Real Estate Lending Post Closer Lll

$1000 Signing Bonus effective 1/20/2024 Note:All full-time positions include the option of $0 out-of-pocket premium cost for Employee Only PPO AND exceptionally low premiums for all other PPO coverage levels. HOURS FOR POSITION: Monday -Friday 8:30am-5:00pm

The Real Estate Lending Post Closer lll (RELPClll) is responsible for the timely and thorough post-closing review of funded residential first mortgage, and home equity loan and line of credit files. The RELPClll will verify the loan files are complete, have been boarded properly, and are ready for loan servicing or sale, as applicable. The RELPClll will resolve post-closing issues that arise, escalating to Management as appropriate.

The RELPClll ensures that security instruments can be and are recorded, final title policies are received in a timely fashion, and that Tower Federal Credit Union (TFCU) has a secured, perfected, insurable and saleable loan, as applicable. The RELPClll is responsible for ensuring all required documents are obtained for loans originated and/ or purchased in the correspondent channel, when applicable.

Principal Accountabilities and Functions

Conducts post-closing review of funded first mortgage loans and funded home equity loans and lines of credit, ensuring that all closing instructions/conditions of the loan approval have been adhered to.

Ensures all loan documents and closing packages are electronically scanned into the system and prepares collateral files.

Carefully reviews the scanned signed closing packages and notifies the appropriate parties of any deficiencies found.

Monitors and ensures rate lock and closing purchase deadlines are met, and ships closed loan files to appropriate investor, as applicable, after post -closing review.

Ensures that the loan file complies with state and federal regulations and complies with guidelines from TFCU, Investors, and mortgage insurance providers including but not limited to FNMA, FHA, FHLMC, VA, USDA, and other private investor requirements.

Ensures all closing documents have been executed properly and obtains missing and corrected closing documentation as necessary from title companies, attorneys or members.

Prepares corrective documentation when necessary.

Ensures that all trailing post-closing documentation and any documents needing corrections, have been received in a timely manner.

Reviews title commitment conditions and verifies final title policies received have no exceptions affecting TFCU lien position.

Must ensure that follow- up on any outstanding items needed is regular and timely so that TFCU is able to perfect its mortgage lien against the subject collateral property.

Updates the LOS with all necessary status changes and dates as the loan moves through the post-closing review process.

Creates and reviews pipeline reports so that tracking of outstanding first mortgage loan issues can be monitored.

Identifies, analyzes, and resolves any post-closing issues that may arise during the review of the loan file by the Loan Servicing Department or Secondary Marketing escalating to Management as appropriate.

Coordinates the transfer of collateral files to the Loan Servicing Department when the post- closing process is completed.

Reviews and transmits electronic files to final loan storage data center.

Maintains up to date knowledge of the credit union's first mortgage and home equity products, guidelines and procedures in order ensure compliance with all regulatory requirements and to ensure that the loans being funded are meeting all TFCU, MI and investor guidelines, including but not limited to, FNMA, FHA, FHLMC, VA, USDA.

Participates in monthly, quarterly, and annual HMDA compliance data validation, reconciliation and sampling reviews as directed by Management.

Resolves data discrepancies between LOS and loan documentation, identifies root causes, and recommends corrective actions as appropriate to ensure that critical loan documentation accurately reflects loan approval credit ratios and other loan data.

Assists with internal and external audit preparation as assigned.

Accesses Member personal and financial information only as required for specific files/cases. Maintains confidentiality and security of all Member information.

Participates in special projects and assignments under the direction of the Assistant Vice President of QA & Regulatory Compliance, Real Estate.

Acts as a backup for Supervisor Post Closing and assists with review and tracking of home equity Mortgages/DOTs prior to transmittal to 3rd Party Vendor for recordation as appropriate.

Performs related duties and assignments when assigned by the Supervisor Post Closing which may include but is not limited to preparation of and monitoring post-closing pipeline reports for Management.

Work may involve motivating, influencing, coaching or training others.

