Equity Loan Officer

Arizona Financial Credit Union•Phoenix, AZ

5d•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. 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.

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 identifier (NMLS Number) in compliance with the S.A.F.E. Act.
Must submit fingerprints for an FBI criminal background check.
Must receive clearance from Arizona Federal based on FBI background check results.
Must maintain MLO registration by renewing annually and updating any changes to registration information.
Must provide unique identifier/NMLS Number upon request, before acting as an MLO, and through initial written communication with a member/residential mortgage loan applicant.
Must maintain confidentiality and non-disclosure of confidential member information.

Nice To Haves

None.

Responsibilities

Ensure accuracy, content, and completeness of equity applications, underwriting documents, and loan closing documents within regulatory guidelines.
Work closely with Equity Loan Servicing to ensure an efficient and accurate loan process through signing and loan funding.
Monitor and track incomplete or incorrectly submitted applications for knowledge gaps or trends.
Answer applicant questions and assist them in choosing appropriate mortgage types and terms.
Understand the first mortgage residential product and referral process.
Perform loan closings and explain all closing documents to members or staff.
Manage a pipeline of equity loans, focusing on timely follow-up, approval ratio, and disbursal ratio.
Manage outbound loan campaigns, including Preapproval and Loan Recapture programs.
Perform follow-up communications with new or existing members electronically or by phone.
Identify and capture additional loan opportunities to drive consumer lending results.
Obtain and analyze credit reports to determine member’s debt to income ratio and creditworthiness.
Act as a relationship manager between various departments including Retail, BBO, MLO, Underwriting, Loan Operations, and Equity Servicing.
Maintain knowledge of all mortgage regulations and laws in compliance with policies and procedures.