Summary: Individuals in the job are responsible for assisting Tropical Financial Credit Union in the achievement of its purpose of guiding members successfully through the financial marketplace. The Mortgage Loan Processor is responsible for processing first mortgage and HE/HELOC Loan files. This includes gathering all of the information necessary to submit the file to underwriting, clearing conditions for underwriting and those prior to closing. This individual must have a working knowledge of the requirements as directed by Tropical Financial, government agencies and private investors to process and close first mortgage and HE/HELOC loan files. Additionally, the responsibilities include the review of the credit file (credit reports, income, tax returns, financial statements, etc.), the review of the appraisal, title, and inspection reports.
Essential Duties and Responsibilities include the following. Other duties may be assigned.
- Provide service that meets the Service Standards defined by Tropical Financial Credit Union; annual goals are established through the Performance Management Process.
- Works independently and manages Mortgage pipeline to ensure deadlines and production goals are met as defined in the individual’s performance appraisal where applicable.
- Processes first mortgage applications from the opening of the file to submission for final underwriting, and to closing, ensuring that the file is complete and accurate and that the file complies with the secondary market, government and investor guidelines. Uses analytical ability and judgment to determine the acceptability of the information and documentation.
- Processes HE/HELOC loan applications from the opening of the file to Closing. Ensures that file meets all TFCU policies and regulatory requirements. Uses analytical ability and judgment to determine the acceptability of the information and documentation.
- Ensures all underwriting and prior to closing conditions as outlined by the underwriter or documentation is obtained and in compliance to secondary market and TFCU requirements.
- Clears the loan in the LOS system making sure that changes do not affect the salability of the file or the UW commitment. Follows secondary market requirements and take appropriate actions if changes impact original lending decision.
- Reviews appraisals, title searches, and insurance coverage to ensure compliance with Tropical Financial, agency and investor requirements
- Communicates with members and outside companies, as needed, to keep them abreast of the filing process and documentation requirements.
- After performing an analysis, considering alternatives and assessing the risk of action or nonaction, takes appropriate steps when problems are encountered.
- Inputs application data required for HMDA reporting submission ensuring that the data is within compliance standards.
BSA Compliance: every employee is required to uphold the credit union’s compliance with the Bank Secrecy Act and anti-money laundering policies and procedures. Specific functions within TFCU will take into consideration the awareness of unusual or suspicious activity that is relevant to the department.
- In addition to any other assigned training courses, online BSA and OFAC courses must be completed at least annually, as made available by the Training and Compliance Departments.
Additional and Secondary Duties:
- Performs final verification processes regarding credit and employment on first mortgage loans. Compares the information received to the application as a final UW review.
- Coordinates with the title company/Closing agent for the receipt of all closing fees and documents for the preparation of disclosures.
- Prepares the Closing Disclosure within the timeframes as outlined by the TRID regulation for first mortgage. Updates the fields in Encompass as required to produce a compliant document.
- Performing closing and funding tasks when needed, and as backup to the Closer.
- Funds the loans by performing the applicable wire transfer transactions for first mortgage loans. For HELOC and home equity loans, books the loan in the core system and issues checks as required.
- Perform post-closing tasks, such as file creation, review and verification of documents received and completing an audit checklist.
Qualifications: An individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.
- Knowledge of Credit Union or banking related products and services preferred.
- Proven organizational, critical thinking and analytical skills, and display the ability to analyze financial data related to the members.
- Excellent interpersonal and communication skills and display a strong ability to multi-task and adapt in a face paced environment.
- Participate in teamwork, as well as, the willingness and ability to learn new tasks and duties within a changing and work in a high volume, fast-paced work environment.
- Must possess above average time management, problem-solving and prioritization skills
- Display a high degree of motivation, initiative, collaboration and actively interact and be an engaged team player
- Strong technical abilities to learn and effectively process on mortgage and member databases, interact and communicate with enterprise communication systems, e.g., phone calls, messaging, email, text, chat, etc.
- Attention to Detail to read and interpret documents such as policy, procedure manuals and job-aides and provide recommendations for improvement when necessary.
- Ability to apply math principles to transactions, and any other related activity.
- Ability to work independently, display initiative and flexibility, with work with minimal supervision and meet deadlines in an organized and timely fashion.
- Ability to ensure minimal to no errors are made while handling their job functions and mitigate fraud and adhere closely to security standards of operation.
- Exhibit high degree of professionalism and confidentiality in handling and accessing to sensitive information.
- May participate in a project for the sake of continuous improvement.
- Must have working knowledge of computers, strong administrative and operational skills and must have practical knowledge of MS Office, Outlook, Excel and Word.
Education and/or Experience
- Minimum three years or more of experience
- High school diploma or GED
- Prior first mortgage processing, closing or underwriting experience preferred
- Knowledge of title insurance, settlement, and appraisals preferred
- Working knowledge of Fannie Mae and Freddie Mac agency, government and private investor guidelines and requirements.
- Working Knowledge of Encompass LOS System for mortgages.
- Must be able to work independently and take action as needed to complete the loan files
- Must be able to decide which program a member will qualify for
- Must review the acceptability of income and legal documents
- Must be able to effectively maintain a mortgage pipeline and meet turnaround time standards
- Must be able to adjust to sudden changes in production numbers as dictated by the market
- Must be able to adapt to market, regulatory, agency and investor requirement changes.
- Obtain or maintain registration with the Nationwide Mortgage Licensing System (NMLS) and have an active NMLS Unique Identifier.
Physical Demands: The physical demands described here are representative of those that must be met by an employee to be a success as they perform the essential functions of this job. While performing the duties of this job, the employee is regularly required to talk or hear. The employee frequently is required to stand, walk, sit and use hands to handle or touch. The employee is occasionally required to reach with hands and arms. The employee must occasionally lift and move up to 10 pounds. Specific vision abilities required by this job include close vision, and ability to focus. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
