Mortgage Loan Coordinator

Partners 1st Federal Credit Union will provide U with a competitive salary, paid illness, personal time, vacation, holidays, medical/dental/vision/life insurance, generous 401(k) retirement plan with company matches, tuition reimbursement, weekly pay, and a professional and fun office working environment.

Are U willing to provide our members with your enthusiasm for service, integrity to become their trusted financial partner, create and support quality teamwork among staff and able to apply your knowledge, skills and experience with member service and problem solving to accomplish important and meaningful work.

This position is for U if you are an excellent problem solver that is detail-oriented with a strong understanding of mortgage products and the mortgage industry and are able to work at our Directors Row location, Fort Wayne, IN, full-time, 40hrs/wk, with a schedule of:

Mon-Fri: 8:00am-5:00pm

There can be some flexibility with the schedule, as far as daily schedule, if needed.

Role

The Mortgage Loan Coordinator will oversee our 1st mortgage loans from beginning to end. The origination team will be responsible for soliciting new business, initiating the loan applications, reviewing, and processing the initial loan applications to get a clear to close from the underwriting team. The Mortgage Loan Coordinator will oversee that process in the background to ensure there are no delays or missing steps with the knowledge of mortgage processing to step in, if needed. The Mortgage Loan Coordinator will also take on the role of rate locks, sending all loan disclosures, closing preparation, and performing the post-closing review on all 1st mortgage loans. This role will be the secondary market expert for the credit union and require a strong understanding of underwiring guidelines, rate-lock contracts, and the selling of closed mortgages to various investors.

Major Duties and Responsibilities

This role requires behaviors and actions that reflect the credit union's culture, mission, and core values through exceptional service that supports both employees and members. A strong commitment to service excellence and member-focused solutions is essential to the success of this position and the credit union.

Loan Coordination Activities:

• Review all loan files for discrepancies, omissions, gaps, and then report any findings to the loan originator for correction
• Review pipeline daily to ensure all loan files are proceeding, address delays with the appropriate team(s)
• Review LOS Compliance Alerts daily and assist origination team to clear alerts
• Assist with loan processing, as needed
• Reviewing new loan files, calculating income and ratios
• Ordering 3rd party items for credit, title commitment, appraisal, employment verification, etc.
• Submitting files to underwriting and working with members on conditions
• Receive and assist with basic problem solving for the origination team; balancing ratio’s to LPA feedback, calculating self-employed income, and researching secondary market guidelines, etc.
• Process Adverse Action requests from origination team. Escalate file to VP for additional review if needed, if not, mail letters to member(s), and collet funds owed for 3rd party services.

Secondary Market Activities:

• Monitor secondary market pipeline daily and address upcoming expirations within a reasonable amount of time
• Prepare documentation to sell loans to investors
• Follow-up on the sale and report income to Servicing Team

Rate Lock Activities:

• Maintain daily rate sheets and upload to LOS each business day.
• Monitor rate lock requests daily and process efficiently; this includes new locks, extensions, change of circumstance updates, etc.
• A critical responsibility lies in assigning loan contracts to the correct investor to ensure the members receives the lowest rate possible and the CU earns the highest income on sale possible.

Disclosure Activities:

• Monitor loan disclosure requests daily and process efficiently
• Send rate lock disclosures within three business days of lock
• Send re-disclosures within three business days of change of circumstance
• Send preliminary closing disclosure within three business days of closing

Closing Preparation Activities:

• Complete closing instructions with information from origination team and work with closer at title company/attorney office to balance all closing figures
• Confirm loan closing with all parties; members, closer, origination team, realtors, etc.
• Prepare wire transfer documents for members, if applicable
• Send full closing package to settlement agent prior to closing

Post-Closing Activities:

• Perform post-closing review on all closed mortgage loans
• Review all signed loan package documentation for discrepancies or missing information. Follow up with settlement agents if necessary to obtain documents or request corrections.
• Track follow-up items on closed loans; recorded Mortgage/Deed of Trust, Final Title Policies, underwriting conditions, etc. Follow up with settlement agents if necessary to obtain documents.
• Organize loan file and deliver to Document Management for scanning
• Assists VP with reconciling monthly invoices and cross-references with closed loans

Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.

Performs other related job duties as assigned

Knowledge and Skills

Experience

A minimum of 3 years of experience in roles such as; Loan Processor, Document Specialist, Closing Specialist, Jr. Underwriter, etc. Must have current working knowledge of mortgage loan products (primarily Conventional) and knowledge of mortgage procedures, processes, and documentation. Working knowledge of Secondary Market and their automated underwriting systems such as LPA.

Education/Certifications/Licenses

Incumbents are required to maintain their registration active, and current, with the National Mortgage Licensing System throughout their employment. Current NMLS licenses or must be willing to get it within 90 days.

Interpersonal Skills

Excellent time management, interpersonal, communication, and follow-up skills. A significant level of trust and diplomacy is required to be an effective subject matter expert in the position. In-depth dialogues, conversations and explanations with customers, direct and indirect reports and outside vendors of a sensitive and/or highly confidential nature is a normal part of the day-to-day experience. Communications can involve motivating, influencing, educating and/or advising others on matters of significance.

Other Skills

The ability to analyze credit reports, income, and asset documents, as well as an understanding of general ways to structure a loan.

ADA Requirements

Physical Requirements

Perform primarily sedentary work with limited physical exertion and occasional lifting of up to 10 lbs. Must be capable of climbing / descending stairs in emergency situation. Must be able to operate routine office equipment including CRTs, typewriters, telephone, copier, facsimile, and calculator. Must be able to routinely perform work on computer for an average of 6-8 hours per day, when necessary. Must be able to work extended hours whenever required or requested by management. Must be capable of regular, reliable and timely attendance.

Working Conditions

Must be able to routinely perform work indoors in climate-controlled shared work area with minimal noise.

Mental and/or Emotional Requirements

Must be able to perform job functions independently or with limited supervision and work effectively either on own or as part of a team. Must be able to read and carry out various written instructions and follow oral instructions. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines / requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising highest level of discretion on both internal and external confidential matters.