What are the responsibilities and job description for the Loan Funder position at F.N.B. Corporation?
Primary Office Location:
4140 East State Street. Hermitage, Pennsylvania. 16148.
Join our team. Make a difference - for us and for your future.
Position Title: Loan Funder
Business Unit: Mortgage Administration
Reports to: Manager of Correspondent Lending Operations
Position Overview
This position is primarily responsible for reviewing completeness and accuracy all closing documents including note, mortgage, loan estimate, closing disclosure, 1003 application, 1008 transmittal summary, DU or LP findings, lock agreement, title commitment and closing instructions and preparing net funding of the mortgage loan to originating lender. The funder must have knowledge of Fannie and Freddie guidelines as well as private investor and FHLB guidelines. Funders must verify all underwriting documentation is present, including income and asset documentation accuracy.
Primary Responsibilities
Reviews all legal documents required to fund residential mortgage loans including the note, mortgage, riders, loan estimate, escrow analysis forms, amortization schedules, loan applications, state specific forms.
Performs federally required Homeowners Equity Protection Act (HOEPA) and Higher Priced Mortgage Loans (HPML), and QM 3% Points and Fees test on each loan, analyzes results to determine necessary steps to bring the loan into compliance and complies with federal RESPA and TRID regulations regarding settlement costs and curing any deficiencies. Review client supplied fees tests to ensure compliance.
Reviews and understands the LOS or attorney prepared legal documents for errors and omissions, detects inconsistencies and cures the defects or instructs the Correspondent or Settlement agent on how to cure any defect. Reviews MERS data integrity and transfers MERS information on behalf of the corporation.
Determines if the correspondent properly prepared the Closing Disclosure, Deed, Subordination Agreement, closing documents, and any other prepared legal documents and notifies the Correspondent or Settlement agent immediately to make corrections prior to the loan being funded by the Bank.
Reviews the signed loan documents for correct signatures, dates and notary information. Reviews the fully executed closing package received from the closing agent for errors and omissions, detects inconsistencies and cures the defects or instructs the Correspondent or Settlement agent on how to cure the defects. Verifies the initial escrow disclosure, tax info sheet, and CD are uniform.
Reviews the homeowner’s insurance policy for adequate coverage and mortgagee clause. Reviews flood certs, flood insurance policies, and SFHA disclosures for proper compliance with bank policy and satisfactory coverage amounts. Verifies the loan has adequate PMI coverage and disclosed accurately on the LE(s) and CD(s).
Prepares the net funding detail and initiates wires for the closed loan to the warehouse bank. Prepares general ledger tickets for initiating a wire transfer. Verifies and prepares wire instructions and verifies loan amounts, fees, rates, correspondent or broker rebates and other funding amounts. Calculates any purchase suspense extension fees and communicates with Secondary on repricing.
Ensures underwriter signs off prior to funding and resolves any pre-funding issues on non-delegated loans. Verifies income and asset documentation on delegated loans is present and accounted for in the loan file and that data (income, liabilities, DTI) is uniform throughout the file. Verifies credit document seasoning is within salable guidelines. Verifies 4506-Cs present for all entities.
Inputs loan data into FNB loan origination system and verify all parties involved with the transaction are cross referenced to agency watch lists. Performs data input in LOS for HMDA information and loan funding dates. Verifies pricing is accurate. Assists the post-closing area with documentation follow-up.
Be mindful of red flags that could be present in a loan file such as income/asset discrepancies, unexplained large asset deposits or large income increases, condition of collateral property, various disclosure timing requirements, monitoring of forbearance and undisclosed debt monitoring reports to insure a salable product.
Performs other related duties and projects as assigned.
All employees have the responsibility and the accountability to serve as risk managers for their businesses by understanding, reporting, responding to, managing and monitoring the risk they encounter daily as required by F.N.B. Corporation’s risk management program. F.N.B. Corporation is committed to achieving superior levels of compliance by adhering to regulatory laws and guidelines. Compliance with regulatory laws and company procedures is a required component of all position descriptions.
Minimum Level of Education Required to Perform the Primary Responsibilities of this Position:
High School or GED
Minimum # of Years of Job Related Experience Required to Perform the Primary Responsibilities of this Position:
3
Skills Required to Perform the Primary Responsibilities of this Position:
Excellent organizational, analytical and interpersonal skills
Excellent communication skills, both written and verbal
Detail-oriented
Ability to use general office equipment
Ability to use a personal computer and job-related software
MS Word - Basic Level
MS Excel - Basic Level
MS PowerPoint - Basic Level
Licensures/Certifications Required to Perform the Primary Responsibilities of this Position:
N/A
Physical Requirements Or Work Conditions Beyond Traditional Office Work
N/A
Equal Employment Opportunity (EEO)
It is the policy of F.N.B. Corporation (FNB) and its affiliates not to discriminate against any employee or applicant for employment because of age, race, color, religion, sex, national origin, disability, veteran status or any other category protected by law. It is also the policy of FNB and its affiliates to employ and advance in employment all persons regardless of their status as individuals with disabilities or veterans, and to base all employment decisions only on valid job requirements. FNB provides all applicants and employees a discrimination and harassment free workplace.
FNB will not provide sponsorship for employment-based visas for this position; only candidates who are legally authorized to work in the U.S. will be considered.
