Equity Loan Processor

Alexandria , Virginia
May 08, 2017
Jun 15, 2017
Full Time

PenFed is hiring an Equity Loan Processor in Alexandria, VA .   The primary purpose of this job is to   process Equity Line of Credit and Fixed Equity Loan Applications. The incumbent   obtains documentation and prepares loan files for pended and approved loan and coordinates the general flow of all equity loan applications. The incumbent will also handle equity related phone calls from members and operations staff.      Incumbents of this position acts as a mortgage loan originator (MLO) as defined in the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act).                      


Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.


Evaluates and reviews initial loan application and all supporting documentation to determine product and underwriting compliance for accuracy and completeness.  Inputs the loan documentation information into the Penguin system. Loans pended are forwarded to underwriter for review.                                                           Maintains contact with members answering inquiries concerning the equity loan process.  Determines and requests the essential documents and information required and conducts regular follow-up to ensure all documentation is received.    Orders property valuation through tax assessments,  AVM’s,  and appraisals as required by regulations and policy. Orders flood certification, property and judgment report and other necessary documents. Performs in-depth evaluation of the data received to ensure that all documentation is in order and PenFed's interests are protected.        Notifies members of final loan decision, informs member of requests to close the loan and sets up settlement appropriate to the member's individual situation.   Acts as liaison with appraisal vendors to ensure that full FNMA appraisals are performed as required with responses submitted to PenFed in a timely manner and documentation filed appropriately.    Assists with maintaining PenFed’s compliance with all applicable federal, state and local laws, regulations and ordinances by abiding by PenFed compliance program and all policies, procedures, rules and regulations. Notifies the supervisor of any deviation from standard processing time and requests assistance and alternatives to ensure members receive timely service.    

Maintains the necessary records in Penguin/UniFi to ensure that PenFed is in compliance with HMDA reporting requirements.                                Serves as primary support to PenFed Operations employees in answering inquiries and providing information on equity loan programs.                             Maintains a working knowledge of equity products to accurately respond to member questions and handles member calls.                       Compiles the completed loan application package and prepares the file for final approval and coordinates closing date with member and sends out closing documents.  


Education and Experience

Equivalent combination of education and experience is considered.

Associates Degree in Business Administration or related field is preferred. A combination of education and/or experience can be considered in lieu of a degree. Minimum of 2 years’ experience in banking or lending.  

Supervisory Responsibility

This position will not supervise employees  

Licenses and Certifications

Must register with the Nationwide Mortgage Licensing System & Registry (NMLA). Must obtain unique identifier required for MLOs. Must maintain the registration in accordance with PenFed policy and all related regulations.  

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.


Limited travel to various work sites is required.

About Us

Founded in 1935, and still growing, we began as the War Department Federal Credit Union.  Today, PenFed is one of the country’s strongest and most stable financial institutions with over 1.5 million members and over $21 billion in assets.  We serve members in all 50 states and the District of Columbia, as well as on military bases in Guam, Puerto Rico and Okinawa. 

Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.

We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.



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