Home Equity Loan Coordinator

About the role

The Home Equity Loan Coordinator is responsible for ensuring fast and efficient processing of all second mortgage products including lines of credit, closed-end, bridge, and piggyback loan applications during the processing and closing stages of the loans. This position is crucial to ensuring this multi-step process is compliant with all federal regulations, second mortgage loan disclosures and documents are completed accurately, and loan fulfillment is completed timely for our members.

Responsibilities

• Ensures all steps of processing home equity lines of credit are completed by ordering, collecting, analyzing, and validating information such as credit reports, proof of income, proof of insurance (homeowner’s, condo, and flood), property appraisals, title abstracts, flood certifications, property deeds, and other mortgage-related documents such as memorandum of trust, recorded power of attorney, or other supporting documents while ensuring compliance with all federal regulations, credit union policies, management practices, underwriting instructions and stipulations.
• Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated.
• Affords assistance with title curative measures including mortgage liens, judgments and other liens, and other items that may propose risk to WPCU’s lien position.
• Affords assistance with identifying necessary deed corrections and communicating what is needed to complete home equity processing.
• Creates a seamless transition through the various stages of the second mortgage process. This includes taking the application from the Financial Coach and continuing timely communications with the members up to and including coordinating a closing date with members while meeting expected turn times.
• Responsible for knowing, understanding, and complying with all federal and state regulations pertaining to second mortgage lending, such as Regulation B, Regulation C, Regulation F, Regulation G, Regulation P, Regulation V, Regulation X, and Regulation Z, and Bank Secrecy Act (BSA).
• Provides extraordinary service to Partners and members. Develops and maintains a vast knowledge of the second mortgage loan product guidelines for quick and accurate answers to Partners and members. Coordinates activities by effectively working with Member Centers, Member Help Center, appraisers, title companies, insurance companies, online closing vendors and other vendors and maintains knowledge of each of these areas to make sure the overall member experience is exceptional.

Requirements

• High school diploma with four or more years equivalent work experience.
• Two years’ experience specific to first and/or second mortgage lending or servicing is required.
• Requires active NMLS or ability to obtain within 45 days of hire. Maintain all required NMLS and Safe Act licensing requirements.
• Prior experience in reviewing credit reports, documenting borrower/member income, and validating data received during a loan interview.
• Have a high attention to detail with strong analytical and research skills.
• Demonstrated ability to learn and apply appropriate software applications to complete job functions including credit union core system, consumer lending system, Microsoft Office products and any third-party systems used in the process.
• Demonstrated ability to analyze credit reports, tax returns, property appraisals, title commitments, flood searches and other mortgage related documents, as well as prepare second mortgage closing documents.
• Demonstrated ability to learn and adhere to federal and state regulations/laws, credit union policies and management practices as they pertain to second mortgage lending.
• Communicates clearly with members, Partners, other financial institutions, title companies and third-party vendors.
• Demonstrated ability to analyze, reason, problem solve and prioritize work independently and design recommendations to accomplish business and strategic goals.

Skills

• Professional level communication skills, including written, verbal, and listening skills are required.