Job Summary
This position completes loan activities for consumer loans including home equity lines of credit and home equity loans.
Responsibilities may include 1) reviewing and validating all initial loan documentation, ensuring loan files are in compliance, and review of customer supplied documentation, 2) the placement/ordering of vendor items as necessary, 3) working closely with lenders and underwriting to complete open required loan stipulations and conditions, 4) pre-closing/closing activities including obtaining mortgagee clause on homeowner's insurance policies, completing verification of employment, etc. and closing document preparation, 5) post-closing reviews of executed closed loan packages, and 6) the funding and booking of closed loans on Flagstar loan servicing systems.
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 to file 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 full knowledge in all components of loan processing depending on department needs. Takes an active role in ensuring loan files are in compliance related to all lending regulations including, but not limited to, RESPA, HMDA, Safe Act, TILA and TRID. This positions requires incumbent to have full knowledge and understanding of home equity products, along with a working knowledge of real estate property title searches and the ability to resolve title issues.
Position handles more complex and/or time critical loan applications such as self-employed borrowers, simultaneous mortgage closings with first mortgage division (SIMO), and other rush deals. Both supports the team lead and acts in their absence at the direction of the consumer finance operations manager in resolution of escalated situations from certified lenders and appraisal/title/flood exceptions. Is an active participant in process improvements and other Rapid Action type initiatives including, but not limited to, system testing for all applicable systems (LoansPQ, DocMagic, etc).
Job Responsibilities:
Processing & closing of home equity lines and loans
* Monitor loan processing system (LOS) for new applications received
* Review customer application documentation and complete the Pre-Registration process
* Review and validation of all initial documentation ensuring the documentation is accurate and complete and the loan file is in compliance
* Validation of initial documentation and creation of the Loan Estimate (LE) for home equity loan applications
* Manage individually assigned loan 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
* Places vendor orders (flood determination, title search/property report and property appraisal/evaluation)
* Review and interpretation of vendor documents received (property appraisals/evaluations, title searches, and flood certifications)
* Engagement with other Flagstar departments/employees to obtain information/documentation needed to complete loan files
* Gather information and inputs supporting application data for submission of file to underwriting for final approval
* Document LoansPQ with applicable loan information/documentation
* Request revisions and providing appropriate information to vendors to resolve curative title issues
* Review of the file and creation of the Closing Disclosure (CD) for home equity loans
* Create, review and explain real estate loan closing documents
* Post-Closing review of executed loan closing package
* Loan funding, distribution of loan proceeds and booking of loan on Flagstar loan servicing system on a timely basis
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
Coaching/Training
* Assists in training of new hire processing team members
* 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
* 3+ years Home Equity or mortgage processing and/or lending experience or industry equivalent experience
* Leadership, Communication, Trust Review and Flood Training preferred
* Thorough knowledge of home equity products
* Ability to review and book non-real estate related consumer loans (vehicle, CD secured, ODLOC, RV, etc.)
* General loan underwriting knowledge
* Full understanding of lending regulations including, but not limited to, RESPA, HMDA, Safe Act, TILA and TRID
* Ability to recognize issues with vendor items received (flood determinations, property reports (title searches) and property appraisals/evaluations.
* Thorough LoansPQ 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 general problems
* Demonstrated ability to work independently with proven attention to detail
* Ability to prioritize assigned tasks proactively
* Demonstrated ability to train others
* Perform other duties as required