What are the responsibilities and job description for the Home Equity Loan Processor position at Berkshire Bank?
Division: Consumer Lending & Payments
Department: Home Equity Processing
Reports to: FVP, HE & MTG Set-up & Processing Manager
Status: Non-Exempt
Grade: 7
Pay Range: $20.50 - $35.99
Location: Hybrid within MA, CT, NY, VT, RI
Purpose/Objective:
Performs a variety of duties related to the operational component of home equity lines, including calculating income for qualification purposes from paystubs, analyzing tax returns, reading real estate leases, evaluating client's credit profile from a tri-merge credit report, quality control, processing of line of credit applications, ordering third-party services, and ensuring compliance of home equity lines in accordance with Federal, State and local regulations, along with bank policies and procedures. This position will communicate with bank partners, customers, and third-party business partners to ensure files are compliant and customers' needs are fulfilled. The processor is the main point of contact for all clients and hence they must be product expert and have the ability to explain all credit guidelines to clients. They must be able to communicate with other industry professionals as they are responsible for ordering third part services.
Key Accountabilities:
* Monitors all new home equity applications taken by branch personnel and those received online to ensure the application is complete and accurate.
* Responsible for completing all regulatory disclosures on home equity lines of credit in a timely manner and according to regulatory requirements. It is the responsibility of the processor to ensure the disclosures are accurate and meets Berkshire Bank, regulatory, and compliance guidelines.
* Calculate borrower's income, debt and liquidity position to determine if the client meets the minimum product guidelines.
* Responsible to communicate with the Borrower to obtain any missing documentation to render a credit decision.
* Processor is responsible for all communication with loan officers, all lines of business referral partners to provide them with continuous status updates.
* Responsible for preparing and sending commitment letter or denial letter to clients and follow up with any outstanding credit conditions and ordering the appropriate property report,
* Opens the loan imaging system file for all new applications. Orders all services including appraisals, title insurance and title searches, and follows up to ensure timely completion of all services.
* Reviews all credit conditions to ensure that file can be cleared for closing by the underwriting. Responsible to get loans cleared to close within 10 days of application.
* Communicates with the closing agent, line of business partners, loan officers that file has been cleared to close and provides closing department with requested closing date when they submit a complete and accurate loan file to the closing department.
* Partners with Berkshire Bank Mortgage Department with processing home equity combo loan applications and processes them through to closing.
* Cross trains to assist with HMDA monitoring and report responsibilities of the Bank.
* Participates in various lender training programs in order to increase proficiency and attends all professional development as required. Assists in team development and special projects as required.
* Performs other duties as may be assigned or required.
* Ensures compliance with all banking laws, rules, regulations, and prescribed policies/practices/procedures necessary to reduce risk and uphold ethical standards related to and required by one's duties.
Must be eligible to be registered in the Nationwide Mortgage Licensing System & Registry for purposes of SAFE Act.
Education:
* High school diploma (or equivalent) required
* College degree preferred or equivalent experience
Experience:
* Minimum 5 years of real estate lending experience required
* Strong knowledge of home equity guidelines and the ability to calculate income from complex tax returns
* Strong understanding and knowledge of all state and federal compliance and regulatory requirements for Home Equity Lines of Credit
Skills & Knowledge:
* Strong communication & customer service skills
* Attention to Detail
* Ability to multi-task
* Strong organizational skills
* Ability to analyze and provide solutions as it pertains to qualifying client for Home Equity Lines of Credit
Berkshire Bank is an Equal Opportunity Employer - all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or national origin.
Equal Opportunity Employer Minorities/Women/Protected Veterans/Disabled
Salary : $21 - $36
