Job Abstract

Note: All full-time positions include the option of $0 out-of-pocket premium cost for Employee Only PPO AND exceptionally low premiums for all other PPO coverage levels.

Tower is offering a $1000 Signing/Retaining bonus as of 1/20/2024.

HOURS FOR POSITION: Monday - Friday 8:30am-5:00pm

SUMMARY OF POSITION:

The Home Equity Loan Consultant (HELC) is responsible for processing home equity loans by ordering, obtaining and analyzing documentation required to facilitate the movement of loans through to closing as efficiently and timely as possible. The HELC is responsible for timely communication with all appropriate internal and external parties associated with the home equity loan transaction ensuring an accurate exchange of information to achieve successful and timely closings of the home equity loans in their pipeline.

The HELC is responsible for the examining, evaluating, and underwriting of all home equity loans in their individual pipeline in order to assess the risk, confirm compliance with guidelines and all regulatory requirements and to render a credit decision. The HELC will have the authority to approve/counter-offer/recommend for denial home equity loans within specified guidelines along with the ability to recommend guideline and policy exceptions to Management.

PRINCIPAL ACCOUNTABILITIES AND FUNCTIONS:

1. Processes home equity loans from date of application through to Clear to Close ensuring that all requirements and conditions have been met while maintaining compliance with state and federal regulations to include but not limited to the CFPB (Consumer Financial Protection Bureau) and in accordance with the Dodd-Frank Act regarding ATR (Ability to Repay) and the QM (Qualified Mortgage), as well as underwriting guidelines from Tower Federal Credit Union (TFCU), Mortgage Insurance (MI) and other investors.

1. Orders and collects all documentation required to complete the processing of the loan file in preparation for submission to underwriting, timely and accurate

1. Verifies and analyzes documentation received to include, but not limited to, credit report, paystubs, W-2s, personal tax returns, business tax returns, bank statements, retirement statements, property appraisals, AUS findings and any other documents necessary to determine adherence to TFCU and MI guidelines and overlays.

1. Reviews and analyzes documentation obtained throughout the process in order to determine continuous loan eligibility and an update of the data in the LOS to ensure data integrity.

1. Resubmits loan to Mortgage Cadence Decision Tool as review and analysis of documentation dictates.

1. Prepares and discloses the Loan Estimate (LE) in accordance with all federal regulations set forth by the CFPB, RESPA and Reg Z including the updating of fees within acceptable parameters and tolerances and timely delivery of the LE to the member on applicable fixed term home equity loans.

1. Documents a Change in Circumstance (COC) each time fees are updated on the loans ensuring compliance with all federal regulations set forth by the CFPB on applicable fixed term home equity loans.

1. Prepares and timely delivers the Closing Disclosure (CD) to the member with thorough communication and explanation of the CD and the requirements to receive the signed CD back from the member in order to meet a specific scheduled settlement date on applicable fixed term home equity loans.

1. Maintains regular and timely contact, obtaining and disseminating appropriate information, with appropriate internal and external parties to include Loan Advisors, Management, Members, Real Estate Agents, Insurance Agents, Appraisal Management Companies, other Vendors, Private Mortgage Insurance Companies, and other Investors in order to achieve goals for processing time, financing contingencies, settlement dates, pull through and member satisfaction.

1. Prices loans and reviews product and rate variations with members.

1. Underwrites home equity loans to ensure compliance with state and federal regulations to include but not limited to the CFPB (Consumer Financial Protection Bureau) and in accordance with the Dodd-Frank Act regarding the ATR (Ability to Repay) and the QM (Qualified Mortgage), as well as underwriting guidelines from TFCU, MI, and other investors.

1. Underwrites and evaluates the risk on all real estate lending mortgage loan applications daily in accordance with established service and production levels in order to render a timely prudent underwriting decision.

1. Reviews and analyzes all information on the loan application matching it to the documentation in the loan file and data in the Loan Origination System (LOS).

1. Reviews debts listed on credit report, calculate income, determines available assets and cash to close/reserves, calculates the debt to income ratio and loan to value in order to ensure loan meets all guidelines, overlays and other applicable requirements.

1. Performs a careful in depth examination of the appraisal report and collateral for the loan. Analyzes the appraisal report to determine the acceptability of the collateral, that the value is supported, that marketability is acceptable and supported by the report data and that it meets TFCU, MI, USPAP, and investor requirements.

