What are the responsibilities and job description for the Mortgage Loan Processor position at R I A FEDERAL CREDIT UNION?
Summary/Objective
At R.I.A. Federal Credit Union, the primary focus of the Mortgage Loan Processor is to improve the financial well-being of our members. The Mortgage Loan Processor is responsible for day-to-day management of the Mortgage Operations Team, ensuring that all areas of Operations are operating at a high level. Provide coaching, direction and leadership and support of the Team, ensuring adherence to established procedures and compliance/policy requirements set forth.
This is accomplished through:
• Relationships: Building relationships is integral to the success of R.I.A. As a community credit union, R.I.A.’s Mortgage Loan Processor will invest the time to get to know members and take care of their needs while finding opportunities to improve their financial well-being.
• Integrity: In an era of big banks and big data, operating with integrity is becoming a more difficult trait to find in a financial institution. An R.I.A.Mortgage Loan Processor is committed to handling members’ finances and data in a manner that is ethical, transparent, and professional.
• Action: Not content with “business as usual,” R.I.A. is action oriented. From helping a member solve a financial challenge to positively impacting the community through volunteering and sponsorships, R.I.A. is motivated to action.
Essential Functions
Reasonable accommodation can be made to enable individuals with disabilities to perform the essential functions
1. Application Review and Initial Processing: Review mortgage loan application(s) for completeness and accuracy. Verify member information including income, employment, assets, liabilities and credit history by completing a welcome call with the member. Input or update loan application data into the Loan Origination System (LOS). Ensure the loan is fully documented and ready for submission to underwriting by reviewing AUS findings.
2. Documentation Management: Collect, verify and organize all required documentation (e.g., income, asset and credit documents), Identify missing or incomplete documents and follow up with members or third parties. Ensure all documents meet investor and regulatory requirements (e.g., TRID, RESPA, and ECOA). Maintain accurate and up-to-date loan files throughout the process ensuring that loans close on time.
3. Communication and Coordination: Act as the main point of contact for members during the processing stage. Communicate with loan officers through weekly pipeline meetings. Communicate with underwriters and third-party vendors to ensure timely and accurate processing. Provide all parties to the transaction relevant updates on the status of the loan throughout the process. Work with Underwriters to clear any outstanding conditions. Obtain and verify closing conditions and coordinate with the closer. Ensure all required documentation, both pre and post-closing documentation, is received and accurate before funding.
4. Compliance: Maintain current knowledge of credit union philosophy, services and policies. Maintain knowledge of and comply with all laws and regulations that are applicable to the duties outlined in this job description and other duties you may be assigned to include, but not limited to SAFE Act, NMLS, RESPA, Bank Secrecy Act (BSA) and Office of Foreign Asset Control (OFAC) policies, procedures and regulations. Remove compliance alerts associated with valuation models, homeownership, intent to proceed, and Equal Opportunity Credit Act. Maintain a secure environment ensuring that information and transactions regarding members, coworkers, supervisors, and other credit union businesses are protected and kept confidential. Purge and properly destroy out-of-date or unnecessary loan documents in accordance with Credit Union Policy and Procedure. Address any quality control issues and correct documentation errors or inconsistencies. Prepare files for internal and external audits when necessary.
Competencies
• Leadership
• Business/Financial Acumen
• Confidentiality
• Respectful
• Collaborative
• Can learn and evolve
• Ethical Practice
• Adaptable
• Trustworthy/listens well
• Attention to detail, accuracy and solid organizational skills
• Strong analytical, written and excellent verbal communication skills; pleasant phone voice and clear speaker; comfortable making decisions independently.
• PC, Calculator, and typing skills-above average skills in Outlook, Word, Excel and file management
• Takes initiative; problem solves
• Ability to work independently, with little or no supervision and as a team
• Relates well to employees at all levels; friendly and outgoing attitude, true desire to assist, relationship-builder
• Professional in speech, mannerisms and appearance
• Ability to work with disgruntled people and in stressful situations
• Ability to collect, comprehend and convey detailed instructions quickly, including important information, accurately and with tact; make proper recommendations as needed
• Dependable, Cooperative, creative and dedicated
Supervisory Responsibility
No supervisory responsibilities.
Physical Demands
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.
While performing the duties of this job, the employee is regularly required to spend considerable time sitting at a desk, complete work using a computer, regularly answer phone calls, and interact with employees at all levels of the organization. The employee will occasionally lift and move up to 25 pounds.
Travel
Less than 10% travel is expected for this position, some local travel in the Quad City area.
Required Education and Experience
1. Education: Associate’s degree in related field or equivalent combination of education and experience, required.
2. 3-5 years of experience in Mortgage processing required.
3. Comprehensive knowledge of underwriting terminology.
4. Ability to calculate income.
5. NMLS certification is required to be completed within 90 days of job acceptance.
EEO Statement
R.I.A. Federal Credit Union believes in equal employment opportunity for all employees and applicants for employment. Our company’s success depends on the effective utilization of qualified individuals regardless of their race, creed, color, religion, sexual orientation, age, ancestry, national origin, disability, military or veteran status or any other characteristic protected by law. We will not discriminate on the basis of these characteristics in a personnel action including, but not limited to, hiring, training, promotions, transfers, demotions, benefits, compensation, discipline, termination and any other conditions or privileges of employment.
Other Duties
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time to adjust and adapt to the changing needs of the business.