Job Description
ESSENTIAL FUNCTIONS:
- Document Creation and Funding
- Responsible for the creation and remittance of loan closing documents for closing agent used in each transaction.
- Responsible to ensure that additional/supplemental documents are correctly sent to closing, including those required by underwriting stipulations.
- Review all loan documents for completeness and accuracy.
- Validate, correct loan compliance errors as needed by individuals. Utilization of working knowledge on TRID Regulations, particularly those relating to the “Loan Estimate, “Closing Disclosure” and proper timing requirements.
- Ensure quality and compliance of work to RCU’s policies procedures as well as RCU’s investor guidelines including those of Fannie Mae.
- Maintain current knowledge of policy and/or Federal, State, and regulatory changes that may affect the loan closing/funding processes.
- Conduct thorough review of executed loan documents to maintain compliance with Federal, State and/or local laws.
- Review executed loan documents and validate correct signatures, notary information, title reports and compliances with the Lender’s escrow instructions.
- Facilitate and validate the completion of all loan stipulations that are to be obtained “at closing”, “pre-funding” and/or “post funded”.
- Resolve basic loan documentation errors prior to funding.
- Utilize understanding of fee tolerance requirements including how to correctly resolve tolerance violations in legal timely manner.
- Review and approve the “Closing Disclosure” documented with the “Settlement Statement” from closing agent to ensure accuracy which includes but is not limited to:
- “Lender” and “Seller” fee credits are correctly itemized.
- “Buyer” charged fees from interested parties are accurate and compliant to law.
- All applicable fees are listed in correct sections.
- Escrow impounds correctly calculated and compliant to law.
- Rerun and issue final “Closing Disclosure” when required.
- Initiate wire transfer instruction as well as accurately reconcile loan proceeds as per lender’s “Closing Disclosure” and closing agent’s final Settlement Statement.
- Responsible for facilitating correct remittance of loan proceeds to closing agent(s).
- Input funding information into the; loan origination system and export to create records to Member accounts in core banking platform.
- Follow up with any post-closing issues that may arise.
- Provide support to stack loan documents and deliver to end investor(s) as required.
- Lending Operations Support
- Back up lending phone queue(s) as needed.
- Handle basic Member or interested party inquiries regarding loans originated in departments supported.
Non-Essential Functions
- Perform other duties as assigned.
- Provide general assistance in completing tasks or special projects as requested.
SUPERVISORY RESPONSIBILITIES: None
MINIMUM QUALIFICATIONS:
Knowledge, Skills, and Abilities
- Basic knowledge of mortgage lending guidelines and regulations.
- Clear understanding of RESPA and TRID regulation requirements.
- Experience using internet-based loan origination software; prefer experience with Accenture Mortgage Cadence and/or Episys Symitar platforms.
- Basic knowledge of investor guidelines (Fannie Mae Preferred) and compliance requirements.
- Ability to work in a high paced environment with self-driven initiative to effectively prioritize multiple tasks.
- Strong attention to detail.
- Experience creating residential loan closing documents.
- Ability to communicate effectively both verbally and in writing.
- Ability to establish and maintain effective work relationships with a diverse group of people including vendors and other Credit Union team members.
- Ability to act independently and confidentially, using discretion and tact.
- Ability to analyze situations and recommend workable solutions.
- Ability and desire to work in a team environment.
Physical Requirements
- Ability to stand, bend, stoop, sit, walk, twist, and turn.
- Ability to lift up to 20 pounds.
- Ability to use a computer keyboard and calculator.
- Work environment is indoors; majority of the time is spent sitting at a desk.
Education/Experience
A combination of education and experience equivalent to a high school diploma, with a minimum of two years’ related closing/funding experience in lending industry.
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