Loan Purchase Processor

ESSENTIAL JOB FUNCTIONS

• Obtain Note, allonge, power of attorney and other loan documentation in connection with securing a collateral position for the bank in connection with purchased loans
• Upon receipt of an approval to purchase from underwriting team, a purchase advice is prepared, crediting all proper general accounts for record keeping, then creates a wire for funding of the purchases
• Determines proper next due dates on the loan and obtains pre-purchase documents required to be collected prior to purchase, working with FH and Lenderworks
• Inputs outgoing wire requests in WireXchange system and verifies data matches supporting documents
• Purchases Bankers Health Group (BHG) loans, preparing a purchase advice, crediting proper general accounts, and creating a wire for funding
• Creates a booking package with all required documents from all channels of purchase, construction, BHG or portfolio loans, and sends notification to the Loan Boarding team to board the new loan
• Completes post-purchase loan steps, such as generating a welcome letter with transfer information, transferring flood certifications, and completing MERS
• Maintains correct documentation on Y drive purchase folders for Nautilus retention
• Maintains monitoring of multiple disbursements of construction draws, updating logs, scanning source documents, and creating wires for funding
• Creates holdback fund accounts and maintains them according to draw requirements, sending documentation to Specialized Lending for backup
• Sends documentation to Specialized Lending for extensions or modifications on construction loans, working with Carter Bank business partners to create booking packages and process conversions
• Supports clearing trailing items from all mortgage channels, processing insurance settlement checks, and generating DDA accounts for disbursement upon approval
• Cuts checks and mails out PMI premiums on loans requiring PMI
• Reviews incoming correspondent loan funding packages, prepares journal entries, enters wires for funding, processes funds in DNA, and ensures all are booked to proper general ledger accounts
• Completes Sold Loan Reconciliation spreadsheet for correspondent loans that fund and are repurchased, ensuring Accounting has proper documentation
• Calculates estimated real estate taxes once construction loans are ready for permanent financing
• Acts as a liaison between Carter Bank Loan Servicing team and First Heritage Servicing team
• Ensures all loans with properties in flood zones have escrows included in loan documentation

JOB REQUIREMENTS

• High school diploma or equivalent required
• Prior real estate loan documentation expertise
• Intermediate understanding of mortgage loan documentation
• Intermediate knowledge of federal regulations related to mortgage loans
• Intermediate customer service skills
• Intermediate verbal and written communication skills
• Intermediate organizational skills
• Intermediate time management skills
• Intermediate problem-solving skills
• Basic proficiency with Microsoft Word and Excel