1. Reviews and updates all information and data on the loan in the LOS as necessary.

1. Enters all applicable loan conditions in the LOS and updates the loan status accordingly.

1. Finalizes the Loan Application, and the Transmittal Summary (1008) making detailed comments supporting the credit decision.

1. Orders and obtains mortgage insurance, if required, ensuring that the loan also meets any underwriting guidelines and credit overlays by the mortgage insurance companies.

1. Issues Internal Loan Approval and prepares Commitment Letter, ensuring accuracy of product information, underwriting conditions and commitment expiration dates.

1. Obtains necessary lending authority signatures and approval when terms of loan are outside of underwriter’s lending authority level.

1. Recommends loans for denial to Management when loans cannot be restructured or counter-offered to meet guidelines.

1. Reviews any changes in loan terms, income, asset, etc. made to the loan throughout the process, evaluates the effect on the original decision, and makes necessary adjustments/updated as required.

1. Transmits, submits and updates loan to the AUS each time there is a change in the loan terms, value, income, and/or assets with changes that exceed allowable TFCU tolerance levels.

1. Documents conditions, conversations, and observations within the LOS of record.

1. Communicates file status and/or any problems that arise with all appropriate parties.

1. Monitors underwriting pipeline continually to ensure timely movement of files in order to meet deadlines for rate locks, financing contingencies, settlement dates, and established Service Level and Performance Standards set forth by TFCU Management.

1. Works in collaboration and partnership with other members of the Real Estate Lending Team and TFCU Team.

1. Maintains a thorough knowledge of TFCU and MI guidelines and requirements ensuring all loans underwritten are in compliance.

1. Performs related duties as assigned.

REQUIRED QUALIFICATIONS:

• High school diploma or possession of an equivalent certification.
• Three to five years of experience as a home equity loan processor or mortgage loan processor.
• Experience to include successfully working with DU or LP automated underwriting systems.
• PC Proficient to include: Word, Excel, Outlook, internet, e-mail and mortgage loan origination software.
• Thorough knowledge of home equity loan products and demonstrates an understanding of the necessary documentation requirements in order to render a credit risk and overall approval decision.
• Thorough knowledge of real estate lending practices, including state and federal regulatory requirements, Tower FCU and MI guidelines.
• Successful registration, including compliance and maintenance of registration, with Nationwide Mortgage Licensing System and Registry in compliance with Secure and Fair Enforcement Licensing Act (SAFE Act).

COMPETENCIES:

• Analytical decision making ability with attention to detail.
• Ability to learn and work in a fast paced environment.
• Ability to multi-task and prioritize work as required.
• Ability to effectively work with mathematical concepts with a high degree of accuracy.
• Ability to interpret, understand and apply TFCU Real Estate Lending Guidelines and Mortgage Insurance guidelines.

• Ability to work and communicate effectively with TFCU members, real estate agents, title companies and other members of the Real Estate Lending team.
• Ability to work independently and to identify/solve problems and to seek guidance when necessary and to resolve them in an expeditious manner.
• Ability to verbally convey work process issues to other members of the Real Estate Lending Department.
• Ability to adapt to changes within internal, market or regulatory environments.

• Ability to effectively organize loan files and documents.
• Ability to exercise prudent judgment in decision-making and protection of member confidential information.
• Ability to arrive at work routinely and promptly.

• Ability to work within stringent time constraints and in a high pressure environment.
• Ability to receive constructive feedback from co-workers and management.
• Ability to work in a team environment and demonstrate the ability to help others.

• Ability to write operational reports, business correspondence and complete required loan origination forms.

• Ability to interpret various procedures and instructions provided in written form.
• Ability to identify emerging problems in the loan origination process and resolve them in an expeditious manner.

• Ability to effectively represent the credit union to members and third-party strategic partners.
• Has knowledge of and adheres to credit union policies and procedures and all regulations related to the Bank Secrecy Act, the USA PATRIOT Act and OFAC.

WORKING CONDITIONS:

• TFO clearance
• Ability to periodically work overtime when operating conditions dictate.
• Ability to sit, stand and walk for extended periods and demonstrate sufficient dexterity and vision to operate a variety of office equipment.
• Ability to lift up to 20 lbs. with or without assistance.
• Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate.

This position description is not necessarily all inclusive in terms of work detail