Job Summary
This position completes loan activities for consumer loans, home equity lines of credit and home equity loans.
Responsibilities may include but not limited to 1) reviewing and validating all application and final loan documentation, review of customer supplied documentation and ensuring loan files are in compliance, 2) the placement/ordering of vendor items as necessary, 3) working closely with lenders, processing and underwriting to complete open required loan stipulations and conditions, 4) pre-closing/closing activities including obtaining loan payoff documentation and completing verbal verification of employment, 5) preparation of consumer and home equity document packages for branch and electronic (e-sign) closings 6) preparation of initial closing disclosures for approved home equity loans, 7) funding and booking of closed loans on Flagstar loan servicing systems and 8) post-closing monitoring and follow-up to ensure Flagstar Bank lien perfection for secured loans.
Understanding all aspects of loan product and process is key to this position. Move loan files to appropriate queues once documentation is received and uploaded and document those actions taken. This position requires employee to be highly detailed, with the ability to quickly transition from one task to another with a high degree of accountability and documentation. The ability to function with basic knowledge in all components of loan processing, closing and funding, depending on department needs. Basic knowledge of lending regulations including, but not limited to, RESPA, HMDA, Safe Act, TILA and TRID. This position is incumbent to develop knowledge and understanding of home equity and consumer loan products.
Job Responsibilities:
Closing and booking of consumer loans and home equity lines/loans
* Monitor loan processing system (LOS) for new applications received
* Review and validation of all initial documentation ensuring the documentation is accurate and complete and the loan file is in compliance.
* Manage various assigned consumer loan and home equity queue(s) to ensure all items are completed timely and accurately
* Identify required collateral valuation method dependent upon requested loan amount and other related criteria
* Engagement with other Flagstar departments/employees to obtain information/documentation needed to complete loan files
* Document LoansPQ with applicable loan information/documentation
* Review of the file and creation of the Closing Disclosure (CD) for home equity loans
* Complete pre-close requirements (verification of employment, updating of hazard insurance for additional insured and obtaining any needed payoffs, etc.)
* Creation and review of loan document package for closing
* Loan funding, distribution of loan proceeds and booking of loan on Flagstar loan servicing system on a timely basis
* Loan monitoring to ensure Flagstar lien perfection on secured loans
Operations
* Ensuring loan file updates are documented within the LOS system
* Ensuring all loan files are in compliance
* Provide support to lenders and third party vendors as needed to ensure loan closings are seamless
* Assist in reviewing/resolving QC/QA findings/questions and associated reporting
* Testing of new processes, procedures, and (LOS) processing system upgrades and improvements
* Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar's internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
Job Requirements:
* Reliable Home High Speed Internet required
* HS Diploma, GED or Foreign Equivalent required
* 1+ years Consumer Loan processing and/or lending experience, including HELOANs and HELOCs or industry equivalent experience
* Leadership, Communication, Trust Review and Flood Training preferred
* Basic knowledge of home equity products
* Basic knowledge of non-real estate related consumer loans (vehicle, CD secured, ODLOC, RV, etc.)
* Basic loan underwriting knowledge
* Limited to basic understanding of lending regulations including, but not limited to, RESPA, HMDA, Safe Act, TILA and TRID
* Demonstrated ability to order vendor items (flood, title, and property appraisal)
* Basic consumer loan origination system knowledge
* Demonstrated ability to nimbly transition through multiple priorities and tasks
* Commitment to meeting the expectations and requirements of internal and external customers with a sense of urgency
* Proven customer service skills
* Excellent listening, verbal and written communication skills
* Excellent follow up and organization skills
* Understanding of MS Office Suite with intermediate technical and computer skills; ability to navigate quickly within various applications
* Demonstrated ability to maintain confidentiality using tact and diplomacy
* Ability to work overtime based on business need
* Ability to solve basic problems
* Demonstrated ability to work independently with proven attention to detail.
* Carries out assigned tasks as directed
* Ability to assist in training of new hire processing team members
* Perform other duties as required
