Ultimate Staffing is looking for a Mortgage Loan Specialist to support one the of the Top Credit Unions in the Bay Area! This role is located in San Jose, CA and they are hiring immediately.
The Mortgage Loan Specialist (MLS) is responsible for the efficient and timely coordination of all aspects of processing residential mortgage and Home Equity Line of Credit (HELOC) loans. The MLS Specialist provides support to all loan origination channels, and facilitates the structuring, disclosures, and documentation for mortgage processes, while providing a superior member service experience.
The incumbent insures loan fulfillment in compliance with all applicable federal and state laws, regulatory and audit guidance, and within internal policies and standards, and will also work 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 the members to ensure their understanding of process and timeframe, and provide 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.
- Performs independent income analysis, occupancy review, and product eligibility.
- Analyzes bank statements, tax returns, and preliminary title reports for consistency and issues requiring additional documents from the borrower or mortgage originator, or review by underwriting and/or the title officer.
- Ensures completed and accurate fee disclosures.
- Runs and validates automated underwriting system (AUS) recommendation against product eligibility, structuring, and declarations for Real Estate Settlement Procedures Act (RESPA) and investor compliance.
- Analyzes application data and documents from the borrower for sufficiency prior to submission to underwriting and in accordance with investor guidelines and internal standards.
- Places and manages all third party orders (title reports, credit reports, appraisal reports, hazard insurance binders, verification of employment, Internal Revenue Service-IRS transcripts, and flood determination reports, employment verification, verification of rents, verification of mortgage, occupancy verification, identity verification, appraisals, Home Owners Association-HOA certification, title fees, subordination requests, membership opening documentation, etc.)
- Performs verifications and analysis as required, incorporating thorough due diligence and investigation practices.
- Understands the interrelationship of all documentation and the basic analysis and underwriting factors involved in loan review.
- Performs re-disclosures when appropriate for valid changes of circumstance.
- Communicates clearly, accurately, regularly and timely with all stakeholders in the mortgage loan process including, but not limited to mortgage originators, underwriters, brokers, and Note Department staff.
- Ensures closing request is accurate and all title, appraisal or flood issues have been resolved.
- Ensures all underwriting conditions have been satisfied and signed off, and that prior-to- funding (PTF) documents have been requested to facilitate a smooth closing.
- Updates all fees and closing date as necessary, and creates and disseminates closing disclosures timely, reporting cure situations to responsible parties.
- Maintains current knowledge of economic trends, the real estate/mortgage industry and our mortgage loan products.
- Tracks all loans from inception to funding through daily monitoring of the loan origination system (LOS), spreadsheets, and other tracking tools.
- Assists loan originators 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 lenders 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.
Education: Bachelor's degree in a related business discipline (or equivalent work experience)
Experience: At least 3+ years of experience in related disciplines, including exposure to mortgage loan products, processing and closing or funding in a financial institution or mortgage brokerage.
- Self-starter with an understanding of 1st Mortgage and home equity loan products, programs, applications, laws, regulations, policies and procedures.
- Ability to effectively collaborate with internal and external business partners.
- Knowledge of managing mortgage loan applications through an automated system.
- Solid analytical, problem resolution and proficiency in PC applications including Microsoft Excel, Word and Outlook.
- Strong attention to detail, time management, and multitasking abilities.
- Solid written and verbal communication skills.
- Ability to work well in a team environment.
Licensing: Must maintain registration with Nationwide Multistate Licensing System (NMLS).
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.