Equity Loan Processor

Overview Working at Arkansas Federal Credit Union

GENERAL DESCRIPTION OF POSITION

This position is responsible for performing follow-up with loan applications submitted online or through a Branch in order to complete their loan request and deepen their relationship with the cooperative. This position must have extensive knowledge of policies and procedures related to Home Equity and their subsequent documents, and be able to work the entire loan process, from origination to funding.

This includes: completing loan applications, communicating and explaining decisions and/or stipulations to members and team members, collecting needed information and documentation, ensuring their accuracy and that they fall within established guidelines, cross-selling additional products, setting up loans for closing, processing documents and disbursing them to appropriate branch staff and/or closing loans through mail and electronic delivery methods, funding loans, processing applicable loan advances, and filing appropriate documentation with the county when signed documents are received.

All loans will be subsequently examined for accuracy and completeness.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Act as first point of contact and follow up with members applying online or through the Contact Center throughout the loan process from application to funding.
• Ensure that all information and risk ratios submitted by loan underwriters and originators is accurate and meets all lending policy, lending guidelines and procedure requirements.
• Responsible for maintaining extensive knowledge and communicating lending policy and guideline violations to the originators and underwriters and communicate necessary corrections needed to proceed with loan closing/funding.
• Remain current on Regulation Z and Regulation B, as they pertain to Home Equities.
• Process all Home Equity loans for all AFCU service centers and route to appropriate branch for closing.
• Full decision making authority to determine if a loan meets the required loan standards necessary to complete processing. Ensuring loan stipulations made by underwriters are met and provide support to originators by conferring with underwriters of appropriate authority to resolve loan application problems resulting in closed and funded loans.
• Cross-sell financial products and services appropriate to each member's personal financial needs, including but- not limited to; referring to Insurance CUSO, GAP coverage, extended warranty coverage, debt protection, new account products, refinances, credit cards and all share loan type products. Processing requested services by opening applications or referring and issuing contracts and/or cancellations as necessary.
• Read and interpret credit reports and compile required information for completion of loans through member interviews, credit union records, credit reports and other sources necessary.
• Order appropriate products required to complete the application process including; appraisals, photo market and condition report, flood determinations, and title reports from third party vendor site.
• Create, maintain and manage the tracking spreadsheets on outstanding loans to ensure efficient and timely follow up.
• Interact with members via telephone, email, fax or mail to obtain documentation, stipulations and/or additional information needed to complete loan requests.
• Discuss, verify, and relay information to applicants and originators regarding documentation including but not limited to appraisals; photo market condition reports, flood searches, warranty deed's, insurance, and title reports.
• Interact with appraisers, county clerk's office, and other third party vendors to obtain documentation, stipulations and/or information needed to complete member's loan request.
• Notate loan applications in detail with status updates to foster easy reference for team members to relay information to members, insurance companies, county offices, financial institutions, and any other applicable third party vendors to obtain necessary information and/or documents for loan applications.
• Provide members and team members with current, accurate information and guidance concerning…