What are the responsibilities and job description for the Real Estate Lending Advisor position at First Alliance Credit Union?
Position: Real Estate Lending Advisor
Department: Real Estate Lending Department
Reports to: Real Estate Manager
Classification: Non-Exempt
Supervisory Relationship: None
Purpose: Actively seek opportunities to increase mortgage volume and promote the credit union’s mortgage services to the community charter area. Provide objective and competent home mortgage financing advice and information on credit union products and services to members according to all credit union policies, procedures and compliant with Federal and State rules and most recent regulations. Interview applicants for real-estate mortgage loans. Prepare,
analyze, and document all required forms and related documentation for real-estate loans. Approve or deny loan applications based on analysis of each applicant's creditworthiness, determined by industry standards up to designated lending authority. Promote credit union products and services; this includes serving as a resource for branch staff to help meet the needs of the members of the Credit Union.
Performance Measurements
Physical Requirements of This Position
Mental Requirements of this Position
All other duties assigned by direct manager apply. This job description is not meant to be an all-inclusive statement of every duty and responsibility required. Critical duties of the job are described above. They may be subject to change at any time based on the needs of the organization. Compensation Addendum
Incentive based compensation can potentially encourage behaviors that are not always in the best interest of the members or organization. Incentives or commissions are not bad, but they do create the potential for conflicts of interest. We believe we have honest and ethical employees, however moving forward, we feel using the past incentive based compensation plan could potentially cause behaviors that do not align with our mission, vision and values. We believe it is not appropriate to put our employees, members, board of directors, nor culture in this compromised position.
Therefore, we have made the decision to replace the current compensation program to one that more aligns with our structure and philosophy. We will pay what the job is worth, commonly referred to “market pay.” Our employees have the benefit of working for an organization that truly exists for the financial wellbeing of the member. They will never be pressured to do anything that is not in the best interest of the members. We will be reinforcing those beliefs to a with the transition to a more transparent compensation plan that aligns with these goals. This change will not alter the performance expectation set forth in the job description above, and we will still expect the same work effort and dedication as always has been.
Non-exempt Hourly Rate
Employees with non-exempt status are protected by the wage and hour laws of our state, or by the Federal government (Fair Labor Standards Act). Wage and hour laws require employers to pay at least a certain minimum hourly wage rate and premium rate for overtime work. They are also a guide for determining which on-the-job hours constitute work, and thus must be compensated. Non-exempt employees are entitled under the FLSA to time and one-half their regular rate of pay for each hour they actually work over the applicable FLSA overtime threshold in the applicable FLSA work period. The normal FLSA work period is the work week—7 consecutive days. And the normal FLSA overtime threshold is 40 hours per work week. First Alliance Credit Union work week is Saturday through Friday.
A non-exempt employee working 40 hours per week, and who is scheduled to work hours on a Saturday or more than 8 hours per day, is either given those hours over 40 per week, time off during that same work period, or paid overtime. First Alliance does not allow compensatory time (comp time) to be banked or multiple weeks of comp time added up for days off.
Overtime will be allowed, but only on a manager approved basis, based on the needs at the time.
This position is also eligible for a member satisfaction bonus per month up to $300. See details for more information on how this program works.
Member Satisfaction Survey Bonus Program
A bonus will be paid to the Mortgage Loan Officer as well as the Mortgage Loan Processor or Representative that was assigned to the closed loan and did the primary amount of work on the loan, for which we received a completed survey back from the member.
This is paid for exemplary performance on the member survey results. Bonus will be paid based upon the year-to-date individual member satisfaction results received as the end of the prior month. For example, member satisfaction bonus paid in April will be based on the YTD individual member survey results from January 1 to March 31. To be eligible for this monthly bonus, First Alliance Credit Union must have received a minimum of 1 returned survey in the prior month.
Bonus will be paid according to the following monthly schedule:
First Alliance Credit Union provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
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Department: Real Estate Lending Department
Reports to: Real Estate Manager
Classification: Non-Exempt
Supervisory Relationship: None
Purpose: Actively seek opportunities to increase mortgage volume and promote the credit union’s mortgage services to the community charter area. Provide objective and competent home mortgage financing advice and information on credit union products and services to members according to all credit union policies, procedures and compliant with Federal and State rules and most recent regulations. Interview applicants for real-estate mortgage loans. Prepare,
analyze, and document all required forms and related documentation for real-estate loans. Approve or deny loan applications based on analysis of each applicant's creditworthiness, determined by industry standards up to designated lending authority. Promote credit union products and services; this includes serving as a resource for branch staff to help meet the needs of the members of the Credit Union.
