Mortgage Loan Officer

US-IN-Mishawaka
# of Openings
10
Department
Mortgage

Summary

The Mortgage Loan Officer (MLO) proactively solicits new residential mortgage business and originates mortgage loan products to existing and potential new members to meet production goals while maintaining loan quality standards. In this sales role, the Mortgage Loan Officer continually identifies, develops and maintains a quality network of business relationships that serves as a recurring source of referrals for new mortgage lending opportunities. This network will likely consist of a combination of Real Estate Professionals, Builders, Professional and Personal contacts.

 

In addition, the MLO will cultivate positive relationships with other credit union partners to originate new money mortgage transactions for existing members. Key to success is the MLO’s regular promotion of the credit union’s product and service offerings by participating in business related development opportunities, community efforts to promote homeownership, and professional organizations.

 

Ultimately, the MLO’s success is measured by the ability to deliver successfully closed new mortgage loans that comply with governmental and institutional requirements.

 

Specific Responsibilities

This position must effectively carry out the essential duties of this position in a manner that consistently demonstrates the Core Values of the Credit Union in a positive manner. The essential duties and responsibilities include the following, however other duties many be assigned as needed.

 

  • Possesses strong mortgage product knowledge and understanding of underwriting and investor requirements. Engages in active continuous learning to stay current as products and guidelines evolve.
  • Establishes and maintains referral relationships and/or programs with Realtors/Builders, Select Partner Groups, Credit Union Partners, and Credit Union Members. Makes sales presentations, performs sales calls, and hosts seminars to raise awareness and grow real estate originations. Becomes involved with Realtors/Builders by attending sales meetings, luncheons, association meetings and business/social events and participating at the events and volunteering for committee assignments.
  • Maintains awareness of market trends and makes positive recommendations to leadership to assist in the development/implementation of new products and services to help maintain competitive edge.
  • Engages with members and prospects to understand their goals and objectives. Provides financial advisory services as mortgage expert. Counsels and presents tailored mortgage solutions to help them achieve their goals.
  • Successfully educates the borrowers on the benefits of utilizing other credit union services and recognizes opportunities for additional product and service offerings of the credit union. Refers the borrowers to other credit union partners for non-mortgage product fulfillment.
  • Helps potential borrowers understand their likely purchase ability through prequalifications with due care not to provide any loan commitments in advance of complete loan underwriting.
  • Personally interviews applicant to prepare or reviews applicant-prepared Mortgage Loan Application (Form 1003). Inputs loan application information into loan origination system.
  • Offers accurate pricing and coordinates rate lock requests on behalf of borrowers.
  • Provides all required disclosure documentation to applicants in a timely basis in compliance with regulatory and departmental requirements.
  • Coordinates with applicant to make sure all required supporting documents and information are obtained. As information is received, reviews new information to ensure the accuracy of the mortgage loan application is maintained.
  • Once a complete file is compiled, submits to the processing and underwriting teams for evaluation. Makes recommendations for approval or denial for consideration by the processing/underwriting partners based on information obtained and program requirements.
  • Works diligently with processing and underwriting teams to obtain additional required information or resolve issues/concerns during loan processing. Helps ensures proper resolution of any mortgage application problems.
  • Attends loan closings and assists member in understanding loan documentation and requirements of agreements.
  • Shares Best Practices with peers and leadership and contributes to departmental Procedures Manuals where warranted (including updates, revisions, and creating new procedures for new and existing loan products and services)

SUPERVISORY RESPONSIBILITIES:

 No requirement.

 

PERFORMANCE STANDARDS:

  • Sustains business development and production activities to achieve assigned production goals.
  • Demonstrates accuracy in documentation from application taking to closing documentation.
  • Maintains compliance with governmental and institutional regulations, policies, practices, and procedures.
  • Utilizes strong organizational skills and a sense of urgency to originate loans in a timely manner.
  • Originates mortgage loans in a manner that ensures underwriting can be performed accurately and in accordance with secondary market guidelines and credit union policy/guidelines.
  • Adheres to core values which include professionalism, respect, teamwork, integrity, and accountability.

Requirements

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential function.

 

  • This position prefers a Bachelor’s degree in Business or related field of study.
  • Verifiable experience and sales success in residential mortgage origination required.
  • Must possess excellent communication, organization, time management and decision-making skills and have extensive and broad knowledge of mortgage loan programs and investor/secondary market requirements.
  • In addition this position must have a thorough knowledge of Federal and State regulations affective mortgage lending.
  • Experience with FHA/VA and construction loans is valued.

LANGUAGE SKILLS:

Qualified person must be able to read and interpret documents such as credit bureau reports, debt to income ratio reports, policy and procedure manuals. Ability to write routine reports and correspondence along with the ability to speak effectively with borrowers and other partners of organization will be required.

 

MATHEMATICAL SKILLS:

Individual must be able to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. The individual must have the ability to compute rate, ratio, and percent and to draw and interpret bar graphs.

 

REASONING ABILITY:

Must have the ability to solve practical problems and deal with a variety of concrete variables in situations where a considerable amount of standardization exists. In addition, the individual must be able to interpret a variety of instructions furnished in written form, including but not limited to Loan Policy and Procedural Manuals, Regulation Z, The Fair Credit Reporting Act, and Mortgage Lending regulations.

 

CERTIFICATES, LICENSES, REGISTRATIONS:

Must meet Nationwide Mortgage Licensing System and Registry (NMLS) compliance standards

 

PHYSICAL DEMANDS:

The physical demands described here are representative of those that must be met by a partner to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

 

While performing the duties of this job, the partner is regularly required to use hands to finger, handle, or feel objects, tools, or controls and talk or hear. The partner frequently is required to walk and sit. The partner is occasionally required to stand; reach with hands and arms; and stoop, kneel, crouch, or crawl.

 

The partner must occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, peripheral vision, and the ability to adjust focus.

 

WORK ENVIRONMENT:

The work environment characteristics described here are representative of those a partner encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate. It may increase to somewhat louder levels when printer operations are involved.

 

MENTAL DEMANDS:

The partner is frequently required to use alertness, precision, resourcefulness, problem solving, numeric, persuasiveness, auditory perception, memory, creativity, concentration, judgment, writing ability, reading ability, reasoning, imagination, initiative, patience, visual perception, comparing and analyzing.

 

REGULATORY COMPLIANCE & CONFIDENTIALITY:

Follows regulatory and policy compliance requirements, which would include those efforts in compliance with Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC) and Anti-Money Laundering (AML) Regulations and other compliance related Policies. Also this position requires maintaining confidentiality with regard to nonpublic information about our members.

 

Relevant Military experience is considered for veterans and transitioning service men and women. Notre Dame FCU is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran.

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