The Mortgage Loan Funder (MLF) is responsible for the efficient and timely coordination of all aspects of closing residential mortgage and home equity loans. The MLF provides support to all loan origination channels and facilitates the structuring, disclosures, documentation, closing, funding, and post-closing mortgage processes while providing a superior member service experience
The incumbent ensures loan fulfillment in compliance with all applicable federal and state laws, regulatory and audit guidance, and within internal policies and standards, and also works with management to review and respond to quality control findings and facilitate audit reviews.
- Establishes professional rapport with all internal and external customers including borrowers, brokers, third-party vendors and internal staff.
- Engages with members to ensure their understanding of process and timeframe, and provides timely and consistent updates.
- Requests, collects, and assembles additional documents from borrowers as necessary to ensure completeness and accuracy of the loan file.
- Makes informed and logical loan recommendations to the originations staff for possible restructuring, product eligibility, borrower desire, and the need for re-disclosure based on updated information.
- Validates origination-entered data from the loan application and verifies accuracy of information as cross-referenced with supplied documentation.
- Reviews and analyzes all documents for authenticity, accuracy, and sufficiency.
- Understands the interrelationship of all documentation and the basic analysis and underwriting factors involved in the loan manufacturing process.
- Communicates clearly, accurately, regularly and timely with all stakeholders in the mortgage funding process including, but not limited to, mortgage originators, underwriters, brokers, and Mortgage Servicing Department staff.
- Solves funding process issues with management, mortgage originators, closing and settlement agents.
- Ensures closing request is accurate and all title, appraisal or flood issues have been resolved.
- Updates all fees and closing date as necessary, and creates and disseminates closing disclosures timely, reporting cure situations to responsible parties.
- Reviews loan closing requests for completeness, following up with originators, processors, title and/or the settlement agent to obtain needed insurance, tax payments, payoff, title or other documentation.
- Inputs and/or verifies final loan data, invoices, and fees.
- Coordinates with the processor, originator and/or settlement agent to identify signing date and interfaces with consumer lending to facilitate signing of concurrent docs when applicable.
- Reviews final funding conditions to coordinate with all parties to clear conditions.
- Ensures all loan documents are signed properly and free of modifications, notary acknowledgement is clear and legible, and funds to close are sourced.
- Arranges final package in specific stacking or scanning order.
- Prepares funding wire, ensures that wire is balanced, including any impounds and fees being netted from the wire and that wire instructions are accurate and have been approved with closing protection.
- Issues funding disbursement authorization to the closing agent after audit completion. Completes wire request in the Wire Queue.
- Validates loan has fully funded and recorded with the closing agent as appropriate; requests return of funds when necessary.
- Conducts audit of final settlement statement to verify all information, including charges, fees, disbursements, impounds, etc. are accurate and charged in accordance with the Closing Disclosure and Itemization of Amount Financed.
- Prepares daily funding log for group distribution and tracking.
- Tracks all loans from inception to funding through daily monitoring of the loan origination system (LOS), spreadsheets, and other tracking tools.
- Assists loan originations in monitoring of lock expirations and lock management.
- Maintains Regulation B files to track and ensure regulatory compliance on all incomplete mortgage applications.
- Pre-audits files for consistency and adequacy including approval with lending authority, rate lock, appraisal, preliminary title report, hazard insurance, mortgage insurance, program guidelines, and lender's charges or credits.
- Analyzes loan package for compliance with applicable regulations and guidelines including disclosure and rescission periods.
- Runs and clears any alerts generated from applicable compliance tools or engines, interfacing with compliance specialist, if needed.
- Prepares, generates and discloses closing disclosure; tracks and facilitates CD acknowledgement for compliance.
- Reviews final closing statement for accuracy; transfers file to servicing for system audit and archiving.
- Updates and tracks discrepancies and cures for monthly reporting and training.
We are an equal opportunity employer and make hiring decisions based on merit. Recruitment, hiring, training, and job assignments are made without regard to race, color, national origin, age, ancestry, religion, sex, sexual orientation, gender identity, gender expression, marital status, disability, or any other protected classification. We consider all qualified applicants, including those with criminal histories, in a manner consistent with state and local laws, including the City of Los Angeles' Fair Chance Initiative for Hiring Ordinance.