Home Equity Loan Processor

Job Details

Description

Title: Home Equity Loan Processor

Department: Consumer Lending

Reports to: Home Equity Loan Processing Supervisor

FLSA: Non-exempt

Job Grade: 9

Job Purpose: Provides service to the credit union by processing loan documents related to home equity loans process in a manner that ensures compliance with all appropriate laws and regulations.

Essential Job Results:

JOB SPECIFIC RESULTS

1. Required to process all incoming Home Equity Loan and Home Equity Line of Credit applications. Processing would include, but not be limited to:
   
   • Ensuring that all disclosures are delivered to the member within the regulatory timeframe
   • Working with 3rd party vendors to obtain the necessary paperwork for processing the loan, such as title, property valuation, flood
   • Ensuring there is proper hazard insurance and flood insurance (if applicable) coverage
   • Preparing Loan Estimate an Closing Disclosure on Home Equity Loans and ensuring they are in compliance with regulation
   • Working with the Financial Services Officer and Members regarding any incomplete documentation or missing items or loan paperwork needed
   • Preparing all documents or closing
   • Working with the Financial Services Officer to schedule the closing and ensuring that all paperwork is submitted by the requested time
   • Ensuring that the loan proceeds are properly funded per the request of the member and/or underwriter and working to make sure the credit unions security interest is protected and all documents are recorded as required.
2. Responsible for reviewing and documenting 3rd party paperwork to ensure its accuracy and working with the 3rd party to clear any outstanding items or issues. This includes reviewing title work to ensure the credit union is secure in their lien position and reviewing appraisal to determine if it is adequate. Also, responsible for ensuring that 3rd party vendors are paid their fees as requested.
3. Required to record all information for the Home Mortgage Disclosure Act and the Loan Application Registry as per regulatory guidelines.
4. At the request of members, process Subordination Agreements. This would include obtaining the necessary paperwork from the mortgage company, validating the credit unions security position, preparing the document and collecting all necessary fees from the mortgage company.
5. Responsible for working with the front line sales team to address any questions, problems or concerns related to Home Equity Loans or Home Equity Lines of Credit.
6. Ensures all loan docs are properly stored on core System.
7. Performs post-closing review of other processors loans to ensure proper documentation is included in the loan file and all terms are correct.
8. Serves as primary authority responsible for compliance with all procedures and regulations throughout loan process.
9. Researches any rejected Home Equity Line of Credit check identified by Deposit Operations and contacts the member when necessary to verify if the check should be paid.

GENERAL STAFF RESULTS

1. Maintains member and employee confidence and protects operations by keeping information confidential and sharing on a business-related as-needed basis only.
2. Engages in problem resolution by clarifying the members and/or employees complaint; determining the cause of the problem; selecting and explaining the best solution to solve the problem; expediting correction or adjustment; following up to ensure resolution; and keeping the supervisor informed of problems and solutions.
3. Complies with UKFCU policies and procedures by enforcing and adhering to internal UKFCU procedures and board-established policies.
4. Complies with federal, state and local regulations and legal requirements by enforcing and adhering to requirements.
5. Maintains professional and technical knowledge by maintaining an awareness of competitors rates and terms, industry trends and technology; attending staff meetings; identifying opportunities to attend seminars that enhance skills and maintain knowledge of new products that could assist in improving operational effectiveness; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; and participating in professional societies.
6. Contributes to a team effort by accomplishing corporate and individual goals and other related results as needed.

KEY COMPETENCIES

• Professionalism in all communications.
• Commitment to the Credit Union movement and philosophy.
• Integrity in all actions.
• Ability to identify the needs of the member and provide services to meet those needs.
• Accountability to established metrics and performance goals.
• Demonstrate the following key leadership attributes: Collaboration and Teamwork, Professional Responsibility, Courage and Respect, Development of the Team, and Planning for the Future.

Qualifications

MINIMUM REQUIREMENTS

• One year of similar or related experience preferred
• Two year degree or equivalent experience.
• Ten-key calculator, general PC and computer keyboarding experience.
• Ability to communicate with others one-on-one; fielding questions and responding to complaints.
• Ability to work with other employees.
• Strong attention to detail required.
• Ability to define problems, collect data, establish facts and draw conclusions while dealing with a variety of abstract and concrete variables.
• Ability to write reports, correspondence and procedures.
• Ability to work independently.
• Ability to be self-motivated.
• Ability to work with strict deadlines and under pressure.

PHYSICAL DEMANDS:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is regularly required to sit and stand; use hands to finger, handle, or feel objects, tools, or controls; reach with hands and arms; and talk or hear. The employee frequently is required to walk and stand. The employee is occasionally required to stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception, and the ability to adjust focus.

WORK ENVIRONMENT:

The work environment characteristics described here are representative of those an emp.