Mortgage Loan Officer

University Of Michigan • Ann Arbor, MI

389d

About The Position

The Mortgage Loan Officer at the University of Michigan Credit Union (UMCU) is responsible for originating first mortgage loan applications and assisting members in selecting the best mortgage products to meet their needs. This role involves conducting interviews, educating applicants on the home buying process, and ensuring compliance with credit union guidelines. Additionally, the officer will train other staff in mortgage origination and maintain a pipeline of mortgage pre-approvals.

Requirements

• Bachelor's degree or equivalent combination of education and experience.
• Ability to read, analyze, and interpret general business periodicals and governmental regulations.
• Ability to write reports, business correspondence, and procedure manuals.
• Ability to effectively present information and respond to questions from various stakeholders.
• Ability to perform basic math functions and compute rates, ratios, and percentages.
• Ability to solve practical problems and deal with a variety of concrete variables.
• Ability to interpret a variety of instructions in written, oral, diagram, or schedule form.

Responsibilities

• Meet with applicants interested in purchasing or refinancing a home and conduct effective interviews and needs analysis.
• Educate and advise applicants on the home buying process and available loan program options.
• Discuss financing options and loan pricing with applicants.
• Inform applicants of applicable fees and closing costs, providing current information regarding rates and terms.
• Cross-recommend additional credit union products where appropriate.
• Maintain a pipeline of mortgage pre-approvals and follow up with members in a timely manner.
• Document the applicant's income, debt, and credit history and assist through the loan application process.
• Request appropriate documentation to support loan requests and submit to processors for verification.
• Process Home Equity applications alongside mortgage applications when applicable.
• Analyze approved loan applications for eligibility to sell to FHLBI.
• Participate in networking opportunities with local real estate brokers and builders.
• Build rapport and solicit new mortgage business from existing or new business partners.
• Assist with the review and updating of internal policies and procedures relating to mortgage.
• Maintain knowledge of the Credit Union Act, credit legislation, and lending practices.
• Provide adequate staff training for existing and new staff designated to process mortgage loan requests.
• Assist the Real Estate Lending Manager as necessary.
• Volunteer in various activities sponsored by UMCU within the community.

Benefits

• Comprehensive benefits including low cost/high coverage medical, dental, and vision insurance.
• Generous paid time off and a flexible work environment.
• Tuition reimbursement and a student loan debt repayment program.
• Fidelity 401k program with employer match.
• Parental leave, pet insurance, and home office credits.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Industry: Educational Services
• Education Level: Bachelor's degree