Home Equity and Mortgage Loan Processor

University of Michigan Credit Union•Ann Arbor, MI

1d•Hybrid

About The Position

The Home Equity and Mortgage Processor prepares and processes mortgage or home equity loan records, files and correspondence from application through closing. Responsibilities include but are not limited to: accepting and reviewing loan applications, all aspects of processing, including closing and disbursing loans as required, as well as reviewing the full financial picture of applicants to provide cross sell opportunities. Will maintain continuous communication both orally and in writing with all parties in the transaction to keep them abreast on the status of the loan. Packaging the file for review, ensuring that all necessary documentation is in the file including proper disclosures, appraisals, credit reports, title insurance, flood insurance, automated underwriting findings, and all other necessary documentation. Clearing of all conditions placed on the loan by Underwriting or Manager. Also responsible for training staff in equity loan processing and for ensuring quality in all loans processed while minimizing loan processing time.

Requirements

Associates degree or equivalent education is required.
3+ years related experience is desirable
Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations
Strong verbal and written communication skills
Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public
Ability to perform basic math functions and compute rate, ratio, and percent and to draw and interpret bar graphs
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists
Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form

Nice To Haves

Bachelor’s Degree is preferred.

Responsibilities

Requests specified information for home equity & mortgage loan applications, including but not limited to, home insurance, flood insurance, appraisal, employment verification and any other documentation needed to process the loan
Satisfy all conditions received from underwriting or manager
Analyze applicant financial status and review credit, and property evaluation to determine feasibility of granting loan.
Processes loan in accordance with Credit Union procedures
Cross-recommends products to members where appropriate based on financial review
Approves loan within specified limits or refers loan to management for approval
Updates loan file with Liber/Page information when recorded documents are received
Processes home equity lien subordination requests by obtaining appropriate supporting documentation from refinance lender, verifying that the Credit Union will maintain its current lien position, and by compiling key financial and credit information for review and approval by management
Continuously checks the details of work for accuracy, and maintains complete and accurate records
Quality review of documents and submission of documents to the appropriate servicing institution upon receipt of executed documents
Prepare final closing documents working with the title company, MLO, and borrowers
Supports the Mortgage Loan Officers and/or MSR’s Post-Closing to include: bundling documents, sending signed documents to servicer
Build & maintain relationships with members, loan officers, realtors and underwriters
Provides ongoing Feedback as needed to MSR’s with an NMLS in regards to application processing and closing procedures
Maintains list of NMLS team members, notary information and branch locations
Assists in providing staff training for existing and new team members designated to take applications and to close home equity loans
Provides periodic training for team members as needed on RE Lending related topics
Creates and maintains processing procedures for mortgage or home equity loans
Assists with the implementation of new hardware or software as needed
Works with members to resolve any home loan related issues
Manages security of Credit Union property
Maintains knowledge of and follows all credit union policies and procedures regarding BSA, OFAC, U.S. Patriot Act, Anti-Money Laundering, S.A.F.E. Act, CFPB regulations and Customer Identification Program, including State and Federal Regulations as they pertain to home loans.
Maintains current knowledge of FNMA and FHLMC guidelines which affect equity lending & mortgage lending
Other duties as assigned