Equity Loan Processor
Equity Loan Processor Summary 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 (SAFE 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. Travel Limited travel to various worksites 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. PenFed is an Equal Opportunity Employer PenFed will maintain and observe personnel policies which will prohibit discrimination or harassment against a person because of race, color, creed, age, sex, gender, religion, national origin, ancestry, genetic information, military or veteran status or obligation, the presence of a physical and/or mental disability and all other statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same. PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 703-838-1568.