Loan Processor - Assumption Department
Location: Horsham, PA
Assumptions Processor will be responsible for the processing of information related to Successor in Interest (SII), Deceased Borrower confirmation and Assumption/Release of Liability. Key elements of this role include but are not limited to, review loan application information and customer contact via correspondence and telephone in accordance with company guidelines, policies and procedures.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
• Request documentation from customers to establish their identity and legal claim by ensuring they are eligible to be set up as a successor in interest.
• Review the loan file in the imaging system and public records to prove borrower’s death, ownership, and entitlement of the property.
• Perform thorough review of all incoming Assumption application packages and/or release of liability requests and ensure the required documentation is received and complete.
• Update the system of record (MSP) for all confirmed successors, deceased borrowers, and changes of ownership.
• Notify the Foreclosure department on active foreclosure cases of any changes in ownership.
• Responsible for sending Assumption application packages or release of liability documents that request pertinent documentation to the respective borrowers(s).
• Responsible for starting and managing the SII, Deceased Borrower confirmation, and Assumption or Release of Liability (ROL) timelines per department guidelines.
• Request and obtain third party information (e.g. title, escrow analysis) and ensure that it’s added to application package for review and approval.
• Communicate any stipulations, or other significant and relevant information, to the borrower in a clear, concise, and timely fashion.
• Submit complete packages to internal departments or external groups for eligibility evaluation.
• Resolve all loan level file issues (e.g. clouded title).
• Review and resolve escalations assigned by management.
• Review daily all applicable reports, follow up with respective departments on the status of modification with regards to assumptions and/or release of liability.
• Maintain system data by including and updating file status and loan events (e.g. receipt of stipulations, closing dates and memos) with anticipation of closing each loan within department SLA.
• Generate and send required documents (e.g. disclosures, status letters, and letters of intent) to the respective borrowers within the Consumer Financial Protection Bureau (CFPB) compliance guidelines.
• Obtain final assumption and release of liability approval from investor and management and partner with third party vendor and internal department to set closing date.
• Manage post-closing processes including: updating systems with assuming party information, forward original documents to title agents for recording, confirm Collateral department has recorded documents.
• Assist with training new employees in the department.
• Other duties as needed or required.
• Excellent verbal and written communication skills.
• Strong organizational and interpersonal skills.
• Proficiency with MS Word and Excel.
• Solid knowledge of mortgage underwriting conditions and of basic automated underwriting systems.
• Strong knowledge of mortgage laws and regulations
• Ability to multi-task effectively in a fast-paced environment.
• Demonstrated knowledge of the mortgage documents and loan processing
EDUCATION AND EXPERIENCE:
• Bachelor’s degree preferred. Equivalent experience in mortgage banking origination may be a substitute.
• 3 years of residential processing experience preferred. Other relevant study or directly related work experience may be considered.
• Ability to work overtime (especially at the end of the month).
• Familiarity with disclosures preferred (working with the new Loan Estimate and Closing disclosures).
• Experience processing assumptions is highly preferred.
CERTIFICATIONS, LICENSES, AND/OR REGISTRATION
PHYSICAL DEMANDS AND WORK ENVIRONMENT
While performing the duties of this job, the employee is regularly required to sit and use hands to handle, touch or feel objects, tools, or controls. The employee frequently is required to talk and hear. The noise level in the work environment is usually moderate. The employee is occasionally required to stand; walk; reach with hands and arms. The employee is rarely required to stoop, kneel, crouch, or crawl. The employee must regularly lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision, color vision, and the ability to adjust focus.
Bayview is an Equal Employment Opportunity employer. All aspects of consideration for employment and employment with the Company are governed on the basis of merit, competence and qualifications without regard to race, color, religion, sex, national origin, age, disability, veteran status, sexual orientation, or any other category protected by federal, state, or local law.