Required Qualifications

High School Diploma or equivalent required.

Five to seven years of experience as a residential mortgage loan closer or post-closer or title closer with an emphasis on first mortgages sold to FNMA, FHA, FHLMC, VA, USDA and others as well as successful analytical decision making and special attention to detail.

Experience must demonstrate experience with selling loans to FHA, VA, and with MERS requirements

Or an equivalent combination of education and experience.

Possesses a thorough knowledge of standard loan programs and demonstrates an understanding of the necessary documentation requirements for closing and funding loans.

Demonstrates strong knowledge of real estate lending concepts, practices, and procedures including federal and state regulatory requirements.

Knowledge, Skills and Abilities

Ability to interpret, understand and apply TFCU Real Estate Lending Guidelines and FNMA, FHA, FHLMC, VA, USDA or other Investor Guidelines.

Ability to multi-task and prioritize work as required.

Ability to work and communicate effectively with TFCU members, real estate agents, title companies and other members of the Real Estate Lending and Servicing teams.

Ability to work independently and to identify/solve problems and to seek guidance when necessary and to resolve them in an expeditious manner.

Demonstrated computer proficiency to include Microsoft Office Suite (Word, Excel, Outlook), and mortgage loan origination software among other programs used in the department.

Ability to adapt to changes required by internal, market or regulatory environments.

Ability to effectively organize workflow, loan files and documents.

Ability to exercise prudent judgment in decision-making and concerning protection of member confidential information.

Ability to arrive at work routinely and promptly.

Ability to work within stringent time constraints and in a high- pressure environment

Ability to receive constructive feedback from co-workers and management.

Ability to work in a team environment and demonstrate the ability to help others.

Ability to write operational reports, business correspondence and complete required loan origination forms.

Ability to interpret various procedures and instructions provided in written form.

Ability to effectively represent the credit union to members and third-party strategic partners.

Has knowledge of and adheres to credit union policies and procedures and all regulations related to the bank Secrecy Act, the USA Patriot Act and OFAC.

Working Conditions

Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate.

Ability to lift up to 20lbs., with or without assistance, in compliance with ADA.

The Real Estate Lending Post Closer lll (RELPClll) is responsible for the timely and thorough post-closing review of funded residential first mortgage, and home equity loan and line of credit files. The RELPClll will verify the loan files are complete, have been boarded properly, and are ready for loan servicing or sale, as applicable. The RELPClll will resolve post-closing issues that arise, escalating to Management as appropriate.

The RELPClll ensures that security instruments can be and are recorded, final title policies are received in a timely fashion, and that Tower Federal Credit Union (TFCU) has a secured, perfected, insurable and saleable loan, as applicable. The RELPClll is responsible for ensuring all required documents are obtained for loans originated and/ or purchased in the correspondent channel, when applicable.

Principal Accountabilities and Functions

Conducts post-closing review of funded first mortgage loans and funded home equity loans and lines of credit, ensuring that all closing instructions/conditions of the loan approval have been adhered to.

Ensures all loan documents and closing packages are electronically scanned into the system and prepares collateral files.

Carefully reviews the scanned signed closing packages and notifies the appropriate parties of any deficiencies found.

Monitors and ensures rate lock and closing purchase deadlines are met, and ships closed loan files to appropriate investor, as applicable, after post -closing review.

Ensures that the loan file complies with state and federal regulations and complies with guidelines from TFCU, Investors, and mortgage insurance providers including but not limited to FNMA, FHA, FHLMC, VA, USDA, and other private investor requirements.

Ensures all closing documents have been executed properly and obtains missing and corrected closing documentation as necessary from title companies, attorneys or members.

Prepares corrective documentation when necessary.

Ensures that all trailing post-closing documentation and any documents needing corrections, have been received in a timely manner.

Reviews title commitment conditions and verifies final title policies received have no exceptions affecting TFCU lien position.

