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Job Summary Under limited supervision, support TPO Correspondent and Wholesale Clients in validating application input in order to comply with issuance of the LE/Initial Disclosure package and RESPA Change of Circumstance re-disclosure. Prepare and issue Preliminary Closing Disclosure, which includes gathering fee and payee information from related third parties, such as title companies and realtors. Allocate work assignments by compiling and disseminating daily reports. Other responsibilities include ordering the appraisal review on behalf of the TPO Client and flood insurance review and validation. Must be detail oriented and have a strong sense of urgency in a highly deadline driven environment. Verification of documentation necessary to evaluate and decision residential loans, including conventional portfolio and secondary market, VA, and Rural Housing for all TPO Correspondent and Wholesale Clients. Manage pipeline to ensure all Service Level Agreements (SLA's) are being met. Assist TPO Wholesale Clients with the preparation of residential mortgage loan closing documents. Critically analyze supporting loan documentation, validate loan is cleared to close, and ensure loan is closed in accordance with underwriting approval. Address any differences, if relevant. Coordinate with TPO Wholesale Clients to resolve impediments to closing. Update Loan Origination System with final figures, fees and data; rerun AUS as needed. Identify violations to underwriting loan tolerance limits and resubmit to underwriting for review. Accurately prepare closing package and final Closing Disclosure (CD) in compliance with regulatory requirements, investor guidelines and bank policy. Confirm that RESPA, TILA, HPML or HOEPA violations have not occurred throughout the loan process. Stay current of changes in investor, regulatory and internal guidelines to ensure compliance and loan eligibility. May participate in the training of other colleagues, system testing and other projects as assigned.
Job Accountabilities
Order Third Party Verification Services (CAIVRS, SSA-89, Troy Reports, VOE, Flood Determinations, etc) on behalf of TPO Correspondent and Wholesale clients. Provide loan processing support by maintaining regular communication with TPO Client,TPO Sales Support, Account Executives, and Underwriting. Review appropriate credit documentation (income, appraisal, assets, red flags, credit report, KYC/CIP, etc.) has been received per corporate loan policy and/or AUS results and update loan origination system. Ensure all TPO loans are compliant by looking for RESPA/TRID violations and the loan passes QM Points and Fees, HOEPA, HPML, Specific State Test, in 5 Years Test. Ensure TPO Clients comply with HMDA Plus regulations, Regulation B, and data is accurately displayed in the Loan Origination System.
Prepare and issue Initial Disclosures within 3 days of the application date. Validate RESPA Change of Circumstance and issue revised Loan Estimate when required. Issue Preliminary CD a timely manner ensuring all borrower (s) received at least 3 business days before expected closing date. Review and approve Flood Insurance documentation on all properties determined to reside in a special flood hazard area. Ensure Habitat Workflow loans meet Associated Bank guidelines from initial disclosures through closing. This is to assist with CRA creditability for Associated Bank. Monitor daily Reg B, Initial Timing and Change of Circumstance reports to ensure regulatory compliance with TRID and mitigate risk to the bank. Manage Pre-Funding QC process for TPO Wholesale loans to ensure a “Pass” rating from our Third Party QC vendor for all Wholesale Transactions.
Coordinate with appropriate parties to validate loan is clear to close and outstanding conditions have been met. Complete final review of title evidence for any inconsistencies and ensure Associated Bank has first lien position at end of transaction. Complete closing screens in loan origination system with accurate data and fees. Generate/review closing package and instructions including, but not limited to, the note, mortgage, rider(s) and affidavits. Forward closing instructions to settlement agent to ensure our requirements are met and final loan policy can be issued. Critically review CD to ensure adherence to regulatory compliance requirements and bank policy. Complete second reviews on all TPO Wholesale Closings to verify closing package is accurate and complete. Balance funding amount with settlement agent and wire funds via Associated Connect. Create and Upload Uniform Closing Dataset (UCD) to Fannie Mae portal for all applicable loans. Ensure timely receipt of closed loan package from settlement agent. Review signed loan documents per policy and request outstanding at-closing conditions. Upload/disposition package and ship original signed documents to the Records Department. Follow up and clear any Post Closing deficiencies found in the Post Closing Audit review.
Manage Appraisal Review Ordering Process. Make changes to loan origination system as needed and update AUS findings. Ensure all appraisals are uploaded accurately and completely to the Appraisal Review Desk for review and approval. Upload the Appraisal results from the Appraisal review desk and notify the Underwriter. Communicate any required revisions to the TPO Client. Review proof of appraisal delivery to comply with Reg B requirements.
Participate in the TPO Phone Queue to assist TPO Clients in answering any questions on loans in progress or directing them to appropriate parties. Provide back up to TPO Client Relationship Coordinator as needed. Work cooperatively with other Correspondent Coordinators to complete all department work on a timeliness basis. Perform other assignments as required.
Education
High School or equivalent combination of education and experience Required
Experience
1-3 years Mortgage processing, closing or post-closing experience, in either a bank mortgage banker or mortgage broker environment. Knowledge of residential loan documents, loan servicing policies and practices, as well as laws and regulations applicable to loan programs, closings and real estate transfers. Required
Compliance Statement Fully complies with all applicable enterprise policies and procedures. Acts in compliance with all applicable laws and regulations as outlined in training materials, including but not limited to Bank Secrecy Act. Responsible for reporting suspicious activity to Financial Intelligence. Responsible to report all customer complaints as prescribed and procedure violations to management or HR. Responsible to report ethical concerns as needed to Associated’s anonymous Ethics Hotline.
Associated Bank is committed to working diligently with any colleague who needs an accommodation perform the essential functions of the job. Please contact the Leaves & Accommodations office to request an accommodation.
