Description
Provides support to Mortgage Production by receiving and splitting new loan files, assuring the information within the Loan Origination System (LOS) is correct, inputting and processing all initial/re-disclosures, and also mitigating risk by ensuring the loan meets compliance and internal/investor guidelines.
Essential Functions:
- Receives new loan files via Loan Origination System (LOS).
- Splits documents of new loan files into appropriate index according to document type
- Reviews loan information input by Third Party Originators (TPO), revises incorrect or inputs missing required information into the Loan Origination System (LOS).
- Mitigates risk by reviewing the initial Loan Estimate disclosures for accuracy and compliance (RESPA/Reg Z Regulations); calculating Loan Officer Compensation, verifies all fees are disclosed according to Regulations and ensures all amounts are accurately disclosed to borrower(s); re-discloses Loan Estimate for loan changes, as required.
- Orders Flood Determinations, Fraud Guard (Fraud Detection tool), and Tax Transcripts on all new loans. Performs a verification of address at USPS website for every loan. Orders SSN verification and Mortgage Insurance (MI) as needed. Retrieves Tax Transcripts, Flood Determinations, and SSN Verification after order is placed. Reviews and indexes all documents once they have been received.
- Performs necessary follow up on all Third Party Origination (TPO) appraisal orders to include retrieval from the vendor’s website, printing the appraisal to the Loan Origination System (LOS) and verifying appraiser against all Excluded Parties List and FHA approved appraiser Roster. Works closely with the Wholesale Underwriting staff to ensure all conditions for appraisal approval are ordered, tracked and reviewed.
- Processes all FHA Case Number assignments.
- Processes appraisal transfer requests, as necessary.
- Reviews new loan files to ensure minimum documentation is met before submitting loans to Underwriting Queue. Notifies Account Executive of any Pre-UW deficiencies.
- Receives and reviews “Underwriting Conditions” for accuracy and sufficiency before submitting to the Underwriter.
- Verify proper Limited Denial of Participation (LDP)/Government Services Administration (GSA) paperwork for each party associated with each loan. Input Limited Denial of Participation (LDP)/ Government Services Administration (GSA) screen within the LOS.
- Performs Clear to Close check, to include check of Final Loan Estimate, and 1st signature of the HMDA Checklist on each loan file.
- Verifies and ensures accurate Home Mortgage Disclosure Act (HMDA) information for Canceled/Denied loans. Compares loan information with the Loan Origination System (LOS), completes the Home Mortgage Disclosure Act (HMDA) checklist and cancels the Flood Determination.
- Communicates with Third Party Originator (TPO) on a variety of inquiries, follow up items, and scenario questions.
- Responsible for creating and maintain Policy and Procedures for given tasks.
- Maintains customer confidence and protects operations by following the Privacy Policy and keeping information confidential.
- Complies with bank procedures and follows regulatory, operational and security guidelines
Secondary Functions
- Performs office duties, such as copying, filing, faxing and distributing mail
- Stays current with industry knowledge and regulations by completing training sessions as scheduled.
- Provide support to the department by training new employees.
- Contributes to the team effort by working on special projects and performing other job-related duties as assigned.
- Answers incoming phone calls in a timely manner and transfers calls to appropriate individuals/departments or takes messages.
- Provide superior customer service and upholds customer satisfaction to both internal and external customers by answering questions and requests and providing information in a timely manner.
Job Standards:
- Possesses basic knowledge of most processes in the department within a 30 day time frame as evidenced by the ability to perform duties with limited guidance.
- Review loan information in Loan Origination System (LOS), split documents, order products, input required information within a 30 day time frame with 100 % accuracy.
- Minimum 4 “New” loan files processed per day. Reviews and processes 4 Pre-Underwriting “condition” files per day within 24 hours of receipt. Submits conditions to UW within 24 hours of receipt. Performs Clear to Close function for loan files within 24 hours of receipt.
- Updates HMDA information for denied files as needed daily.
- Must obtain or already have NMLS registration completed for the SAFE Act.
- Answers phone within 3 rings and returns phone calls or responds to requests and/or questions within a 24-hour turnaround.
- Maintains regular attendance and punctuality as evidenced by attendance records.
- Demonstrates excellent customer service, both in person and on phone, as evidenced by minimal complaints from Broker/Correspondents and management observation.
- Responds to requests and/or questions within a 24-hour turnaround.
Requirements
Physical Requirements:
- Talking—Ability to express or exchange ideas by means of the spoken word.
- Hearing—Ability to receive detailed information through oral communication.
- Seeing—Ability to view a computer screen for an extended period of time and identify individuals visually.
- Finger dexterity—Ability to work with fingers for handling documents and uses a keyboard.
- Sitting—Ability to sit for extended period of time.
- Reaching- ability to extend hands/arms in any direction to move/handle objects
Knowledge, Skills and Abilities:
- High school diploma or equivalent required; 2 years mortgage industry experience required.
- Understanding of mortgage related documents and compliance test preferred
- Must have a professional, well-groomed, business-like appearance, with the ability to communicate verbally and in writing with all types of individuals, provide superior customer service and work well with others.
- Must be able to utilize industry-related software, available to work over 40 hour work week as needed
- Demonstrated abilities in accuracy/thoroughness and excellent written/verbal communication skills are required.
- Must be able to change priorities quickly, work effectively under time constraints and contribute to the team effort.
- Ability to learn word processing, spreadsheet and industry-related software is required, Word and Excel preferred.
PM19
