To process equity loans in accordance with applicable federal/state laws, as well as Navy Federal’s policies and procedures. To provide information to members regarding equity loan requirements, products and related services.
1. Processes equity loan applications according to established guidelines and requirements.
• Interviews and counsels members face-to-face and over the telephone and enters equity applications into Application Processing System (APS)
• Provides detailed information on available Navy Federal equity loan products, clarifies questions/concerns and resolves problems regarding processing loan, loan pricing and loan terms
• Communicates outstanding documentation requirements and sets appropriate deadlines for submission
• Examines preliminary title work, status reports (termite, well/septic inspection), hazard, and flood insurance policies to determine if property condition/insurance is within acceptable levels
• Relays loans status to member and other member approved parties (e.g., real estate agent, settlement agent), responds to inquiries and resolves any issues concerning the processing of the equity application
• Prepares loan disclosures required by Federal/state laws (e.g., Three Day Documents, Good Faith Estimate, Truth-In-Lending)
• Verifies “intent to proceed” by member prior to collecting required fees, requesting appraisal and ordering title work
• Reviews received applications for accuracy and submits for decision via Automated Underwriting (AU) or Manual Underwriting (MU) depending on loan terms and conditions
• Identifies circumstances in which additional documentation may be required (e.g., private roads, trust documents, buyout agreements)
2. Coordinates final loan application changes, revisions and corrections with other equity staff, closing agents and settlement attorneys to ensure accurate and efficient processing of equity loans.
• Acts in the capacity of a Loan Officer (LO) on applications status and communicates with member regarding outstanding documentation issues
• Prepares/submits final applications and member appeals for submission to the Credit Underwriting staff and Appraisal Underwriting staff for a decision
• Coordinates schedule of settlement with member and settlement agent/notary public
• Analyzes/evaluates title binder to determine status of title, title exceptions for acceptability; takes corrective action and obtains or orders additional documentation if required
3. Records, tracks and monitors documentation issues and productivity.
• Reviews approved equity loans for completeness, accuracy, and additional information required to close loan
• Ensures loan was reviewed by appropriate management level for closing release
• Reviews HUD-1 with Closer, Settlement Agent (if applicable) and the Member to ensure accuracy
• Ensures that loans are in compliance with governing federal/sate laws, as well as Navy Federal, NCUA and Federal Home Loan Bank guidelines and regulations
4. Performs other related duties as required or appropriate.
• Works independently and may serve as resource and guide to other Equity Processors
• Functions mostly independently and resolves more complex loan processing/documentation issues
• Monitors and ensures compliance with government regulations
• Conducts quality control reviews of executed equity loan & closing documents
• Communicates errors/omissions in loan processing and documentation to appropriate personnel
• Completes final documentation reviews of own loans and may assist Production Supervisor with performing documentation review for Equity Processors II as needed
• Incumbent will be required, prior to the assumption of employment duties, to register with the Nationwide Mortgage Licensing System and Registry; includes fingerprinting and background checks
• Superior knowledge of equity loan programs and processing & closing policies/ procedures including loan documentation and RESPA requirements
• Resolves more complex problems related to mortgage/equity loan processing, closing & documentation
• Highly effective interpersonal, oral and written communication skills
• Demonstrates ability to review/analyze loans for applicable federal/state/county regulations, as well as compliance with NCUA/NFCU and secondary marketing regulations
• Superior attention to detail with the highest degree of accuracy
• Familiar with NFCU objectives, policies, programs, services, organizational and functional relationships as they related to equity lending
• Working knowledge of NFCU mortgage processing functions and technologies
• Knowledge of Navy Federal objectives, policies, programs, services, organizational, and functional relationships beyond Equity Lending
Equal Employment Opportunity
We reserve the right to fill this role at a higher/lower grade level based on business need.
Navy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/Disability
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