Loan Purchase Processor

Carter Bank•Martinsville, VA

13d•$19 - $30•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, processing outgoing wire requests, and managing post-purchase loan steps. The processor will also monitor construction loan disbursements, extensions, and modifications, and provide support for trailing items and insurance settlement checks. Additionally, the role includes cutting and mailing PMI premiums, reviewing correspondent loan funding packages, completing sold loan reconciliations, calculating real estate taxes, and acting as a liaison between loan servicing teams.

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, and create a wire for funding of the purchases.
Determine proper next due dates on the loan and track and obtain any pre-purchase documents required to be collected prior to purchase.
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, and create 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 send notification to the Loan Boarding team to board the new loan.
Complete post purchase loan steps including generating a welcome letter with all required transfer information, insurance transfer letters, reassigning flood certification to CBT account number, and completing MERS.
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.
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, work with Carter Bank business partners on statuses, and create a booking package to send to Loan Boarding team to input into DNA.
Process all documentation required for the conversion to be processed, i.e. updated insurance etc.
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, and 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.