SUMMARY: Manage mortgage loan files from closing to disbursement, and investor delivery when applicable. Provide support to the mortgage department by managing the pending pipeline, mortgage commitments to the secondary market, and maximizing profits for Somerset Trust Company. Provide back-up to Mortgage Servicing Administrator.

• Perform post-closing duties. Responsible to upload loan to core system, disburse loan proceeds, make sure the escrow is built in core system, if applicable; build collateral record; review loan documentation for accuracy and signatures, and ensure compliance with bank regulatory guidelines and customer service standards.

• Receives closing package (original signed documents) from the closing agent, which may be received interoffice, overnight delivery, or in person.

• Ensure documents are properly filed in Encompass.

• Record Loan Document Requests in core system for missing documents.

• Mail survey letter to customer.

• Respond to Fannie Mae review requests.

• Review requests for modifications and transfers of ownership with and without assumption related to Retail Lending.

• Secondary market responsibilities including but not limited to daily cash remittance and IL Daily, resolving overages/shortages, differences between Fannie Mae and STC core system, and processing purchase advices

• Review loan pricing to determine interest rates based on management’s strategic goals. Maintain current rate sheets as well as historical rate sheets.

• Review loan pricing registration and confirm rate locks daily upon submission to mortgage department daily.

• Review pipeline on a daily basis to ensure the loans close and disburse within their lock terms.

• Manage mortgage loan commitments to be sold to the secondary market. This includes: Committing the highest percentage of the current working pipeline as pricing allows; pair off or extend commitments when necessary; maintain accurate loan & commitment information within loan operating system (Encompass).

• Respond to Fannie Mae review requests. Ship documents to document custodian when commitments are due. Upload mortgage file to Fannie Mae from Encompass. Update DNA to reflect FNMA Sold. Maintain loan sale reports.

• Ability to gather required reports and complete monthly balancing with Fannie Mae per Fannie Mae’s requirements. Resolve overages/shortages. Resolve differences between Fannie Mae and STC core system for items including but not limited to principal and interest payments, interest rates, loan numbers, payoffs, posting errors, etc. Remit funds to Fannie Mae (daily). Upload daily loan activity report (LAR) to Fannie Mae. Evaluate Fannie Mae rejected payments. Upload LAR to Fannie Mae as required. Reconcile Fannie Mae portfolio & remittance (monthly).

• Process purchase advice remittances for investors as needed.

• Balance Mortgage Lending Suspense general ledger.

• Manage construction draws for residential home construction and renovation loans. Convert construction loans to permanent financing.

• Process modifications and assumptions.

• This job requires core processing loan maintenance capabilities.

• Participate in all required training sessions to increase knowledge and ensure compliance with all regulatory and investor requirements.

• Understand and support all BSA/AML responsibilities as applicable to the position as well as consistently, accurately, and timely carry out these responsibilities in compliance with the Bank’s internal policies.

• Perform other related work and duties as assigned.

Minimum 2 years’ experience in banking compliance, mortgage operations, or data analysis. Good understanding of financial institution products and services are essential.

TECHNICAL SKILLS

Ability to operate a personal computer and job-related software. Must be proficient in Microsoft Office products, internet browsers, and bank core operating system. Advanced computer skills, including Excel spreadsheets. The ability to work with various browser-based systems and software systems is mandatory. Must be willing to learn new systems and not have any issues with emerging technology.

LANGUAGE SKILLS

Ability to read and interpret documents such as procedure manuals. Ability to write business correspondence, and policies using proper grammar and accurate spelling.

MATHEMATICAL SKILLS

Ability to calculate figures and amounts such as discounts and interest, etc.

REASONING ABILITY

Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.

PHYSCIAL DEMANDS

• While performing the duties of this job, the employee is required to use hands and fingers to operate office equipment, telephones, etc.
• The employee must occasionally lift and/or move up to 25 pounds.
• Specific vision abilities required by this job include close vision, and ability to adjust focus.

WORK ENVIRONMENT

• The noise level in the work environment is usually moderate.

BENEFITS AND ADDITIONAL INFORMATION

• Bank wide bonus, 401(k), ESOP, Medical, Dental & Vision insurance, Health Savings Account, Life Insurance, Paid Holidays, PTO, and Paid Volunteer Time.

• Work Schedule is Monday through Friday

• Full-time 37.5 – 40 hours per week

• Flex Schedule Information

This job description is not designed as a comprehensive list of activities, duties, and/or responsibilities and may change at any time with or without notice. The duties and qualifications stated within this job description are representative of the knowledge, skill, and/or ability required for this position.

Somerset Trust Company is an Equal Opportunity Employer, including disability and protected veteran status. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.