain regular updates to achieve goals for production time, pull through and customer satisfaction
- Gather and closely review all the required documentation to clear the approval conditions set by the underwriter and ensure the accuracy of the documentation prior to passing file to Loan Closing
- Collaborate with Underwriting and Closing to ensure loans are underwritten and closed timely
- Assist with training new loan processors in the daily duties required for the position
- Access Member or Associate personal and financial information only as required by the job. Maintain confidentiality and security of all Member or Associate personal and financial information.
- Ensure that work results and processes comply with relevant laws and within established NIHFCU policies and procedures, including but not limited to the Bank Secrecy Act (BSA). Provide leadership through personal actions and day-to-day management practices that support NIHFCU’s core values.
- Report any actual or suspected fraud or financial dishonesty or wrong-doing involving Member, Associates, or NIHFCU to the Security Officer, the Audit/Compliance Manager or the Vice President of Human Resources.
- Serve as back up to the closer for closing and funding first and Home Equity Loans
- Be responsible for compliance with Federal, State, County, NCUA, NIHFCU, Private Investors, Freddie Mac/Fannie Mae and MI guidelines.
- The ability to be bonded.
EDUCATION & EXPERIENCE
A minimum of 10 -12 years processing conventional and government 1st mortgage loans and home equity loans. A college degree in a pertinent field is preferred or equivalent work experience needed. Demonstrate a working knowledge of Fannie Mae/Freddie Mac and FHA guidelines as well as credit union lending policies, procedures, and regulations. Possess a thorough understanding of the requirements and features of the mortgage loan programs offered by NIHFCU, other private investors, and the secondary mortgage market. Demonstrate the ability to conduct a thorough review of a loan file, analyze the requested transaction and quickly identify problems that may exist as early in the process as possible
- Effectively communicate via telephone, e-mail or fax
- Analytical attention to detail
- Ability to learn and work in a fast paced environment
- Ability to multi-task and prioritize work as required
- Knowledge of mortgage loan origination and processing software
Competence with Microsoft Office, Excel, PowerPoint and other software. Excellent communication, analytical, and interpersonal skills required.
REQUIRED COMPLIANCE COURSES
Ensure that work results and processes comply with relevant laws and with established NIHFCU policies, procedures, and practices, including, but not limited to, the Bank Secrecy Act (BSA).
Attend all required training or complete and pass all online required training courses as applicable.
Ability to read, write and comprehend the English language and understand basic instructions, correspondence and emails.
Ability to apply concepts such as fractions, percentages, addition, subtraction, multiplication, and division in all units of measure using whole numbers, common fractions, and decimals. Ability to perform these operations using units of the United States Dollar (USD). Ability to calculate figures and amounts and work with statistical concepts.
Ability to understand and carry out basic instructions.
AMERICANS WITH DISABILITIES ACT OF 1990 (ADA) and its AMENDMENTS ACT OF 2008 (ADAAA) SPECIFICATIONS
Perform primary sedentary work with limited physical exertion and occasional lifting up to 25 lbs. must be capable of climbing/descending stairs in an emergency situation. Must be able to operate routine office equipment including telephone, copier, facsimile, and calculator. Must be able to routinely perform work on computer sitting for an average of 6-8 hours per day, when necessary. Must be able to work extended hours whenever required or requested by management. Must be capable of regular, reliable and timely attendance.
Must be able to routinely perform work indoors in a climate-controlled private office with minimal noise.
MENTAL AND/OR EMOTIONAL REQUIREMENTS
Must be able to perform job functions independently and work effectively either on own or as part of a team. Must be able to plan and direct the work activities of self and others. Must be able to read and carry out various written instructions and follow oral instructions. 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 the 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 the highest level of discretion on both internal and external confidential matters.