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Equity Processor I/II

Location: FL Milton Full/Part Time: Full-Time Regular/Temporary: Regular

Job Description

Employee Perks

Why You Will Love Being Part of the Navy Federal Team:

*Competitive compensation with opportunities for annual raises, promotions, and bonus potential
*Best-in-Class Benefits! (7% 401k match / Pension plan / Tuition reimbursement / Great insurance options)
*On-site amenities include fitness center, wellness center, cafeteria, etc. at Pensacola, FL; Vienna, VA and Winchester, VA campuses
*Consistently Awarded Top Workplace
*Nationally recognized training department by TRAINING Magazine
*An employee-focused, diverse, and service-oriented workplace environment

Basic Purpose

To process equity loans in accordance with applicable federal/state laws, as well as Navy Federal’s policies and procedures. To provide information to members regarding equity loan requirements, products and related services.

Responsibilities (Level I):

* Act in the capacity of a Loan Officer on applications status and communicate with member regarding outstanding documentation issues
* Analyze, research and resolve problems and discrepancies related to member accounts/loans 
* Analyze/evaluate status of title, determine exceptions for acceptability and take corrective action or obtain additional documentation if required 
* Communicate outstanding documentation requirements and set appropriate deadlines for submission
* Coordinate schedule of settlement with member and settlement agent/notary public
* Counsel current and prospective members about Navy Federal's products and services
* Examine preliminary title work, status reports , hazard and flood insurance policies to determine if property condition/insurance is within acceptable levels 
* Identify circumstances in which additional documentation may be required
* Prepare loan disclosures required by Federal/state laws (e.g. Good Faith Estimate, Truth-In-Lending)
* Process equity applications according to established laws, requirements and guidelines
* Relay loan status to member and other member approved parties (e.g. real estate agent, settlement agent)
* Review approved equity loans for completeness, accuracy and additional information required to close loan 
* Verify "intent to proceed" by member prior to collecting required fees, requesting appraisal and ordering title work
* Enter applications into online application system
* Prepare/submit final applications and member appeals for decision
* Resolve escalated member issues and problems
* Respond to inquiries and resolve any issues concerning the processing of applications
* Submit applications for decision according to applicable terms and conditions
* Perform other duties as assigned

Responsibilities (Level II):

1. Processes equity loan applications according to established guidelines and requirements.
• Interviews and counsels members face-to-face and over the telephone and enters equity applications into Application Processing System (APS)
• Provides detailed information on available Navy Federal equity loan products, clarifies questions/concerns and resolves problems regarding processing loan, loan pricing and loan terms
• Communicates outstanding documentation requirements and sets appropriate deadlines for submission
• Examines preliminary title work, status reports (termite, well/septic inspection), hazard, and flood insurance policies to determine if property condition/insurance is within acceptable levels
• Relays loans status to member and other member approved parties (e.g., real estate agent, settlement agent), responds to inquiries and resolves any issues concerning the processing of the equity application
• Prepares loan disclosures required by Federal/state laws (e.g., Three Day Documents, Good Faith Estimate, Truth-In-Lending)
• Verifies “intent to proceed” by member prior to collecting required fees, requesting appraisal and ordering title work
• Reviews received applications for accuracy and submits for decision via Automated Underwriting (AU) or Manual Underwriting (MU) depending on loan terms and conditions
• Identifies circumstances in which additional documentation may be required (e.g., private roads, trust documents, buyout agreements)

2. Coordinates final loan application changes, revisions and corrections with other equity staff, closing agents and settlement attorneys to ensure accurate and efficient processing of equity loans.
• Acts in the capacity of a Loan Officer (LO) on applications status and communicates with member regarding outstanding documentation issues
• Prepares/submits final applications and member appeals for submission to the Credit Underwriting staff and Appraisal Underwriting staff for a decision
• Coordinates schedule of settlement with member and settlement agent/notary public
• Analyzes/evaluates title binder to determine status of title, title exceptions for acceptability; takes corrective action and obtains or orders additional documentation if required

3. Records, tracks and monitors documentation issues and productivity.
• Reviews approved equity loans for completeness, accuracy, and additional information required to close loan
• Ensures loan was reviewed by appropriate management level for closing release
• Reviews HUD-1 with Closer, Settlement Agent (if applicable) and the Member to ensure accuracy
• Ensures that loans are in compliance with governing federal/sate laws, as well as Navy Federal, NCUA and Federal Home Loan Bank guidelines and regulations

4. Performs other related duties as required or appropriate.

Level II:
• Follows standard course of action with limited discretion to vary from established policies, procedures, or guidelines
• Works under general supervision to harmonize processing functions
• Able to processes all types of equity loan applications from initial application through conditional acceptance
• Researches, clarifies and resolves problems related to equity loan processing and loan documentation then submits loans to Production or Section Supervisor for final documentation review
• Completes final reviews of loan terms, pricing and conditions prior to sending loan to Production or Section Supervisor for documentation review

Qualifications -- Knowledge, Skills and Abilities (Level I):

* Exposure to managing multiple priorities independently and/or in a team environment to achieve goals
* Basic organizational, planning and time management skills
* Basic skill exercising initiative and using good judgment to make sound decisions
* Basic skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulations
* Basic skill maintaining accuracy with attention to detail and meeting deadlines
* Basic skill performing mathematical calculations and working accurately with numbers
* Basic verbal and written communication skills
* Basic word processing and spreadsheet software skills
* Desired - Familiarity with Navy Federal mortgage and equity applications, products and service

Qualifications -- Knowledge, Skills and Abilities (Level II):

Required – Level II:
• Incumbent will be required, prior to the assumption of employment duties, to register with the Nationwide Mortgage Licensing System and Registry; includes fingerprinting and background checks
• General knowledge of mortgage products and processes
• Strong knowledge of equity loan processing & documentation requirements
• Strong oral and written communication skills
• Ability to evaluate/resolve problems/issues independently, and know how/when escalation is necessary or appropriate
• Effective organizational skills with the ability to prioritize work assignments
• Work effectively/efficiently with automated systems and computers

Desired:
• Working knowledge of NFCU mortgage processing functions and technologies
• Knowledge of Navy Federal objectives, policies, programs, services, organizational, and functional relationships beyond Equity Lending

Hours:
Monday-Friday, 9:00am-5:30pm

Equal Employment Opportunity

 

Navy Federal values, celebrates, and enacts diversity in the workplace.  Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans.  EOE/AA/M/F/Veteran/Disability