4140 East State Street. Hermitage, Pennsylvania. 16148.
Join our team. Make a difference - for us and for your future.
Position Title: Loan Funder
Business Unit: Mortgage Administration
Reports to: Manager of Correspondent Lending Operations
Position Overview
This position is primarily responsible for reviewing completeness and accuracy all closing documents including note, mortgage, loan estimate, closing disclosure, 1003 application, 1008 transmittal summary, DU or LP findings, lock agreement, title commitment and closing instructions and preparing net funding of the mortgage loan to originating lender. The funder must have knowledge of Fannie and Freddie guidelines as well as private investor and FHLB guidelines. Funders must verify all underwriting documentation is present, including income and asset documentation accuracy.
Primary Responsibilities
Reviews all legal documents required to fund residential mortgage loans including the note, mortgage, riders, loan estimate, escrow analysis forms, amortization schedules, loan applications, state specific forms.
Performs federally required Homeowners Equity Protection Act (HOEPA) and Higher Priced Mortgage Loans (HPML), and QM 3% Points and Fees test on each loan, analyzes results to determine necessary steps to bring the loan into compliance and complies with federal RESPA and TRID regulations regarding settlement costs and curing any deficiencies. Review client supplied fees tests to ensure compliance.
Reviews and understands the LOS or attorney prepared legal documents for errors and omissions, detects inconsistencies and cures the defects or instructs the Correspondent or Settlement agent on how to cure any defect. Reviews MERS data integrity and transfers MERS information on behalf of the corporation.
Determines if the correspondent properly prepared the Closing Disclosure, Deed, Subordination Agreement, closing documents, and any other prepared legal documents and notifies the Correspondent or Settlement agent immediately to make corrections prior to the loan being funded by the Bank.
Reviews the signed loan documents for correct signatures, dates and notary information. Reviews the fully executed closing package received from the closing agent for errors and omissions, detects inconsistencies and cures the defects or instructs the Correspondent or Settlement agent on how to cure the defects. Verifies the initial escrow disclosure, tax info sheet, and CD are uniform.
Reviews the homeowner’s insurance policy for adequate coverage and mortgagee clause. Reviews flood certs, flood insurance policies, and SFHA disclosures for proper compliance with bank policy and satisfactory coverage amounts. Verifies the loan has adequate PMI coverage and disclosed accurately on the LE(s) and CD(s).
Prepares the net funding detail and initiates wires for the closed loan to the warehouse bank. Prepares general ledger tickets for initiating a wire transfer. Verifies and prepares wire instructions and verifies loan amounts, fees, rates, correspondent or broker rebates and other funding amounts. Calculates any purchase suspense extension fees and communicates with Secondary on repricing.
Ensures underwriter signs off prior to funding and resolves any pre-funding issues on non-delegated loans. Verifies income and asset documentation on delegated loans is present and accounted for in the loan file and that data (income, liabilities, DTI) is uniform throughout the file. Verifies credit document seasoning is within salable guidelines. Verifies 4506-Cs present for all entities.
Inputs loan data into FNB loan origination system and verify all parties involved with the transaction are cross referenced to agency watch lists. Performs data input in LOS for HMDA information and loan funding dates. Verifies pricing is accurate. Assists the post-closing area with documentation follow-up.
Be mindful of red flags that could be present in a loan file such as income/asset discrepancies, unexplained large asset deposits or large income increases, condition of collateral property, various disclosure timing requirements, monitoring of forbearance and undisclosed debt monitoring reports to insure a salable product.
Performs other related duties and projects as assigned.
All employees have the responsibility and the accountability to serve as risk managers for their businesses by understanding, reporting, responding to, managing and monitoring the risk they encounter daily as required by F.N.B. Corporation’s risk management program. F.N.B. Corporation is committed to achieving superior levels of compliance by adhering to regulatory laws and guidelines. Compliance with regulatory laws and company procedures is a required component of all position descriptions.
Minimum Level of Education Required to Perform the Primary Responsibilities of this Position:
High School or GED
Minimum # of Years of Job Related Experience Required to Perform the Primary Responsibilities of this Position:
3
Skills Required to Perform the Primary Responsibilities of this Position:
Excellent organizational, analytical and interpersonal skills
Excellent communication skills, both written and verbal
Detail-oriented
Ability to use general office equipment
Ability to use a personal computer and job-related software
MS Word - Basic Level
MS Excel - Basic Level
MS PowerPoint - Basic Level
Licensures/Certifications Required to Perform the Primary Responsibilities of this Position:
N/A
Physical Requirements Or Work Conditions Beyond Traditional Office Work
N/A
Equal Employment Opportunity (EEO)
It is the policy of F.N.B. Corporation (FNB) and its affiliates not to discriminate against any employee or applicant for employment because of age, race, color, religion, sex, national origin, disability, veteran status or any other category protected by law. It is also the policy of FNB and its affiliates to employ and advance in employment all persons regardless of their status as individuals with disabilities or veterans, and to base all employment decisions only on valid job requirements. FNB provides all applicants and employees a discrimination and harassment free workplace.
FNB will not provide sponsorship for employment-based visas for this position; only candidates who are legally authorized to work in the U.S. will be considered.