Essential Job Functions
Gather mortgage loan applications for first mortgages, home equity lines of credit and closed ended home equity loans. Verify accuracy; conduct loan interviews with members. Monitor all online mortgage inquiries, prequalification, and preapproval requests. Expect to return requests to members within 24 hours. Follow-up with members to obtain any additional documentation to complete a loan application file and clear all conditions. Work closely with processors and director to successfully originate and close first mortgage loans.- Follow procedures and processes set forth for receiving and completing a full mortgage application and gathering documentation from applicants.
- Calculate closing costs and explain these to the member. Provide all applicable disclosures, following regulatory procedures in accordance to T.R.I.D. in a timely and accurate fashion.
- Examine all income documentation requested, tax returns, asset statements and other documents as needed for a complete mortgage file. Calculate debt to income ratio and run the appropriate automated underwriting findings if applicable.
- Pull credit reports for all accounts, verify debts, and estimate monthly payments for any outstanding debts not listed and add them to debts on application.
- Check credit report to determine credit worthiness of application based on industry standards for collateral/equity value.
- Approve or deny second mortgage open-end and closed-end loan applications under authority delegated by policy.
- Document the member’s choice of title company and choice in home insurance. We may not steer any members into a certain company for either of the above.
- Assign file to processor- They will request the real-estate appraisal, flood certification, title work, homeowners insurance and flood insurance (if applicable)
- Be mindful of underwriting conditions, prepare ahead of the file to gather information that is suspected will be asked for in conditions.
- Establish repayment and interest schedule based upon loan guidelines and rates. Responsible for locking rates within the target pricing guidelines set forth in the department. Deviations over or about this target pricing range must be asked for from Director of Mortgages for prior approval.
- Work closely with processor to assure all files are processed efficiently and with minimal errors.
- keep in contact with the member during the entire loan process. The member should be contact at each milestone in the loan process. At intervals of: within 24 hours of first contact, with communication of additional items needed to complete a file, at loan submission, at initial disclosure time, at loan processor assignment, at loan appraisal order, at appraisal receiving, at lock time, at closing time and any other time deemed necessary. Attend closings with members, as much as time allows.
- Writing up loan requests, for consideration of approval to credit committee, for in house portfolio loans that will not fit secondary market.
- Assist the director of mortgages with networking events to attract new relationships to the credit union
- Make appropriate referrals to member service representatives for car loans, credit cards, membership, and accounts.
- Maintain up to date knowledge of underwriting guidelines partnered MI companies and investors as well as secondary market guidelines.
Performance Measurements
- Functions are efficiently, effectively, and accurately performed in accordance with established policies, standards, and security procedures.
- Good business relations exist with members. Member problems and complaints are promptly and professionally addressed and resolved.
- Accurate and complete information about credit union products and services is provided to members.
- Good working relationships and coordination exist with personnel and with management. Appropriate assistance is provided to staff as needed. Supervisor is informed of activities.
- Required reports and records are accurate, complete, and timely.
- The credit union’s professional reputation is conveyed and maintained. Full disclosure of all file information is expected. Truthful files and loan application integrity assumed. Details of all loan information known must be disclosed. Omissions of information are not allowed.
Qualifications
- Education/certification
- High school graduate or equivalent required
- 2 year degree or 4 year degree in finance, accounting, business management is preferred
- Must be eligible or is currently licensed for National Mortgage Licensing System requirements and pass background check
- Required Knowledge
- General knowledge of credit union policies and procedures
- Basic understanding of loans, payment process, and credit union products.
- Experience Required
- At least one year of experience in member service and mortgage lending. Requires a basic knowledge of secondary market guidelines including products and underwriting.
- Call center experience is preferred but not required.
- Skills/Abilities
- Excellent communication and public relation skills
- Ability to work well under pressure
- Ability to use a personal computer and related software applications.
- Solid math and bookkeeping abilities
- Working knowledge of personal computers and skilled in Microsoft Office applications. Working knowledge of loan origination systems a plus.
