What are the responsibilities and job description for the Residential Loan Processor position at Island Federal Credit Union?
JOB DESCRIPTION
Residential Loan Processor
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SUMMARY:Responsible for processing First Mortgage loans in compliance with all Credit Union, investor (ex: Fannie Mae), and regulatory policies, procedures, and guidelines.
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ESSENTIAL DUTIES AND RESPONSIBILITIES:- Processing and document preparation of First Mortgages.
- Efficiently utilize systems such as BytePro, FICS, Desktop Underwriter, and other relevant software to support servicing operations.
- Collect, verify, and analyze required documentation such as income, assets, credit reports, title searches, appraisals and insurance.
- Order and track third-party services (appraisals, title, flood certifications, verifications of employment/assets, etc.).
- Coordinate with Members, Team Members, and/or third parties, such as attorney’s and title companies, to ensure timely loan closings and accurate preparation of closing documents.
- Ensure strict adherence to Credit Union, investor, and regulatory policies, procedures, and guidelines.
- Monitor loan files and borrower information for inconsistencies or red flags, actively identifying, reporting, and mitigating potential fraud in accordance with regulatory and internal guidelines.
- Monitor and meet all Departmental performance reporting and service goals.
- Interact with all necessary third-party vendors, Members, and Team Members.
- Provide data and reporting required to meet HMDA reporting requirements.
- Propose Lending Policy and procedural changes to the Team Lead and Centralized Lending Manager as required to enhance operational efficiencies and productivity or to meet regulatory or compliance mandates.
- Assist in resolving Member questions regarding the mortgage process in a clear, professional, and supportive manner.
- Cross-sell credit union products and services, including deposit accounts and loan products, to meet Members’ financial needs and enhance their overall financial well-being.
- Work at various branch locations as required.
- Other duties as assigned.
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REQUIREMENTS:
- Associate degree preferred or a combination of education and experience.
- 3-5 years working in a financial institution, preferably in a Credit Union setting.
- NMLS
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COMPENTENCIES:
- Knowledge of consumer and real estate underwriting practices
- Knowledge of Island’s products and services
- Excellent written and oral communication skills
- Excellent organizational skills
- Ability to prioritize, pay close attention to detail, and coordinate various activities simultaneously.
- Ability to communicate with co-workers, management, and business contacts in a courteous and professional manner.
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