What are the responsibilities and job description for the Real Estate Loan Closer position at WECU?
WECU is seeking a full-time Consumer Real Estate Loan Closer to join our Real Estate team located in Bellingham, WA. This position strives to make a difference in members’ lives as defined by WECU’s mission and vision. Provides high level of support to the Consumer Real Estate Processing Department through accurate, compliant and timely preparation of closing documents and loan disbursements.
RESPONSIBILITIES:
- Prepare and audit real estate loan closing documents with a high level of accuracy. Utilize the pre-closing and post-closing instructions to ensure precise transactions. Assimilate loan documents in proper order to prepare for closing.
- Audit Closing Disclosures to meet compliance and regulatory requirements. Understand fee tolerances and how to handle tolerance issues.
- Ensure the file meets all underwriting conditions (pre-funding, at-signing, or post-closing) put forth by the loan officer, underwriter, and secondary market investors prior to each stage of the closing process. Communicate with escrow and/or loan officer and loan processor if documentation is missing, insufficient, or conditions have not been met.
- Review weekly loan pipeline reports to manage flow of anticipated loan closings. Communicate with loan processors regarding file status to ensure timely closings. Coordinate with title companies, loan officers, and borrowers to schedule closing appointments.
- Review completed loan document packages for accuracy and compliance, including applicable signatures, notary acknowledgements, dates, etc.
- Fund transaction and wire proceeds according to closing instructions.
- Ensure post-closing conditions have been met. Provide regular follow-up (monthly at a minimum) to ensure timely receipt of recorded deeds of trust and final title policies on all real estate loans.
- Audit and maintain real estate loan files according to in-house procedures/guidelines, secondary market guidelines, Washington State regulations and compliance.
- Package loans for sale on the secondary market as identified by the Loan Administrator as needed.
- Assist with mortgage file record retention. Review all Encompass loans on an annual basis and discard appropriate paperwork.
- Assist Processing Supervisor with training new real estate employees as needed and cross-training employees participating in job shadowing opportunities.
- Ensure the confidentiality and security of all real estate loans.
- Stay informed in all aspects of WECU’s business plans, operation, changes to policy and procedure, as well as WECU’s history and philosophy.
- Effectively incorporates concepts of Deliver Value, Create Loyalty in daily behaviors and interactions with both internal and external members.
- Provide general/routine information about the credit union to members regarding real estate loans, and completion of real estate loan applications using knowledge of the department and the organization.
- Assist in reviewing and reporting Home Mortgage Disclosure Act information on a quarterly and annual basis.
- Follows policy and procedures related to Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP) and Customer Due Diligence (CDD) daily to ensure compliance with current regulations. Follows policy and procedures related to OFAC by consistently running new members, entities, beneficiaries, co-signers, non-member parties involved in wires, and non-member check payee names through the Verafin system. Follows policy and procedures related to SARs by monitoring and reporting suspicious activity to the Compliance department. Notifies immediate supervisor of any substantive discrepancies with respect to information obtained under the CIP, including fraudulent identification and fraudulent applications. In addition, consistently notifies members that the credit union verifies certain information when opening a new account. Complete mandatory BSA/AML annual training via online web course.
- Performs other member service functions within the department or other clerical duties for other departments as may be required from time to time.
- Meets or exceeds all behavioral standards of a WECU employee.
- Follows WECU’s policies and all applicable laws and regulations.
- Performs other duties as assigned and may also assist others to complete tasks and work assignments.
QUALIFICATIONS:
- Minimum: High school diploma or GED
- Preferred: Two years related experience in a Real Estate lending and/or escrow field with equal responsibilities and knowledge of loan documentation
- Ability to read and comprehend instructions, correspondence, and memos. Ability to write effective instructions and correspondence. Ability to effectively present information in one-on-one situations to members, potential members, employees of the credit union and vendors.
- A significant level of trust and diplomacy is required, in addition to normal courtesy and tact. Work involves extensive personal contact with others and/or is usually of a personal or sensitive nature. Work may involve motivating or influencing others. Outside contacts are important and fostering sound relationships with other entities, companies and/or individuals is necessary.
- Position requires the ability to secure and maintain NMLS registration
- Ability to operate general office machines and equipment such as photocopier, fax, adding machine and computer.
- Ability to accurately add, subtract, multiply and divide in all units of measure using whole numbers, common fractions and decimals.
- Proficiency with, or ability to learn lending operating systems, preferably Ellie Mae Encompass
- Proven ability to work independently in a high-pressure environment and meet deadlines as required
- Experience with Microsoft Outlook, Word, and Excel required
- Knowledge of state and federal lending regulations
NOTE: Job descriptions are not intended and should not be construed to be exhausted lists of all responsibilities, skills, efforts, or working conditions associated with a job.
COMPENSATION:
The salary range for this position is from $28.56 to $40.32 per hour.
WECU provides a comprehensive benefits package that includes robust medical, dental, and vision benefits with low employee premiums, 401(k) retirement plan with an 8% annual contribution from WECU, bonus plan, two or more weeks of vacation, up to 11 paid holidays, paid life and disability insurance, annual wellness benefit, loan discounts, professional development, and much more.
ABOUT WECU:
WECU is a not-for-profit financial cooperative where members are encouraged to save and borrow responsibly at fair and competitive rates. Headquartered in Bellingham, WA, WECU has over 130,000 members and over $2.0 billion in assets.
It is WECU's mission to make a meaningful difference in the lives of our members. We strive to treat both members and staff with honesty and integrity and to be a socially responsible part of our community. WECU also endeavors to be an employer of choice.
WECU is an Equal Opportunity Employer that is committed to diversity and inclusion in the workplace. We make employment decisions based on merit and qualifications and seek to have the best qualified person in every job. WECU policy prohibits discrimination based on race, color, religion, creed, sex, gender, sexual orientation, gender identity, marital status, age, national origin, or ancestry, physical or mental disability, veteran status, genetic characteristics or information, or any other consideration made unlawful by federal, state, or local laws.
Salary : $29 - $40