Equity Loan Officer

About the Role

The position is responsible for the accuracy, content, and completeness of the equity application, related underwriting documents, and loan closing documents, within regulatory guidelines.

Responsibilities

• Work closely with Equity Loan Servicing to ensure an efficient and accurate loan process through signing and loan funding.
• Monitor and track incomplete or incorrectly submitted applications to identify knowledge gaps or trends.
• Assist applicants in choosing mortgage types and terms appropriate to their financial goals and situation, including understanding first mortgage residential products and referral processes.
• Perform loan closings, explain closing documents to members or staff, and answer questions.
• Manage a pipeline of equity loans, focusing on timely follow-up, approval ratio, and disbursal ratio.
• Manage outbound loan campaigns, including Preapproval and Loan Recapture programs.
• Conduct follow-up communications with new or existing members to secure mutually beneficial relationships.
• Identify and capture additional loan opportunities that create mutual benefit.
• Obtain and analyze credit reports to determine members' debt-to-income ratio and creditworthiness.
• Act as a relationship manager between Retail, BBO, MLO, Underwriting, Loan Operations, and Equity Servicing.
• Maintain knowledge of mortgage regulations and laws in compliance with policies and procedures.
• Perform other job-related duties as assigned.

Requirements

• High School diploma or General Education Degree (GED).
• Three (3) years of experience in a financial institution.
• Two (2) years of mortgage or equity lending experience (origination, processing, servicing).

Qualifications

• Understanding of Equity Products: Home Equity Line of Credit (HELOC) and fixed equity.
• Ability to process HPML equity loans, including setting up escrow accounts.
• Knowledge of credit union underwriting guidelines.
• Ability to learn and understand compliance guidelines of governing bodies (CFPB, FNMA, HUD, FHLMC).
• Typing speed of 45 words per minute.
• Proficiency in reading, writing, speaking, and using proper grammar in English.
• Ability to comprehend written instructions, correspondence, memos, and procedure manuals.
• Strong verbal communication skills for handling sensitive inquiries or complaints.
• Ability to apply common sense understanding to problems involving variables in standardized situations.
• Proficiency in calculating rates, ratios, income, and percentages.

Licenses and Certifications

• Registration with the Nationwide Mortgage Licensing System (NMLS) as a Mortgage Loan Originator (MLO) in compliance with the S.A.F.E. Act of 2008.
• FBI criminal background check clearance.

Work Environment and Physical Demands

• Occasionally required to reach with hands and arms.
• Regularly required to stand or sit; use hands for typing or keying.
• Occasionally lift and/or move up to 50 pounds.
• Specific vision abilities: close vision, distant vision, and peripheral vision.
• Quiet work environment.
• Ability to travel independently to department and branch locations.
• For remote work: business operational internet and dedicated workspace required.

Pay: $24/hr