Job Summary
The Collateral Coordinator is an entry-level position within the Credit Operations Department. The Collateral Coordinator is responsible for acting as the liaison between the title companies and Michigan Mutual to ensure timely receipt of mortgage notes to warehouse Banks within five business days of mortgage closing.
Summary or Role and Responsibilities
• Communicates regularly with titles companies on the status of all outstanding collateral packages and those sent each day
• Reconciles and ensures that all data and documents are sent to the Warehouse Lenders within established time frames (i.e., five business days after mortgage closing)
• Coordinates delivery of original mortgage notes to Warehouse Lenders on a daily basis by reviewing collateral report
• Ensures that proper documentation is provided to the Warehouse Lenders, as per their individual requirements, to ensure quick collateral approval
• Maintains proprietary log of Warehouse Lender individual requirements
• Prepares and distributes daily report to track which mortgage loans have been sent to each specific Warehouse Lender
• Special projects, as assigned
Minimum Education Requirements
• High school diploma or equivalent
