Correspondent Loan Funder
About The Position
Indexes and audits correspondent closed loan files, communicates pre-purchase conditions to bank contacts, and approves loans for purchase in a timely manner to meet investor delivery commitments. This role involves conducting pre-purchase audits of loan files submitted by Alliance and Traditional Correspondent Banks to ensure completeness, accuracy, and adherence to IBMC and investor guidelines. It also includes inputting and verifying data in the Loan Origination System, providing proactive communication to banks regarding active pipelines and purchase conditions, reviewing and clearing purchase conditions for purchase approval, managing daily pipelines, and completing document upload and accurate indexing within the Loan Origination System.
Requirements
- High school diploma or general education degree (GED)
- One to two years of related experience and/or training within the mortgage industry; or equivalent combination of education and experience.
- Encompass Loan Origination System
- Experience processing or analyzing residential mortgage loans.
Responsibilities
- Conduct pre-purchase audit of loan files submitted by Alliance and Traditional Correspondent Banks for purchase to ensure completeness, accuracy, and adherence to IBMC and investor guidelines.
- Identify deficiencies that may prevent loans from aligning with investor or internal guidelines.
- Escalate issues as necessary.
- Input and verify data in the Loan Origination System to ensure accurate data is delivered to investors.
- Provide proactive communication to banks regarding active pipeline and purchase conditions.
- Respond to inquiries as necessary to resolve issues and provide superior service to correspondent partners.
- Review and clear purchase conditions for purchase approval.
- Update loan transaction details with complete purchase information and reconcile final purchase transaction.
- Process and distribute Purchase Advice to bank contacts.
- Manage daily pipelines, ensuring timely processing within IBMC expected service levels.
- Complete document upload and accurate indexing within Loan Origination System.
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
High school or GED
