Post Closer

WORKERS FEDERAL CREDIT UNION • Littleton, MA

5h • $24 - $30 • Hybrid

About The Position

A Post Closer/Shipper ensures accurate, complete and timely processing of closed loan files by auditing documents, verifying compliance with investor and regulatory guidelines, identifying and resolving discrepancies, and maintaining accurate records. Key duties include, but not limited to, reviewing final title policies, closing disclosures, security instruments (e.g. mortgage, deed of trust), and other closing and collateral documents for correctness and adherence to standards, as well as communicating with internal and external parties to resolve issues. This role is crucial for loan salability.
A Post Closer/Shipper is also responsible for preparing and delivering final loan files to investors. This role involves ensuring all required documents and loan data are accurately compiled, organized, and uploaded into the final loan file in accordance with the secondary investor requirements, then shipped to the correct investor for purchase. This role is crucial for loan profitability of sales in the secondary market.

Requirements

• High School Diploma or equivalent (e.g. GED) required.
• Minimum of 1-2 years of experience in mortgage closing or post-closing is required, including at least one year within post-closing or secondary market is preferred.
• Familiarity with loan documentation, due diligence, servicing and regulatory guidelines are required.
• Proficiency with Encompass and loan pricing engines is essential.
• The candidate must have experience with and demonstrate a strong understanding of AdobePro including how to use AdobePro to organize multiple imaged loan documents in the secondary investor required stacking order.
• Excellent communication skills including ability to effectively communicate through written and verbal correspondence.
• Proficient in managing internal and external relationships, with attention to detail and regulatory compliance.
• Collaborative mindset with strong organization, problem-solving and multi-tasking skills.
• Demonstrated ability to assemble, organize, and meticulously check the completeness and accuracy of mortgage loan closing documents and data.

Nice To Haves

• Associate or bachelor’s degree preferred but not required.
• Prior experience in a credit union or community bank setting is preferred.

Responsibilities

• Review closed loan documentation for accuracy and adherence with secondary investor requirements ensuring 100% salability.
• Validate that all underwriting conditions have been met and are documented in the loan file including a review of the Loan Estimate(s) and Closing Disclosure(s) for adherence to TRID regulations and required timelines.
• Validate that any increased fees are associated with a valid change in circumstance and the change is properly documented in the loan file.
• Issue post-closing conditions for loan deficiencies and/or missing documents.
• Act as liaison between appropriate parties to resolve and procure outstanding post-closing conditions to ensure the loan meets investor requirements prior to and after the initial delivery to the secondary market investor.
• Responsible for assembling, organizing, and meticulously checking the completeness and accuracy of mortgage loan closing documents and data ensuring the final loan file is ready for delivery to the correct secondary investor for purchase.
• Handle investor requirements and conditions; respond to requests for information; and monitor loan status via the secondary investor websites.
• Monitor pipeline of each secondary investor to ensure loans are purchased timely and WCU does not incur late delivery penalties nor unexpected pricing adjustments.
• Manually register all MERS loans within the MERS system no later than 3 days after funding by WCU.
• Maintain an increased capacity to consistently review/package an average of 6-7 closed loans per day while maintaining a high standard of quality and remediating outstanding loan defects.
• Demonstrate initiative to resolve loan defects and clarify acceptable documentation for outstanding post-closing conditions.
• Responsible for ensuring documents/data in the final loan file have been accurately compiled and organized in the secondary investor’s required stacking order.
• Responsible for transmitting/shipping the final loan file to the correct secondary investor for purchase within the specified delivery period.
• Have the understanding and ability to reconcile daily MERS reports to ensure the data within the LOS operating system matches the data within the MERS system with no deficiencies.
• Responsible for generating the TOS/TOB transfers within 24 hours of a loan purchase; and notifying the secondary investor requesting acceptance of the transfer.
• Maintain an increased capacity to review 8+ loans per day while maintaining a high standard of quality and remediating outstanding loan defects.
• Have demonstrated ability to communicate and clarify complex information in a clear and concise manner with internal and external parties.
• Responsible for monitoring daily the “Loans Funded, not Shipped” secondary report ensuring final loan files have been transmitted/shipped to the correct secondary investor within the specified delivery period; and ensuring late delivery penalties are not incurred.
• Have the understanding and ability to second-level review/approve reconciled daily MERS reports to ensure the data within the LOS operating system matches the data within the MERS system with no deficiencies.
• Responsible for validating that all TOS/TOB transfers have been initiated within 24 hours of a loan purchase and reports have been documented accordingly to evidence same.
• Responsible for validating that all TOS/TOB transfers have been accepted by the secondary investor ensuring sold loans are no longer on WCU’s inventory within the MERS system.
• Adhere to all WCU policies, procedures, and guidelines.
• Participates in department and/or organizational projects as directed.
• Performs other tasks or functions as required, requested, necessary or prudent from time to time.
• Maintains confidentiality of all members and credit union information and data.
• Regularly demonstrates behaviors as defined by the credit union’s fundamentals, which are part of the workers way culture program.

Benefits

• Comprehensive medical, dental and vision plans
• Basic life and AD&D insurance, short-term disability and long-term disability
• 15+ days of paid time off (PTO) per year
• Up to 16 hours of volunteer time off (VTO) per year
• 11+ paid holidays
• 401(k) that includes a Safe Harbor Match of up to 4%.
• Tuition Reimbursement Program
• Mental health resources including an Employee Assistance Program (EAP)
• Individualized learning and development programs

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: High school or GED