Must ensure that follow- up on any outstanding items needed is regular and timely so that TFCU is able to perfect its mortgage lien against the subject collateral property.

Updates the LOS with all necessary status changes and dates as the loan moves through the post-closing review process.

Creates and reviews pipeline reports so that tracking of outstanding first mortgage loan issues can be monitored.

Identifies, analyzes, and resolves any post-closing issues that may arise during the review of the loan file by the Loan Servicing Department or Secondary Marketing escalating to Management as appropriate.

Coordinates the transfer of collateral files to the Loan Servicing Department when the post- closing process is completed.

Reviews and transmits electronic files to final loan storage data center.

Maintains up to date knowledge of the credit union's first mortgage and home equity products, guidelines and procedures in order ensure compliance with all regulatory requirements and to ensure that the loans being funded are meeting all TFCU, MI and investor guidelines, including but not limited to, FNMA, FHA, FHLMC, VA, USDA.

Participates in monthly, quarterly, and annual HMDA compliance data validation, reconciliation and sampling reviews as directed by Management.

Resolves data discrepancies between LOS and loan documentation, identifies root causes, and recommends corrective actions as appropriate to ensure that critical loan documentation accurately reflects loan approval credit ratios and other loan data.

Assists with internal and external audit preparation as assigned.

Accesses Member personal and financial information only as required for specific files/cases. Maintains confidentiality and security of all Member information.

Participates in special projects and assignments under the direction of the Assistant Vice President of QA & Regulatory Compliance, Real Estate.

Acts as a backup for Supervisor Post Closing and assists with review and tracking of home equity Mortgages/DOTs prior to transmittal to 3rd Party Vendor for recordation as appropriate.

Performs related duties and assignments when assigned by the Supervisor Post Closing which may include but is not limited to preparation of and monitoring post-closing pipeline reports for Management.

Work may involve motivating, influencing, coaching or training others.

Required Qualifications

High School Diploma or equivalent required.

Five to seven years of experience as a residential mortgage loan closer or post-closer or title closer with an emphasis on first mortgages sold to FNMA, FHA, FHLMC, VA, USDA and others as well as successful analytical decision making and special attention to detail.

Experience must demonstrate experience with selling loans to FHA, VA, and with MERS requirements

Or an equivalent combination of education and experience.

Possesses a thorough knowledge of standard loan programs and demonstrates an understanding of the necessary documentation requirements for closing and funding loans.

Demonstrates strong knowledge of real estate lending concepts, practices, and procedures including federal and state regulatory requirements.

Knowledge, Skills and Abilities

Ability to interpret, understand and apply TFCU Real Estate Lending Guidelines and FNMA, FHA, FHLMC, VA, USDA or other Investor Guidelines.

Ability to multi-task and prioritize work as required.

Ability to work and communicate effectively with TFCU members, real estate agents, title companies and other members of the Real Estate Lending and Servicing teams.

Ability to work independently and to identify/solve problems and to seek guidance when necessary and to resolve them in an expeditious manner.

Demonstrated computer proficiency to include Microsoft Office Suite (Word, Excel, Outlook), and mortgage loan origination software among other programs used in the department.

Ability to adapt to changes required by internal, market or regulatory environments.

Ability to effectively organize workflow, loan files and documents.

Ability to exercise prudent judgment in decision-making and concerning protection of member confidential information.

Ability to arrive at work routinely and promptly.

Ability to work within stringent time constraints and in a high- pressure environment

Ability to receive constructive feedback from co-workers and management.

Ability to work in a team environment and demonstrate the ability to help others.

Ability to write operational reports, business correspondence and complete required loan origination forms.

Ability to interpret various procedures and instructions provided in written form.

Ability to effectively represent the credit union to members and third-party strategic partners.

Has knowledge of and adheres to credit union policies and procedures and all regulations related to the bank Secrecy Act, the USA Patriot Act and OFAC.

Working Conditions

Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate.

Ability to lift up to 20lbs., with or without assistance, in compliance with ADA.