Mortgage Loan Processor

Description

About BankFund:

BankFund Credit Union is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, BankFund maintains three full-service branches downtown with our headquarters located near Farragut West metro station. This position is classified as a hybrid role which means that on-site work will be expected. After completion of training for the role, staff generally work on site 40% of the time but this is subject to change based on health and safety standards and operational need.

Summary

The role of the Loan Processor is to coordinate the processing of the real estate loan application from origination to approval, while maintaining internal and external Service Level Agreements.

Responsibilities

• Reviews Mortgage and Home Equity loan files for accuracy and completeness prior to submission to the Underwriting Department for approval.
• Verifies all pertinent loan information documentation to ensure that all key ratios are being used for the approval process and meet internal as well as investor guidelines. (such as Income, assets, appraisal)
• Verifies AUS System findings (Desktop Underwriter)
• Orders and reviews items such as appraisals, employment verifications, loan verifications as well as private mortgage insurance (delegated and non-delegated), and condominium documents as is applicable to the loan application.
• Ensures all data is accurately uploaded in the Mortgage Loan Origination System.
• Maintains contact with members throughout the Mortgage application process and provides updates regarding the status of the application.
• Effectively manages and maintains an assigned real estate pipeline.
• Coordinate and prioritize the flow of information, communication and documentation with the Mortgage Loan Originator, Loan Underwriter and Loan Closer to ensure that settlement dates and investor commitments are met. Organizes workflow to ensure maximum productivity.
• Summarizes and documents all member interactions in the Customer Relationship Management (CRM) system and handles all documents in accordance with Credit Union procedures.
• Maintain a working knowledge of current Credit Union Lending procedures.
• Must be able to obtain and maintain registration with the National Mortgage Licensing System (NMLS). Maintenance of their unique identifier number includes applying for an annual recertification through the NMLS database.
• Successfully participate in Annual Information Security refresher training. Comply with the Information Security Policy, including the immediate reporting of unusual or suspicious activity to management and the Information Security Officer. Follow all procedures to protect company computers from viruses, and to maintain the security and confidentiality of Credit Union data.
• Participate in annual Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) training and demonstrate knowledge and understanding of the BSA and OFAC, including the immediate reporting of unusual or suspicious activity to the Risk Management Department. Undertake additional training specific to daily responsibilities and as required to ensure continued compliance with all applicable regulations.
• Ensure the Credit Union’s safe harbor protections as allowed by the BSA. Understand that if confronted with knowledge of existence of a Suspicious Activity Report (SAR), an obligation exists to preserve the confidentiality of that SAR, as well as any information that may reveal the existence of a SAR. Maintain awareness of, and immediately report to the Compliance Officer, any unauthorized disclosure of a SAR, or unauthorized disclosure of information related to a SAR. Understand that failure to do so is a violation of federal law and may lead to both civil and criminal penalties for SAR disclosure violations.
• Adheres to Service PACT philosophy and standards, throughout all interactions when acting as a representative of BFSFCU.
• Undertakes other work-related duties as assigned by the Supervisor and Manager of Loan Operations.
  
  

Requirements

Minimum Qualifications:

Education

Associates Degree in related field or equivalent combination of Education and Experience

Experience

• Two years lending experience preferred
• Proficient with Desktop Underwriter (DU)
• Well developed communication and member relations skills
• Proven ability to organize and prioritize tasks in a fast paced environment
• Proficient in Computer software programs
• Proven ability to work independently with efficiency
  
  

For internal purposes, this position is graded as NE-8.

The anticipated annualized base salary range for this position is $60,000 to $75,000. Final base salary for this role will be based on the individual’s job-related experience, skillset, training, certifications and market demands. The benefits available for this full-time position include but are not limited to: medical, dental, and vision insurance, 401(k) plan, life insurance coverage, disability benefits, tuition assistance program and paid time off, including paid parental leave benefits. In addition to base compensation salary, this role position is eligible for an annual incentive plan.