Home Equity Loan Coordinator

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The Equity Loan Coordinator is responsible for ensuring fast and efficient processing of all second mortgage loans during the processing, closing, and recording stages of the loans. This multi-step process is crucial to ensuring compliance with all federal regulations, accuracy of second mortgage loan documents and timeliness of loan fulfillment for our members. The Equity Loan Coordinator is also responsible for delivering extraordinary service while accurately and efficiently processing all satisfactions of mortgage/deed of trust and releases adhering to applicable policies and procedures while displaying the ability to meet all assigned service level timelines and retention schedules set by federal and state regulations. In addition to protecting WPCU's lien position, the Equity Loan Coordinator is responsible for accurately and efficiently recording mortgage liens in the appropriate county to avoid a subsequent lien from another lender being recorded before WPCU's lien.

Processing:

• Ensures all steps of processing second mortgage loans amounting to annual production of $65 million in limits and balances combined are completed by ordering, collecting, analyzing and validating information such as credit reports, tax returns, property appraisals, title abstracts and other mortgage-related documents while ensuring compliance with all federal regulations, credit union policies, management practices, underwriting instructions and stipulations. (30%)
• Creates a seamless transition for the member as the loan travels through the various stages of the second mortgage process. This includes taking the application from the loan agent and continuing timely communication with the member up to and including the closing of the loan while meeting allotted turn times as determined by management. (25%)
• Responsible for knowing, understanding and complying with all federal and state regulations pertaining to second mortgage lending, such as the TILA-RESPA Integrated Disclosure Changes, Ability to Repay, Qualified Mortgages, HMDA and Flood Insurance Rules. (25%)
• Provide Exceptional Member Service to internal Partners and members. Develop and maintain a vast knowledge of the second mortgage loan product guidelines for quick and accurate answers to Partners and members alike. Coordinates activities by effectively working with Member Centers, Member Help Center, appraisers, title companies, homeowners' insurance companies and other vendors and maintains knowledge of each of these areas to make sure the overall member experience is exceptional. (10%)
• Prepares second mortgage loan closing packages ensuring accuracy and compliance with all federal and state regulations. Coordinates a closing date with member and the Partner handling the closing or facilitates an electronic closing with the member. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (10%)

Servicing:

• Prepare and execute all paid-in-full satisfactions/releases and new mortgage liens on a $220 million loan portfolio , adhering to all state, local and federal regulations ensuring all requirements have been satisfied. A focus on accuracy and compliance is a must when preparing satisfactions and lien filings. The Equity Loan Coordinator must work timely, independently and accurately when completing the satisfaction process and in filing our second mortgage liens to ensure our WPCU loans are appropriately secured. (40%)
• Ensure all satisfactions have been recorded accurately and timely. Following up on all prepared satisfactions, providing satisfaction letters to each member in a timely manner. Ensuring all second mortgage new lien filings have been recorded accurately with the appropriate county and in a timely manner to ensure WPCU's loans are secured. (20%)
• Perform audit of all second mortgage documents coming from Member Centers to ensure proper signatures have been collected in order to properly and promptly secure liens. (20%)
• Assist WPCU's Retail Mortgage Department as well as external title Companies, when needed, by processing subordination and payoff requests. Acts as a subject matter expert as well as point of contact between the credit union, myCUmortgage, members and external financial institutions or title companies. (10%)
• Makes and receives calls, as required, to members and external title companies in response to their questions and inquiries. Provides members detailed knowledge of the paid-in-full process as well as any other questions in relation to their second mortgage loans, ensuring that no issues are unresolved. Demonstrates expert analytical skills to assist members in identifying resolutions, within a timely manner. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (10%)

Required Skills

The Equity Loan Coordinator is skilled and knowledgeable in every aspect of second mortgage lending to include home equity loan processing processes and procedures. The following are also required:

• High School diploma or equivalent is required.
• An Associate's degree with 2 years of home equity loan experience is preferred; or the equivalent combination of formal training and 2 years' experience specific to first and/or second mortgage lending or servicing
• Demonstrated ability to learn and apply appropriate software applications to job functions including Credit Union core system, consumer lending system, Microsoft Office products and any third party web sites used in the process.
• Demonstrated ability to analyze credit reports, tax returns, property appraisals, title commitments, flood searches and other mortgage related documents, as well as prepare second mortgage closing documents.
• Demonstrated ability to learn and adhere to federal and state regulations/laws, credit union policies and management practices as they pertain to second mortgage lending.
• Communicates clearly with members, partners, other financial institutions, title companies and third-party vendors.
• Demonstrates ability to analyze, reason, problem solve and prioritize work independently and design recommendations to accomplish business and strategic goals.
• Writes clear, logical, succinct communications with members, partners, management and third-parties. Used accurate sentence structure, syntax and grammar when creating correspondence.