What are the responsibilities and job description for the Mortgage Loan Specialist position at SAFE FCU?
SUMMARY:
Perform quality assurance reviews (Post-Closing Audit, Pre-Funding Audit) to ensure mortgage loan processes and documents comply with applicable CFPB requirements and guidelines. Examine residential loan documentation to ensure completeness, accuracy and compliance with investor standards, and take corrective action as needed. Responsible for the maintenance of tax and insurance records on mortgaged properties and accurate and timely payment of real estate taxes and insurance on escrow and non-escrow accounts. Processes all disbursements for customer escrow accounts and provides assistance in resolving tax and insurance related issues.
Assists with the day to day operations of the Mortgage Department, to include but not be limited to escrows, closings, subordinations, loan documentation and follow-up, quality control, tracking and reporting, and answering member’s basic mortgage questions.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following:
Identify and resolve issues/errors in pre-funding and/or post-closing stage of loan file review, and take corrective action to bring loans in compliance with CFPB regulatory requirements.
Examining loan files for accuracy, completeness, and compliance with policies, internal requirements, investor and regulatory requirements.
Review and re-verify as needed income, tax returns, consumer credit reports, debt to income ratio, asset statements, loan-to-value ratio, employment, etc.
Evaluate loans with declined credit applications for accuracy based upon established risk parameters to ensure conformance with HMDA, regulatory requirements and product guidelines.
Analyzes escrow sufficiency to make sure escrowed funds are sufficient to make required payments.
Monitor hazard insurance for consistent and uninterrupted insurance coverage, including forced place insurance when required.
Ensures timely bill procurement and payments of real estate taxes.
Provides in person or by telephone, information concerning the mortgage loan process and procedures.
Posts to and balances real estate related general ledger.
Organizes pending files.
Prepares various pre-formatted reports.
Organizes and standardizes all the completed mortgage loan files.
Posts payments and disbursements from escrow funds as required.
Follows-up on post loan closing documentation.
Follows-up on new mortgage set-up, pay-offs, and insurance.
Assists in preparation of loan-closing reports/papers for the attorney.
Maintains application and approval records to comply with the “Home Mortgage Disclosure Act” for the credit union.
Assists Processors in reviewing real estate loan applications; i.e., ordering appraisals, credit reports, wood infestation reports, and income, employment and deposit verifications.
Conducts interviews with loan applicants to assist the Loan Processors as volume warrants.
Other duties as assigned.
QUALIFICATION REQUIREMENTS:
To perform this job successfully, an individual must be outgoing, enthusiastic, conscientious, group oriented, open to change and be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Regulatory Requirements: Your position has specific procedures that must be followed to comply with Privacy Act, Office of Foreign Assets Control (OFAC), and Bank Secrecy/Patriot Act. You will receive annual training to keep you current on any changes to these policies/procedures to assure compliance. Failure to comply with procedures may cause termination of your position as well as possible monetary penalties from the federal regulatory agency.
EDUCATION and/or EXPERIENCE:
High school diploma; and at least two years related experience and/or training in real estate lending; or equivalent combination of education and experience in a related field.