To excel in the tasks specific to this essential role, as well as participate and help develop our WCCU Cares culture. You would be responsible for providing outstanding service to our members and to our internal staff (#TeamWCCU). Your actions will directly contribute to our goal of caring about our members, their financial needs, and our community. This position is responsible for origination of residential mortgage loans including conventional, VA, USDA, FHA, and construction and land loans. Conducts initial interviews and prepares complete loan application packages with necessary supporting documentation in accordance with Credit Union and secondary market investor guidelines. Communication with members and prospective members is conducted in a timely and professional manner. Attend closings and network with outside referral sources including builders, realtors, accountants, and attorneys. Provide general Credit Union product and services information and cross-sell services. Assists mortgage loan personnel, as necessary.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
1. Assumes responsibility for the effective and professional completion of assigned loan origination functions.
a. Interviews, takes applications, and processes preliminary documentation for loan requests. Discusses loan options, credit criteria, interest rates, closing costs, and loan documentation with prospective applicants.
b. Ensures application disclosures are distributed in accordance with all mortgage related regulations.
c. Evaluates applicant's employment history. Confirm that the probability of continued employment is good. Verifies at least two years of employment history and ensures that all income used in qualifying is expected to continue for at least 3 years. Assesses overtime, bonuses, and commissions used to qualify. Analyzes tax returns and balance sheets of self-employed applicants.
d. Evaluates the adequacy of the applicant's income and the probability that the member will be able to meet expected financial obligations. Assesses family support requirements. Compares previous housing expenses with proposed expenses.
Revision Date: 01.28.2021 Mortgage Originator Page 2
e. Assesses potential borrower's assets. Ensures that assets meet closing requirements, are derived from acceptable sources, and that acceptable levels of reserves will remain after closing.
f. Performs follow-up work as necessary to achieve conditional approval within established time frames.
g. Notifies member of loan status on a regular basis.
h. Advises members of loan approval or denial. Explains reasons for loan denials and advises applicants how to improve their financial condition.
i. Performs lending operations in accordance with established Credit Union policies and legal requirements.
j. Provides support for fellow originators and team members.
2. Assumes responsibility for establishing and maintaining effective and professional business relations with members, Realtors and building professionals.
a. Answers questions and requests and resolves problems.
b. Informs members of Credit Union loan policies and services.
c. Networks with outside referral sources including builders, realtors, accountants, and attorneys.
d. Maintains and projects the Credit Union's professional reputation.
3. Assumes responsibility for establishing and maintaining effective communication and coordination with Credit Union personnel and with management.
a. Coordinates functions with related departments and Branches and provides support as needed.
b. Assists Mortgage Loan personnel and serves as a backup as needed.
c. Keeps management informed of activities and of any significant problems.
d. Attends and participates in meetings and committees as required.
e. Completes required records and reports.
4. Assumes responsibility for related duties as required or assigned.
a. Professionally cross-sells Credit Union services.
b. Stays informed regarding changes in lending standards, related legal requirements, and trends in local real estate and competitive market.
c. Ensures that work area is clean, secure, and well maintained.