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Title

Mortgage Loan Processing and Closing Specialist 

Description

General Accountability

The primary purpose of this position is to assist Allegacy Federal Credit Union in living out its mission, “to help you make smart financial choices” and support the expected behaviors of the Synergy culture.  To achieve this goal the employee must provide outstanding service to both internal and external members. In addition, this position will process and close mortgage loans.  The Mortgage Loan Processing/Closing Specialist is expected to guide the loan application through the mortgage processing and closing process with speed and accuracy, while displaying excellent customer service skills and maintaining compliance with federal, state, local, and Investor guidelines and ensuring the mortgage loan funds in a timely manner.

 

Nature and Scope

This position reports to the Mortgage Loan Production Manager.  The processor/closing specialist provides processing and closing services on mortgages in the states in which the credit union lends mortgage monies.  This specialist meets deadlines. The processor/closing specialist communicates with the borrowers, closing agents and other vendors.  There is frequent interaction with the loan officers, the underwriter, and the Mortgage Production Manager.  Each processor/closing specialist reviews the completed closing packages of another processor/closing specialist prior to the shipping of the package to the closing agent and reviews the closed loan package after it is returned from the closing agent.          

 

Specific Accountabilities

  • Deliver outstanding service to both internal and external service that meets or exceeds our Service Promises.
    • We promise to treat you with the respect deserving of a team member.
    • We promise to find ways to offer simplicity and convenience.
    • We promise to recognize your needs and recommend innovative solutions.
    • We promise to ensure the security of financial information.
    • We promise to take ownership of your request.
    • We promise to express our appreciation for the opportunity to serve you.
  • Completion of all required compliance training to include BSA.
  • Meet or exceed established service goals.
  • Ensure thorough understanding of expectations and consistently exhibit Synergy Wheel behaviors.

·Coordinates loan closings by constant communication with members and closing agents; liaison between all parties to promote trouble free closings and monitor closing process with respect to closing deadlines

  • Ensures that closing agent is insured by a title insurance company legally able to do business in the jurisdiction where the mortgaged premises are located
  • Orders and review title insurance for issues affecting title and survey and ensure all necessary exceptions are removed
  • Reviews insurance coverage to ensure adequate coverage in accordance with Investor guidelines and the lender’s interest is properly protected
  • Confirms rate loan commitments and loan approval to ensure each closing is accurate
  • Responsible for preparation of closing instructions and closing documents required for loan type; ensure that complete and 100% accurate packages are shipped to closing agents and confirm closings were completed and documents returned to lender
  • Responsible for establishing appropriate escrows in compliance with RESPA
  • Ensures all fees on HUD-1 coincide with TIL itemization; HUD-1 is accurate and issue final approval
  • Prepare and submit accurate wire request to accounting department to order funds for closing and authorize closing agent to disburse funds
  • Complete all required due diligence prior to releasing funds to closing agent
  • Responsible for the receipt, distribution and gathering of documentation and for the submission of files to underwriting
  • Submit 95% of loans in process to underwriting within 15 days of receipt
  • Once file is underwritten and put into closing, finalize 75% of these loans with the status of “in closing” within 14 days
  • Handle cancelled and denied loans in accordance with guidelines
  • Responsible for communicating with borrowers, agents, and appraisers
  • Responsible for coordinating applications received from the Internet with collection of fees through authorize.net and General Ledger posting and balance of monthly statement for this account
  • Accurate file preparation for the loan officer
  • Responsible for clearing contingencies identified by the underwriter and communicating the loan decision to the borrower
  • Resolution of issues between the member, the closing agent and Allegacy
  • Originate and underwrite mortgage loans on an as needed basis
  • Assist with Homebuyer seminars
  • Cross sell other AFCU services
  • Expert knowledge of secondary financing
  • Punctual in attendance and will work overtime as needed
  • Perform special projects as required

 

Knowledge, Skills and Abilities

  • Knowledge of APR calculations for TIL and ability to balance HUD-1
  • Knowledge of clearing title conditions
  • Knowledge of prorating taxes, insurance and loan interest
  • Proficient in MicroSoft Office
  • Excellent problem solving skills
  • Excellent verbal and written communication skills
  • Good phone etiquette
  • Excellent customer service skills
  • Attention to detail and multi-task oriented; demonstrate accuracy in daily work
  • Ability to work independently while working as a team player
  • Ability to mange workflow to meet constant deadlines
  • Positive attitude, highly motivated, organized and able to prioritize
  • Willingness to work overtime as needed (long hours and weekend work may be required)
  • In depth knowledge of Secondary Market standards, relevant consumer protection law, federal and state regulations for mortgage lending
  • Knowledge of loan origination system, preferred
 
Position Requirements

Education and Experience

  • Two (2) or more years recent experience in residential first mortgage processing and mortgage loan closings and verifying the accuracy of HUD-1 and TIL, including post-closing review
  • Thorough knowledge of real estate transactions, comprehension of title insurance policies and interpretation of land surveys
  • Experience in residential first mortgage loan processing in compliance with Secondary Market guidelines
  • Paralegal degree, preferred
  • Eligible to be registered as a Mortgage Loan Originator with the Nationwide Mortgage Licensing System.

Our workforce is required to be fully vaccinated for Covid-19, with only very limited exemptions for legally recognized medical reasons or sincerely held religious beliefs.

 
Full-Time/Part-Time Full-Time  
Close Date  
Exempt/Non-Exempt Non-Exempt  
Location Allegacy Federal Credit Union - Headquarters  
About the Organization Do you get a thrill out of helping people realize their dreams? Do you believe that strong, personal relationships are critical to financial success? Do you want to work for an organization that has its community's best interests at heart? We do, too. That's why we work for Allegacy. Here, you'll find a challenging, rewarding career in one of the most unique entities of the financial industry. Allegacy Federal Credit Union is a place where inclusion and camaraderie thrive, and where everyone is united in their commitment to serving our members.

 
EOE Statement We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law.  
Pay Grade

This position is currently accepting applications.

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