Real Estate Lending Assistant

Job Description

Job Description

FARMERS TRUST & SAVINGS BANK

Job Title: Real Estate Lending Assistant Department: Real Estate Reports to: VP of Mortgage Lending FT/PT: Full-Time Exempt/Non-Exempt : Non-Exempt Job Location: Spencer, IA

Job Summary:

The Real Estate Lending Assistant will help the Real Estate Lending staff by preparing loan documents. A strong emphasis will be on compliance with required documents needed prior to loan closing. Ability to register and obtain approval in the National Mortgage Licensing System and Registry. Be willing to submit and pass a criminal background check for entry into the Mortgage Licensing System and Registry is a requirement of this position.

Duties:

Customer Service and Product Support

• Ability to manage your time efficiently; multi-task and shift responsibilities determining priorities as well as possess strong attention to detail and organization skills.
• Provide prompt, courteous service to the clients of the financial institution and its affiliates, promoting professionalism, confidentiality, and the desire to assist.
• Responsible for providing a real estate loan application to customers who are interested in a possible real estate loan.
• Help as needed in answering questions to customers whose loans have been sold to a servicing agent.
• Assist with preparing and mailing Loan Estimate and Closing Disclosure packages as requested.
• Review title opinions for liens and judgements
• Order lien searches
• Process and order payoffs
• Handle title guarantee
• Secure insurance for closing
• Prepare and review loan closing documents, and checklist for closing, as directed by lender.
• Develop and maintain a positive relationship and work closely with abstractors, attorneys, settlement companies, and appraisers to keep updated fee schedule.
• Prepare quarterly derivative list.
• Help customers, when appropriate, for loans originated by Farmers Bank and service loans sold to correspondent lender.
• Daily check back of previous day maintenance input for co-worker.
• Daily update our published real estate rates on website and Mortgagebot LOS.
• Provide pay off figures for in-house loans, approve Home Equity Line advances, and home improvement or home construction loans.
• Annually in June obtain a copy of all approved appraiser's current license.
• Quarterly update information that is needed for Form 1098 end of year reporting.
• Annually prepare totals for year-end 1098's, 1099 Misc. and 1099S.
• Annually report and submit MCC Form 8399 to the IRS.
• Monthly, pay bills for Fannie Mae, VISA card, CBC Flood Determination, and Equifax credit report fees.
• Pull flood determinations, order 4506C tax transcripts, and obtain verification documents for loan processing as directed by lender. Track and monitor for receipt in a timely manner.
• Provide payoff figures, process mortgage releases for paid off loans, process loan advances as needed.
• Track insurance coverage for homeowners, flood, and private mortgage insurance, on loans held in-house and pay premiums on escrow billed loans, as needed. Send notice to customers, and follow-up in cases where annual policy has expired, or cancelled.
• Update homeowner's insurance premiums, flood insurance, and private mortgage insurance premiums, for in-house loan files that have escrow, as needed at each renewal.
• Monitor follow-up on closed loan files for Form 900/901, Attorney's title opinion, Title Guaranty, Final Abstracting; follow-up should be on a timely basis, and as appropriate, to avoid late fees assessed by correspondent.
• Maintain ARCH force placed insurance.
• Organize funded loan files according to appropriate checklist.
• Make general ledger funding entries for closed loan files and pay billing invoices in a timely manner. Upload and send original loan documents to correspondent partners, as applicable for each closed loan.
• Review and mail monthly home equity access statements.
• Prepare and mail cure notices, as directed by the lender. Assist with necessary details regarding repossessed properties, when directed by lending officer.
• Prepare, review, and mail annual escrow analysis.
• Pay semi-annual property taxes on real estate loans with escrow and pay bank taxes.
• Pay quarterly accrued interest on real estate loans with escrow.
• Monitor seven-year retention on closed and paid off real estate loan files.
• Reconcile bank statements.

Other Duties:

• Provide backup coverage in department as needed, such as cross trained for escrow analysis, taxes, and insurance tracking.
• Be alert to cross sell other bank products when opportunities arise to assist customers.
• Participate in outside civic activities that enhance the bank, personal growth, and the community.
• Participate in bank-sponsored events and training as required.
• Obtain verification documents for loan applications, and track progress to ensure deadlines are met.
• Monitor secondary market and Iowa Finance Authority/First Home Loan packages submitted to underwriting for any pre-closing commitment hold items. If needed, help obtain required documentations on a timely basis.
• Back up all other functions of peers in the department.
• All other duties as assigned.

Education and Qualifications:

• Completion of a high school degree or equivalent to a high school degree.
• A college degree is preferred in a Business, Finance or Real Estate related field.
• Previous experience with real estate loan support is preferred, but not required.

Competencies:

Customer and Personal Service - Must understand the role of customer service in a community bank and financial services environment. Respond sensitively to the needs and priorities of the customer (both internal and external); recognize and take the appropriate action to meet their needs; cooperate in establishing an effective working relationship with customers to gain their respect and loyalty.

Company Image - Must possess a professional and positive company image. Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Mathematics - Ability to add, subtract, multiply, and divide in all units of measure and ability to compute rate, ratio and percent is required.

Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Technical Skills - Requires a basic understanding of how to operate basic Microsoft PC software and be proficient in Word and Excel. Must be competent in internet usage and be able to use the PC to gather information from core systems. Solid understanding of electronic banking processes and terminologies is helpful. Possess good typing and written communication skills.

Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Administrative - Able to handle multiple tasks and meet required deadlines. This position requires strong organizational skills as well as good verbal and written communication skills. Must be a good listener and be able to follow directions. Must handle all customer and company information in a confidential manner. Be punctual in the job responsibilities.

Adaptability - Able to adjust quickly to different work situations; remain composed under pressure and in stressful situations. Must exercise independent judgment under moderate supervision.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of the job, the employee is regularly required to talk and hear. The employee is frequently required to stand and walk; sit; use hands to finger, handle or feel objects, tools, or controls; and reach with hands and arms.

The employee must occasionally lift or move up to 10 pounds and occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision and the ability to adjust focus.

Work Environment:

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate. This position is exposed to the potentially hazardous condition of a bank robbery. The employee receives detailed instructions and procedures to be followed which help minimize the risks involved in case of a robbery.