What are the responsibilities and job description for the Senior Mortgage Loan Closer/Funder - Branchburg, NJ position at Financial Resources Federal Credit Union Inc?
Financial Resources FCU has been designated one of the Best Places to Work in NJ since 2022! At FRFCU, we are "putting people first" and that starts with our employees! Come see why our team members have voted us for Best Places to Work in NJ!
Financial Resources is a not-for-profit federal credit union with locations in Somerset, Hunterdon, Middlesex, Union and Hudson Counties. With a history of serving our members for more than 100 years, we have grown to more than $650 million in assets serving more than 29,000 members with 6 public access branches and a team of 100 employees. We are available Nationwide!
Our Residential Lending Department is recruiting for a Senior Mortgage Loan Closer/Funder. With extensive administrative and member service work, with primary responsibilities for the timely and accurate processing of loan closing files, the Senior Mortgage Loan Closer/Funder must possess strong organizational and prioritization skills A strong understanding of Conventional TRID loan guidelines are needed. Performance requires a high degree of accuracy, problem solving skills and the ability to work in a fast-paced environment. The Senior Mortgage Loan Closer/Funder receives minimal supervision in the performance of duties and responsibilities.
This position is located in Branchburg, NJ and will require on site work, 5 days per week, during the first 90 days of employment. After this, based on satisfactory work performance, you will qualify for our Work/Life Balance program with options to work in the office 3 days per week, remotely 1 day per week and have off 1 day every week. Welcome to our 4 day work week program!
We are looking for someone who exhibits the following competencies:
- Caring
- Initiative
- Ethics
- Job Knowledge
- Self-Development
- Teamwork
- Analytical Thinking
- Communication
- Quality
- Sense of Urgency
Some of your detailed responsibilities will include, but are not limited to:
- Prepare accurate and complete loan closing documents within the Encompass Production System and coordinate delivery to title companies for closing.
- Produce a compliant and error-free Closing Disclosure, ensuring it is delivered to the borrower within all TRID regulatory timing requirements.
- Monitor borrower receipt and acknowledgment of the Closing Disclosure.
- Verify the accuracy of all closing documents, including borrower information, interest rate, loan term, loan type, first payment date, and escrow details.
- Review underwriting conditions to confirm loan salability and full adherence to the approved underwriting decision.
- Collaborate with Correspondent Lenders to ensure closing documents accurately reflect their requirements and expectations.
- Coordinate funding dates with the Accounting team to ensure timely and accurate loan disbursements.
- Verify that all lender and title company fees comply with TILA/RESPA guidelines.
- Manage closing packages with title companies to ensure timely delivery and adherence to established closing dates.
- Confirm that loans close within the specified investor lock periods.
- Ensure all Credit Union real estate loans and documentation comply with FHLMC, FHLBNY, and NCUA regulatory guidelines.
- Identify opportunities to improve policies and procedures to increase departmental efficiency; maintain and enhance internal controls to safeguard assets.
- Provide coaching, training, and support to junior closing staff as needed.
- Assist in managing the Residential Lending pipeline of 20–50 loans, including weekly follow-ups with operations staff to resolve deficiencies and address potential issues.
- Prepare wires and fund mortgage loans, including the release of escrow conditions.
- Complete and maintain MERS transfers for sold loans.
- Support Secondary Loan Sales by assisting with internal and external audits.
- Maintain accurate HMDA data within Encompass and perform validation through QuestSoft.
- Perform General Ledger reconciliations.
- Monitor and complete post-closing procedures.
- Adhere to all company policies, procedures, and regulatory requirements.
- Work the necessary days and hours to fulfill all responsibilities. Remain available during regular business hours to communicate effectively with employees, members, managers, and external partners.
- Maintain courteous, professional, and effective working relationships with all employees, members, vendors, and external representatives.
- Communicate clearly, concisely, and professionally when conveying information, identifying problems, or proposing solutions.
- Demonstrate flexibility and adaptability to changing business needs and priorities with minimal notice, while maintaining high performance standards.
What we offer to our team members:
- A competitive salary
- Generous paid time off
- Health, dental and vision plans for employees and their families
- Health Savings and Flex Spending Accounts
- Short and Long Term Disability Programs
- Parental Leave Programs
- 401K with employer match and potential for additional profit-sharing contributions
- Paid volunteer days
- Opportunities for career advancement and continuous learning and development and tuition reimbursement
- Work/Life Balance Programs
We ask that you have:
- 5 years of similar or related work experience
- 3 years of related mortgage closing experience with TRID or relative combination of education and experience
- Encompass experience is required
- Excellent communication skills
Salary : $60,000 - $70,000