The primary responsibility for a Mortgage Loan Originator is to quickly define potential borrower wants and needs that conform to credit union and/or secondary market conventional and government mortgage loan underwriting guidelines while developing potential loan applications that are be originated through external referral sources for non-members, who are eligible for membership with the credit union, and generating repeat and referral mortgage loan opportunities, from closed loans, by providing timely assistance, prudent loan advice and exceptional service.
Secondarily a Mortgage Loan Originator is to quickly define potential borrower wants and needs that conform to secondary market conventional and government mortgage loan underwriting guidelines to existing members who have expressed an interest in obtaining a mortgage loan, when assigned responsibility for an internal application, and providing timely assistance, prudent loan advice and exceptional service that will lead to repeat and referral mortgage loan opportunities.
ESSENTIAL DUTIES include the following.
Maintain a subject matter expertise of current credit union and/or secondary market conventional and government mortgage loan programs and underwriting guidelines.
Maintain a subject matter expertise of regulatory required mortgage loan disclosures and daily or intra-daily mortgage loan rates and fees.
Direct borrowers to apply online for a mortgage loan application or in the alternative input mortgage loan applications, from a face to face or telephonic conversation, into an approved online application system a timely manner. For face to face applications complete section X of the residential loan application (INFORMATION FOR GOVERNMENT MONITORING PURPOSES), when not completed by the borrower or when a borrower indicates they do not wish to furnish the information, with a visual estimation of the required information.
For loan applications where a subject property has been indentified, obtain an initial automated underwriting analysis for a completed loan application and analyze an applicant’s ability to qualify for their loan request, what supporting documentation will be required and ascertain a reasonable estimated closing date for the loan. If it is apparent that the applicant(s) do not qualify for their loan request timely notify an assigned Loan Coordinator that the application must be denied.
Ensure that correctly completed regulatorily required initial mortgage loan disclosures are delivered to the loan applicant(s) within 3 business days of application and that the loan application file correctly shows the method of delivery and date of delivery.
Set reasonable expectation with applicants on the estimated time to complete a loan request, of required supporting documentation for the loan request to support underwriting requirements, and maintain active communication with applicant(s) throughout the processing of the loan. If it is apparent at anytime during the processing of the loan application that the applicant(s) no longer qualify for their loan request timely notify an assigned Loan Coordinator that the application must be denied.
Set reasonable expectations with interested parties (realtors, down-payment assistance programs, etc.) on the estimated time to complete a loan request and maintain active communication with interested parties throughout the processing of the loan.
Timely notate the lending technology platform of all conversations with applicant(s) and interested parties throughout the processing of a loan request.
Obtain from applicants all required supporting documentation, preferably in an electronic storable copy, review supporting documentation to ascertain its validity in meeting underwriting requirements and deliver the loan application and required supporting documentation to an assigned Mortgage Loan Coordinator within 5 business days of application.
For loan applications where a subject property has not been identified (subject property to be determined on a purchase transaction) preliminarily ascertain the applicant’s ability to qualify for a mortgage loan. If a credit report has been requested and an automated underwriting analysis has been completed maintain repeated timely contact with the applicant(s) to ensure that they are still interested in completing a loan request. When it is determined that the applicant(s) no longer wish to continue with their loan request ensure that the application is withdrawn or canceled.
Ensure compliance with all board policies, residential lending operating guidelines, and lending updates.
Contribute to the development and refinement of the credit union’s lending vision and strategy working in a team environment focused on member service and closing quality loans in a timely manner.
Other duties as assigned.
Repeatedly demonstrate the ability to originate external loan applications, on a monthly basis, to consistently close and fund twelve (12) or more external mortgage loans quarterly. Maintain and continually cultivate new external mortgage loan applicant referral sources that provide at least six (6) or more qualified external applications on a monthly basis.
To perform the job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed above under essential duties and performance standards are representative of the knowledge, skill, and/or ability required. To perform the job successfully an individual must be able to demonstrate good organizational, time management and customer service skills, with an ability to communicate verbally and writing in a clear, concise manner. Must be able to inspect and identify documentation errors and requires the ability to work basic mathematical formulas.
EDUCATION and/or EXPERIENCE:
An Associates or Bachelor degree is preferred with a minimum of three years related experience and/or training in real estate lending; or equivalent combination of education and experience in a related field.
CERTIFICATES, LICENSES, REGISTRATIONS:
Must have or obtain any license, certificates or registration as required by state or federal agencies that are presently required or may be required in the future.