Responsible for the preparation and review of the mortgage closing documents, and the closing and funding of first and second trust/HELOC mortgage loans in accordance with the NIHFCU’s and Investor’s policies, procedures and requirements.
Major Duties and Responsibilities:
- Follows up with Processing for the timely delivery of mortgage files scheduled for closing and logs in files received on the closing calendar.
- Reviews the closing conditions on the loan file and ensures that all required documentation and information needed for the loan closing is accurate and up to date, in order to clear the final conditions and work on the closing documents.
- Validates the subject property information and loan terms entered in the system with the final loan approval and inputs closing data into the LOS.
- Examines the title work, property taxes, hazard insurance amounts and any third party receipts to make sure the loan meets NIHFCU’s and the applicable Investor’s requirements.
- Interacts closely with management, processing, underwriting, loan officers, closing agents and borrowers, and provides updates, as needed, to achieve goals for production time, timely issued and accurate closing documents and member satisfaction.
- Performs a Good Faith Tolerance Audit
- Audits, adjusts and approves the final Closing Disclosure, prior to sending out to the members and settlement agents.
- Prepares and audits the wire transfer request and delivers to the Accounting Department in a timely manner to ensure the loan proceeds are wired on time.
- Prepares and reviews the closing packages, prior to sending out to the settlement agents, and ensures that the package is delivered no later than 24 hours prior to closing for refinance transactions and 48 hours – for purchase transactions.
- Carefully reviews the scanned signed closing packages e-mailed by the Settlement Agents prior to funding the loan, and notifies the appropriate parties of any deficiencies found.
- Ensures that the closing loan data, fees, dates and loan statuses in the LOS are correct on all closed loans.
- Funds any first trust mortgage loans and coordinates the delivery of the funded loan to Servicing no later than 3:00pm.
- Funds any second trust/HELOC loans and ensures the loan data transferred to Spectrum/Account Services is correct, by reviewing and adjusting the LOCH, LOX2 and MORT screens as needed. Sends out any payoff checks, if applicable.
- Instructs and trains new team members/loan closers in the daily duties required for the position.
- Other duties may be assigned by the Mortgage Operations Manager, in order to assist with the established NIHFCU and/or department goals.
- Serves as a back-up to the Post Closer/Quality Assurance Specialist, as needed, by conducting post-closing reviews of the residential mortgage loans originated, processed, and closed to ensure adherence to credit policy, underwriting, compliance and internal processes.
- Tracks any missing and post-closing trailing documents and initiates any changes/corrections that are needed.
- Prepares mortgage files for delivery to the Investor, if applicable, as required by investor guidelines.
Required Education and Experience:
- A minimum of 3-5 years closing and post-closing conventional 1st mortgage loans and home equity loans
- Must demonstrate a working knowledge of the CFPB, Fannie Mae/Freddie Mac guidelines as well as credit union lending policies, procedures, and regulations
- Must possess a thorough understanding of the requirements and features of the mortgage loan programs offered by NIHFCU, private investors, and the secondary mortgage market
- Must demonstrate the ability to conduct a thorough review of a loan file, analyze the requested closing transaction and quickly identify problems that may exist with the fee tolerances on the Loan Estimate and Closing Disclosures, as regulated by the CFPB, legal documents, title policies etc.
- Responsible for compliance with Federal, State, County, NCUA, NIHFCU, Private Investors, Freddie Mac/Fannie Mae and MI guidelines.
- College degree preferred or equivalent work experience needed
- Effectively communicate via telephone, e-mail or fax
- Analytical attention to detail
- Ability to learn and work in a fast paced environment
- Ability to multi-task and prioritize work as required
- PC proficient to include: Word, Excel, Outlook, internet and e-mail
- Knowledge of mortgage loan origination, processing and closing software