Mortgage Loan Closer

BANK FUND STAFF FEDERAL CREDIT UNION

9h•$61,000 - $76,000•Hybrid

About The Position

BankFund Credit Union is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, BankFund maintains three full-service branches downtown with our headquarters located near Farragut West metro station. This position is classified as a hybrid role which means that on-site work will be expected. After completion of training for the role, staff generally work on site 40% of the time but this is subject to change based on health and safety standards and operational need. Summary: Prepares legal documents in accordance with loan program and property type. Ensures accuracy of all settlement documents in order to protect the Credit Union’s financial interest. Examines property title policy and plat or survey to ensure Credit Union’s lien security. Schedules and coordinates loan settlement dates and details. Transfers and funds first and second mortgage loans into the OSI servicing system. Supports Mortgage Loan Processors and Post Closing Representatives to ensure timely scheduling of loan settlements and accurate post-closing file delivery.

Requirements

B.S. Degree in related field or equivalent combination of Education and Experience
Must be eligible to register with the Nationwide Mortgage Licensing System & Registry (NMLS) and must maintain registration with NMLS as a registered Mortgage Loan Originator (MLO).
One to Two years banking experience preferred
Minimum of Two years of mortgage loan processing, closing and/or servicing experience preferred
Well-developed communication and member relations skills
Proven ability to organize and prioritize tasks in a fast-paced environment
Proficient in Computer software programs

Responsibilities

Examine Title Insurance Commitment(s), in order to establish correct ownership, encumbrances, and interest in the property. Ensures protection of BFSFCU’s lien priority and acquires endorsements/affirmative coverage on adverse covenants or conditions to title.
Examine “Plat of Survey.” Verifies that no encroachments exist to the property lines or easements.
Review “Termite Inspection Report” for insect infestation disclosure. When infestation exists, ensures that corrective action is taken by the borrower/seller.
Verify that Home/Flood Insurance requirements are met. Takes corrective action directly with borrower and/or insurance agency when needed.
Reviews approved mortgage loans and ensure that all underwriting conditions are met prior to settlement.
Act as liaison between the member and the settlement attorney to ensure smooth closing. Responds to and assists members with questions regarding closing requirements and procedures.
Accurately prepare all legal documents for settlement, including but not limited to: Deed of Trust, Mortgage Note, Rider(s), Addendum, Initial Escrow Account Disclosure Statement, Errors and Omissions Statement, Flood Insurance Disclosure, and Loan Settlement and Disbursements Instructions.
Transfer the first and/or second mortgage loan(s) into the OSI Servicing system, set up escrow accounts for first trust mortgage loans prior to transfer and disburses proceeds of loan in accordance with the Underwriter’s instructions. Also, on the applicable funding date; second mortgages are funded per procedures.
Successfully participate in annual Information Security refresher training. Comply with the Information Security Policy, including the immediate reporting of unusual or suspicious activity to management and the Information Security Officer. Follow all procedures to protect company computers from viruses, and to maintain the security and confidentiality of Credit Union data.
Participate in annual Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) training and demonstrate knowledge and understanding of the BSA and OFAC, including the immediate reporting of unusual or suspicious activity to the Risk Management Department. Undertake additional training specific to daily responsibilities and as required to ensure continued compliance with all applicable regulations.
Ensure the Credit Union’s safe harbor protections as allowed by the BSA. Understand that if confronted with knowledge of existence of a Suspicious Activity Report (SAR), an obligation exists to preserve the confidentiality of that SAR, as well as any information that may reveal the existence of a SAR. Maintain awareness of, and immediately report to the Compliance Officer, any unauthorized disclosure of a SAR, or unauthorized disclosure of information related to a SAR. Understand that failure to do so is a violation of federal law and may lead to both civil and criminal penalties for SAR disclosure violations.
Maintains a working knowledge of current Credit Union lending regulations and procedures. Also, maintains knowledge of current government regulations such as RESPA/TILA to ensure the Credit Union meets all settlement regulation requirements.
Adheres to Service PACT philosophy and standards, throughout all interactions when acting as a representative of BFSFCU.
Undertakes other work-related duties as assigned by the Manager, Mortgage Loan Operations.