Mortgage Assumption Specialist I

Navy Federal Credit Union•Winchester, VA

23h•$28 - $34•Onsite

About The Position

To examine, evaluate, and process tasks associated with the assumption/release of liability requests per applicable federal/state laws, investor guidelines, and NFCU’s policies and procedures. Assume responsibility as the point person and coordinate the processing from origination through disposition. Ensure timely review and submission of assumption/release of liability requests to relevant Real Estate Lending (REL) areas to minimize Navy Federal mortgage portfolio risk. Provide members with detailed information about assumption/release of liability requests & related servicing questions about their mortgage/equity loan. Manage process flow to ensure Service Level Agreements (SLAs) are met and quality of work is achieved. Work under moderate supervision. Perform basic/routine tasks with a narrow scope and moderate analysis.

Requirements

Working knowledge of CFPB servicing rules, NCUA requirements, and Navy Federal policies and procedures
Working knowledge of current regulations and investor guidelines to offer options to Successors, such as assuming the loan or referring to Mortgage Default
Ability to display the highest degree of tact, patience, sensitivity, and confidentiality
Experience in managing multiple priorities independently and/or in a team environment to achieve goals
Incumbent will be required, before the assumption of employment duties, to register with the Nationwide Mortgage Licensing System and Registry, includes fingerprinting and background checks
Essential skill in comprehending, analyzing, applying, and communicating complex written legal documents
Basic skills in following, interpreting, and applying relevant data/instructions to guidelines, procedures, practices, and regulations
Basic skills in exercising initiative and good judgment to make sound decisions
Effective organizational, planning, and time management skills
Basic research, analytical, and problem-solving skills
Effective word processing and spreadsheet software skills
Basic verbal and written communication skills

Nice To Haves

Associate degree in Business Administration, Finance, or related field
Working knowledge of credit union operations/processes
Working knowledge of NCUA regulations that govern the activities, products, and services of the business unit
Working knowledge of products, services, processes, requirements, and systems related to the business unit

Responsibilities

Research, respond, and track moderately complex inquiries about the assumption/release of liability requests
Identify risk exposures to control and mitigate financial loss from mortgage and equity collateral transactions by performing internal/external inquiries and preliminary review of documents
Obtain, review, and verify that mortgage applications have required loan documentation, such as title insurance, loan applications, credit reports, and income and asset declarations, are accurate and promptly provided to underwriters for loan approval and adherence to NFCU and investor guidelines
Communicate extensively with members, external settlement attorneys, surveyors, title companies, survivors of the deceased, and attorneys regarding required documentation/expectations as the loan progresses through multiple loan origination systems
Ensure validation of Successor in Interest as regulated by the Consumer Financial Protection Bureau (CFPB) by reviewing documents and notes with the servicing system of record
Coordinate settlement dates with members, attorneys, and realtors
Reconcile changes, revisions, and corrections with closing agents and settlement attorneys to ensure accurate and efficient processing of mortgage loans
Analyze, research, and resolve discrepancies, problems & issues related to member accounts/loans; may require additional interaction with members, other staff, and outside contacts for completion
Perform other duties as assigned