Equity Loan Officer

Arizona Financial Credit Union•Phoenix, AZ

6d•Hybrid

About The Position

The position is responsible for the accuracy, content, and completeness of the equity application, related underwriting documents, and loan closing documents, within regulatory guidelines. This role involves working closely with Equity Loan Servicing to ensure an efficient and accurate loan process through signing and loan funding. The officer will monitor and track incomplete or incorrectly submitted applications, answer applicant questions, assist them in choosing appropriate mortgage types and terms, and perform loan closings, explaining all documents. They will manage a pipeline of equity loans, drive consumer lending results, obtain and analyze credit reports, and act as a relationship manager between various departments. Maintaining knowledge of mortgage regulations and laws is crucial.

Requirements

High School diploma or general education degree (GED).
Three (3) years of experience in a financial institution.
Two (2) years of mortgage or equity lending experience (origination, processing, servicing).
Understanding of Equity Products: Home Equity Line of Credit (HELOC) and fixed equity.
Ability to process HPML equity loans to include setting up escrow accounts.
Ability to understand current credit union underwriting guidelines.
Ability to learn and understand compliance guidelines of various governing bodies (CFPB, FNMA, HUD, FHLMC).
Ability to type 45 words per minute.
Ability to read, write, speak, and use proper grammar in English.
Ability to read and comprehend written instructions, correspondence, memos, and procedure manuals.
Ability to communicate verbally on the telephone, speaking to members regarding sensitive inquiries or complaints.
Ability to apply commonsense understanding when dealing with problems involving variables in standardized situations.
Ability to calculate rates, ratios, income, and percentages.
Must be registered with the Nationwide Mortgage Licensing System (NMLS or Registry) and obtain a unique identified (NMLS Number) in compliance with the federal Secure and Fair Enforcement for Mortgage Licensing (S.A.F.E.) Act of 2008.
Must have business operational internet to complete work tasks and communicate via video call or chat messaging systems in a dedicated workspace (for remote work).

Nice To Haves

None.

Responsibilities

Responsible for working closely with Equity Loan Servicing to ensure an efficient and accurate loan process through signing and loan funding.
Monitors and tracks any incomplete or incorrectly submitted applications for knowledge gaps or trends.
Answers applicant’s questions and assist the applicant in choosing the mortgage type and mortgage terms appropriate to their financial goals and financial situation. This also includes understanding our first mortgage residential product and referral process.
Performs loan closings and be able to explain all closing documents to members or staff and answers any questions they have.
Manages a pipeline of equity loans with the focus on timely follow up, approval ratio and disbursal ratio.
Manages outbound loan campaigns including but not limited to, Preapproval and Loan Recapture programs.
Performs all necessary follow-up communications with new or existing members electronically or by phone to secure a mutually beneficial relationship.
Drives consumer lending results by identifying and capturing additional loan opportunities that create mutual benefit.
Obtains and analyzes credit reports to determine member’s debt to income ratio and creditworthiness.
Acts as a relationship manager between Retail, BBO, MLO, Underwriting, Loan Operations and Equity Servicing.
Maintains knowledge around all mortgage regulations and laws in compliance with policies and procedures.
Performs other job-related duties as assigned.