Home Loan Post Closer

JOB TITLE: Home Loan Post Closer

DEPARTMENT: Home Loan Operations

STATUS: NON- EXEMPT

JOB CODE: 1328

PAY RANGE: $20.10 - $24.00 Hourly

GENERAL DESCRIPTION:

The function of this position is to review closed loan files for documentation accuracy; and ensure closed loans are properly setup and shipped to Investors, Agencies, GSEs and/or sub-servicer for either loan purchase, insuring or servicing on a timely basis to meet commitment expiration or file delivery deadlines.  In addition, ensure that loan files are purchased timely and accurately. 

TASKS, DUTIES, FUNCTIONS:

1. Complete Post Closing tasks:  1) Assign sub-servicer loan numbers to funded 1st mortgage loans, 2) Complete MERs registration on funded 1st mortgage loans, 3) Link mortgage loans in Teller navigator to member’s accounts for on-line viewing and access, 4) Complete MI documentation to setup Mortgage Insurance.
2. Obtain final Settlement Statement from Escrow.  Review final Closing Disclosures, make corrections as needed and issue Post Consummation Closing Disclosure if corrections are made.
3. Review the e-folder in Encompass on recently closed loans to ensure that all required documents for the Investors, Agencies, GSEs and/or sub-servicer are contained in the e-folder and filed under the appropriate placeholder.  Ensure required documents are complete and original note/riders are stored in fireproof filing cabinet.  Shred remaining paper loan documents.
4. Upload electronic files and send physical collateral packages to Investors, Agencies, GSEs and/or sub-servicer on recently closed loans for either loan purchase, insuring or servicing on a timely basis to meet commitment expiration or file delivery deadlines.
5. Upload loan data via GSE loan delivery portals for loan purchase on a timely basis to meet loan delivery requirements and deadlines.
6. Send required documents and/or request shipment of required documents, including the note, to the applicable Document Custodian (GSE, Agency or Golden 1) timely to meet loan document delivery deadlines.
7. Clear suspense items and ensure loans are purchased and/or insured by applicable Investors, Agencies and GSEs.
8. Reconcile purchase advices on Investor purchased loans and research any credits or checks from Investors, Title Companies and/or Vendors for principal reductions, funding overages or fee overages and forward to appropriate Accounting area.
9. Follow up and obtain outstanding funding conditions on closed loans.  Provide updates to management on a regular basis.
10. Communicate and interact with title companies, member(s), management, loan officers, Investors, GSEs, Agencies and other third party service-related vendors. Identify, investigate and respond to requests and inquiries in a timely manner.
11. Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance including bank secrecy and anti-money laundering laws appropriate to the position.
12. Perform functions in accordance with Golden 1’s performance competency standards
13. Perform additional duties as assigned by the Manager.

PHYSICAL SKILLS, ABILITIES, AND EXERTION UTILIZED IN THE PERFORMANCE OF THESE TASKS:

1. Effective oral and written communication skills required to interact with members, staff, branches, counties, title companies, servicing, investor staff, vendors and other department staff.
2. Must possess sufficient manual dexterity to skillfully operate an on-line computer terminal and other standard office equipment, such as financial calculators, personal computer, facsimile machine and telephone.

ORGANIZATIONAL CONTACTS & RELATIONSHIPS:

1. INTERNAL:  Credit Union management and all levels of staff.
2. EXTERNAL:  Members, title companies, escrow agents, real estate agents, credit reporting agencies, mortgage insurance companies, branches, Investors, GSEs, Agencies, and others as needed.

QUALIFICATIONS:

1. EDUCATION: Associate of Arts degree in Business or Finance is required. Equivalent work experience may be substituted for college degree.
2. EXPERIENCE: Three or more years of responsible mortgage lending experience within a Post-Closing department of a mortgage/financial institution.
3. KNOWLEDGE/SKILLS:

• Strong member relation skills
• Solid oral and written communication skills
• Solid analytical skills
• Ability to use logical reasoning, make objective observations, evaluations and recommendations
• Innovative with high- initiative in all activities
• Knowledge of Secondary market guidelines related to loan delivery and purchasing
• Maintain knowledge of mortgage industry and knowledge of G1 loan programs
• Attend training provided through seminars, webinars and weekly coaching as compliance, policies/procedures, or work processes dictate change

PHYSICAL REQUIREMENTS:

1. Prolonged sitting throughout the workday with occasional mobility required
2. Corrected vision within the normal range
3. Heavy telephone volume and computer usage
4. Hearing within normal range.  A device to enhance hearing will be provided if needed.
5. Ability to lift 15 lbs. as may be required
6. Occasional movements throughout the department daily to interact with staff, accomplish tasks, etc.
7. Unusually long work hours may be required to accomplish tasks
8. Ability to adhere to company established standards for mortgage volume and delivery and purchase turn time expectations.

LICENSES/CERTIFICATIONS:

A valid California driver’s license and a clear driving record are required.

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REV. 10/23/2024