We offer a competitive compensation and benefits package, along with the opportunity to work with an experienced, hard-working group of professionals focused on camaraderie, teamwork, work/life balance, prompt and friendly service, and dedication to the bank’s success. Our culture supports open communication, welcomes product and service ideas, and encourages strategic and other dialogue with senior management.
Loan Closer / Servicing Associate
Position Overview
Responsible for coordination of various functions related to the closing of Residential Mortgage and Home Equity Lines of Credit and provides support for the servicing of Residential and Home Equity Lines of Credit.
Essential Job Functions
1. Manages, supports, and performs loan closing activities including working with Loan Officers, Borrowers, Closing Agents, etc. to facilitate the closing of loans; monitors loan pipeline and schedules loan closings.
2. Acts as primary backup to Mortgage Processor.
3. Obtains insurance, title commitment, and other closing information from the closing agent; validates and updates Encompass with final loan information, fees, and charges. Determines if additional documentation requires signature at closing.
4. Prepares closing documents such as note, mortgage, riders, etc. through document preparation software. Reviews, calculates, and ensures funds and charges required for closing are complete and accurate; submits to closing agent. Approves final figures, fees, and charges on Closing Disclosure (CD) or other settlement costs summary. Works with closing agent to finalize Closing Disclosure (CD) to borrower 10 business days prior to closing. Delivers documentation package to closing agent via secure email.
5. Prepares new loan funding sheet and balances to CD settlement fees and charges. Prepares New Loan worksheet/checklist for Loan Servicing new loan setup. Responsible for updating HMDA data on Encompass and finalizes HMDA data worksheet. Funds loan on date of closing via IOLTA account deposit or wire transfer of funds. Prepares appropriate general ledger transactions.
6. Transfers loan to closed loan status on Encompass for pipeline reporting; month-end reporting reconciles Loans in Process Suspense general ledger on a monthly basis.
7. Tracks and monitors conditions noted at closing such as hold backs for septic system, construction loan completion, building permits, etc. Corresponds with borrower, attorney, and bank management for resolution.
8. Provides assistance for all Loan Servicing Functions as needed including but not limited to answering telephones, responding to customer inquiries, and obtaining post-closing missing file documentation.
9. Keeps abreast of federal and state laws and regulations pertaining to consumer rights, nondiscrimination, fair credit reporting, HMDA, etc. May attend relevant courses and seminars.
Requirements
1. Minimum of five or more years’ experience in all aspects of closing residential loans.
2. College degree in business or coursework is preferred, though not required.
3. Must be proficient in Encompass LOS.
4. Must be extremely detail-oriented.
Other Skills/Abilities
1. Strong understanding of financial products and services and the ability to learn more.
2. Assessing customer needs, providing solid recommendations, and building customer relationships to optimize opportunities with new and existing customers.
3. Effective written and verbal communication skills and computer/digital/mobile device proficiency.
4. Must display a professional manner.
5. Ability to apply critical thinking and problem-solving skills.
6. Ability to adapt to changing demands and requirements.
7. Successful completion of in-house training programs or other approved training programs.
8. Compliance with BSA and ABA regulations as appropriate to the position.
9. Proficiency with:
1. MS Office
2. COCC (Core Banking System)
3. Adobe Acrobat Pro
10. Adherence to corporate dress code.
11. Regular attendance and punctuality is essential to this position.
12. Must be knowledgeable and keep current on all bank regulatory and compliance policies as they relate to the job description described.
Other Duties
This job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of the employee for this job. It is expected that from time to time other duties, both related and unrelated to the above, may be assigned and therefore required.
If you’re interested in joining the Wakefield Co-op team, please email your resume and cover letter to Joyce Grasso at jgrasso@wcbbank.com. No phone calls please.
Wakefield Co-operative Bank is an Equal Opportunity Employer.
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