Loan Purchase Processor

Carter Bank•Martinsville, VA

12d•Onsite

About The Position

The Loan Purchase Processor is responsible for finalizing the disbursement for multiple mortgage channels and overseeing the post-closing functions for these same channels. This role involves obtaining necessary loan documentation, preparing purchase advices, creating wire transfers for funding, and managing post-purchase loan steps. The processor will also handle construction draw disbursements, monitor loan modifications, and provide support for trailing items and insurance settlement checks. Additionally, the role includes reviewing correspondent loan funding packages, processing journal entries, and reconciling sold loan information. The processor will also calculate real estate taxes for construction loans converting to permanent financing and act as a liaison between servicing teams. Ensuring proper flood zone escrows are included in loan documentation is also a key responsibility.

Requirements

High school diploma or equivalent required
Prior real estate loan documentation expertise
Intermediate understanding of mortgage loan documentation
Intermediate knowledge of federal regulations related to mortgage loans
Intermediate customer service skills
Intermediate verbal and written communication skills
Intermediate organizational skills
Intermediate time management skills
Intermediate problem-solving skills
Basic proficiency with Microsoft Word and Excel

Responsibilities

Obtain Note, allonge, power of attorney and other loan documentation in connection with securing a collateral position for the bank in connection with purchased loans
Prepare a purchase advice, crediting all proper general accounts for record keeping, then creates a wire for funding of the purchases
Determine proper next due dates on the loan
Track and obtain any pre-purchase documents required to be collected prior to purchase, working with FH and Lenderworks
Input outgoing wire requests in WireXchange system and verifies data matches supporting documents
Prepare a purchase advice for Bankers Health Group (BHG) loans, crediting all proper general accounts for record keeping, then creates a wire for funding of the purchases
Create a booking package, with all required documents, from all channels of purchase, construction, BHG or portfolio loans, and sends notification to the Loan Boarding team to board the new loan
Complete post purchase loan steps including but not limited to generating a welcome letter with all required transfer information, insurance transfer letters, flood certification reassigned to CBT account number, and MERS must be completed
Ensure and maintain the correct documentation is filed on the Y drive purchase folders at all times to be sent to Nautilus for retention
Monitor the multiple disbursements of construction draws for both the purchase and portfolio loans
Update logs, scan source documents and create wires for funding upon receipt of approval to disburse
Create and maintain holdback fund accounts in accordance with the requirements of the draws
Send all holdback account documentation to Specialized Lending as backup documentation for monthly recons
Monitor extensions or modifications on construction loans
Create a booking package to send to Loan Boarding team to input into DNA, working with Carter Bank business partners on the statuses
Process documentation required for conversion, i.e. updated insurance
Provide support to clear trailing items from all mortgage channels
Provide support to monitor insurance settlement checks, including generating a DDA account to be open, then processing disbursement upon receipt of approval
Cut checks and mail out PMI premiums on loans in which PMI is required
Review incoming correspondent loan funding packages
Prepare journal entries, enter wires for funding, process funds in DNA, work with accounting on repurchased journal entries and incoming wires to ensure all are booked to proper general ledger accounts for record keeping purposes
Complete the Sold Loan Reconciliation spreadsheet when correspondent loans fund and are repurchased to ensure Accounting has proper documentation for their records
Process necessary entries in DNA
Complete the calculation of estimated real estate taxes once construction loans are ready to be converted to permanent financing
Act as a liaison between Carter Bank Loan Servicing team and First Heritage Servicing team
Ensure all loans where property is found in a flood zone has escrows included in loan documentation, this includes Construction to Permanent loans