Physical Requirements of This Position
- Finger Dexterity
- Using primarily fingers to make small movements such as typing, picking up small objects or pinching fingers quickly
- Talking
- Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, and quickly
- Average Hearing
- Ability to hear average or normal conversation and receive ordinary information
- Average visual abilities
- Average/ordinary visual accuracy necessary to prepare or inspect documents and products or operate machinery.
- Physical Strength
- Sedentary work, sitting most of the time.
- Occasionally exert up to 30 lbs. of force.
Mental Requirements of this Position
- Reasoning Ability
- Ability to apply common sense understanding to carry out detailed but uninvolved instructions and to deal with problems involving a few variables.
- Mathematics Ability
- Ability to perform very basic math skills including addition, subtraction, multiplication, and division of two digit numbers. The four basic arithmetic operations with money and operations with units such as inch, foot, yard, ounce, and pound (including their metric counterpart)
- Standard office conditions
All other duties assigned by direct manager apply. This job description is not meant to be an all-inclusive statement of every duty and responsibility required. Critical duties of the job are described above. They may be subject to change at any time based on the needs of the organization. Compensation Addendum
Incentive based compensation can potentially encourage behaviors that are not always in the best interest of the members or organization. Incentives or commissions are not bad, but they do create the potential for conflicts of interest. We believe we have honest and ethical employees, however moving forward, we feel using the past incentive based compensation plan could potentially cause behaviors that do not align with our mission, vision and values. We believe it is not appropriate to put our employees, members, board of directors, nor culture in this compromised position.
Therefore, we have made the decision to replace the current compensation program to one that more aligns with our structure and philosophy. We will pay what the job is worth, commonly referred to “market pay.” Our employees have the benefit of working for an organization that truly exists for the financial wellbeing of the member. They will never be pressured to do anything that is not in the best interest of the members. We will be reinforcing those beliefs to a with the transition to a more transparent compensation plan that aligns with these goals. This change will not alter the performance expectation set forth in the job description above, and we will still expect the same work effort and dedication as always has been.
Non-exempt Hourly Rate
Employees with non-exempt status are protected by the wage and hour laws of our state, or by the Federal government (Fair Labor Standards Act). Wage and hour laws require employers to pay at least a certain minimum hourly wage rate and premium rate for overtime work. They are also a guide for determining which on-the-job hours constitute work, and thus must be compensated. Non-exempt employees are entitled under the FLSA to time and one-half their regular rate of pay for each hour they actually work over the applicable FLSA overtime threshold in the applicable FLSA work period. The normal FLSA work period is the work week—7 consecutive days. And the normal FLSA overtime threshold is 40 hours per work week. First Alliance Credit Union work week is Saturday through Friday.
A non-exempt employee working 40 hours per week, and who is scheduled to work hours on a Saturday or more than 8 hours per day, is either given those hours over 40 per week, time off during that same work period, or paid overtime. First Alliance does not allow compensatory time (comp time) to be banked or multiple weeks of comp time added up for days off.
Overtime will be allowed, but only on a manager approved basis, based on the needs at the time.
This position is also eligible for a member satisfaction bonus per month up to $300. See details for more information on how this program works.
Member Satisfaction Survey Bonus Program
A bonus will be paid to the Mortgage Loan Officer as well as the Mortgage Loan Processor or Representative that was assigned to the closed loan and did the primary amount of work on the loan, for which we received a completed survey back from the member.
This is paid for exemplary performance on the member survey results. Bonus will be paid based upon the year-to-date individual member satisfaction results received as the end of the prior month. For example, member satisfaction bonus paid in April will be based on the YTD individual member survey results from January 1 to March 31. To be eligible for this monthly bonus, First Alliance Credit Union must have received a minimum of 1 returned survey in the prior month.
Bonus will be paid according to the following monthly schedule:
YTD member Satisfaction rating to Mortgage Loan Officer
Member Satisfaction Bonus Pay
1.00 through 2.65
$300
2.64 through 3.55
$100
4.549 or lower
$0
YTD Member Satisfaction rating to Processor assigned
Member Satisfaction Bonus Pay
1.00 through 2.65
$300
2.64 through 3.55
$100
4.549 or lower
$0
First Alliance Credit Union provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
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