What are the responsibilities and job description for the Correspondent Loan Funder position at Iowa Bankers Mortgage Corporation?
Description
Role Definition: Indexes and audits correspondent closed loan files, communicates pre-purchase conditions to bank contacts, and approve loans for purchase in a timely manner to meet investor delivery commitments.
I. Conduct pre-purchase audit of loan files submitted by Alliance and Traditional Correspondent Banks for purchase to ensure completeness, accuracy, and adherence to IBMC and investor guidelines. Identify deficiencies that may prevent loans from aligning with investor or internal guidelines. Escalate issues as necessary.
II. Input and verify data in the Loan Origination System to ensure accurate data is delivered to investors.
III. Provide proactive communication to banks regarding active pipeline and purchase conditions. Respond to inquiries as necessary to resolve issues and provide superior service to correspondent partners.
IV. Review and clear purchase conditions for purchase approval. Update loan transaction details with complete purchase information and reconcile final purchase transaction. Process and distribute Purchase Advice to bank contacts.
V. Manage daily pipelines, ensuring timely processing within IBMC expected service levels.
VI. Complete document upload and accurate indexing within Loan Origination System.
Requirements
Role Definition: Indexes and audits correspondent closed loan files, communicates pre-purchase conditions to bank contacts, and approve loans for purchase in a timely manner to meet investor delivery commitments.
I. Conduct pre-purchase audit of loan files submitted by Alliance and Traditional Correspondent Banks for purchase to ensure completeness, accuracy, and adherence to IBMC and investor guidelines. Identify deficiencies that may prevent loans from aligning with investor or internal guidelines. Escalate issues as necessary.
II. Input and verify data in the Loan Origination System to ensure accurate data is delivered to investors.
III. Provide proactive communication to banks regarding active pipeline and purchase conditions. Respond to inquiries as necessary to resolve issues and provide superior service to correspondent partners.
IV. Review and clear purchase conditions for purchase approval. Update loan transaction details with complete purchase information and reconcile final purchase transaction. Process and distribute Purchase Advice to bank contacts.
V. Manage daily pipelines, ensuring timely processing within IBMC expected service levels.
VI. Complete document upload and accurate indexing within Loan Origination System.
Requirements
- Required Education: High school diploma or general education degree (GED)
- Required Work Experience: One to two years of related experience and/or training within the mortgage industry; or equivalent combination of education and experience.
- Technology Skills: Encompass Loan Origination System
- Required Skills or traits for the position: Experience processing or analyzing residential mortgage loans.