Equity Loan Officer

Job Summary Overview

The position is responsible for the accuracy, content, and completeness of the equity application, related underwriting documents, and loan closing documents, within regulatory guidelines. 

Essential Job Functions

• Responsible for working closely with Equity Loan Servicing to ensure an efficient and accurate loan process through signing and loan funding. 
• Monitors and tracks any incomplete or incorrectly submitted applications for knowledge gaps or trends.
• Answers applicant’s questions and assist the applicant in choosing the mortgage type and mortgage terms appropriate to their financial goals and financial situation. This also includes understanding our first mortgage residential product and referral process.  
• Performs loan closings and be able to explain all closing documents to members or staff and answers any questions they have. 
• Manages a pipeline of equity loans with the focus on timely follow up, approval ratio and disbursal ratio.  
• Manages outbound loan campaigns including but not limited to, Preapproval and Loan Recapture programs.
• Performs all necessary follow-up communications with new or existing members electronically or by phone to secure a mutually beneficial relationship.
• Drives consumer lending results by identifying and capturing additional loan opportunities that create mutual benefit. 
• Obtains and analyzes credit reports to determine member’s debt to income ratio and creditworthiness.
• Acts as a relationship manager between Retail, BBO, MLO, Underwriting, Loan Operations and Equity Servicing. 
• Maintains knowledge around all mortgage regulations and laws in compliance with policies and procedures.
• Performs other job-related duties as assigned.

Position Required Qualifications

Minimum Education and Experience

Required Qualifications

High School diploma or general education degree (GED). Three (3) years of experience in a financial institution and two (2) years of mortgage or equity lending experience (origination, processing, servicing). 

Knowledge, Skills, and Abilities

Understanding of Equity Products: Home Equity Line of Credit (HELOC) and fixed equity. Ability to process HPML equity loans to include setting up escrow accounts. Ability to understand current credit union underwriting guidelines. Ability to learn and understand compliance guidelines of various governing bodies (CFPB, FNMA, HUD, FHLMC). Ability to type 45 words per minute. Ability to read, write, speak, and use proper grammar in English. Ability to read and comprehend written instructions, correspondence, memos, and procedure manuals. Ability to communicate verbally on the telephone, speaking to members regarding sensitive inquiries or complaints. Ability to apply commonsense understanding when dealing with problems involving variables in standardized situations. Ability to calculate rates, ratios, income, and percentages. 

Licenses, Training, and Certifications Required

In compliance with the federal Secure and Fair Enforcement for Mortgage Licensing (S.A.F.E.) Act of 2008, Arizona Federal employees acting as Mortgage Loan Originators (MLO) must be registered with the Nationwide Mortgage Licensing System (NMLS or Registry) and obtain a unique identified (NMLS Number).

Prior to performing MLO duties, the registration process requires an MLO to 

1. Electronically submit to the Registry personal and employment information as well as authorize and attest to the accuracy of the information submitted:
2. Submit fingerprints to the NMLS for an FBI criminal background check, and
3. Receive clearance from Arizona Federal based on the FBI background check results.

Applicants with certain criminal convictions, including but not limited to crimes involving dishonesty or fraud, or crimes involving financial services or a financial service-related business, may not qualify for the MLO designation.

After successful registration, clearance by Employee Services and having an assigned NMLS number, employees perform MLO functions which include:

1. Taking a residential mortgage loan application; and
2. Offering to discuss the terms of a residential mortgage loan.

To maintain MLO registration and the ability to perform these functions, an MLO must:

1. Renew registration on an annual basis during the annual renewal period (November 1 through December 31); and
2. Update any changes to his/her registration information.

The MLO’s registration and employment status will be available to the public from the Registry.

A registered MLO will provide his or her unique identifier/NMLS Number:

1. Upon request
2. Before acting as an MLO; and
3. Through the initial written communication with a member/residential mortgage loan applicant.

• MLOs routinely handle confidential member information and have strict requirements for maintaining the confidentiality and non-disclosure of that information.

Preferred Qualifications

None.

Hybrid Work Environment and Physical Demands

• Occasionally required to reach with hands and arms. 
• Regularly required to stand or sit; use hands to finger keys accurately when using calculator machines or computer keyboards. 
• Occasionally lift and/or move up to 50 pounds. 
• Specific vision abilities required by this job include close vision, distant vision, and peripheral vision. 
• The noise level in the work environment is quiet. 
• Must be able to travel independently to department and branch locations. 

NOTE: The job description is intended to be generic in nature. It Is not an exhaustive list of all duties and responsibilities. Requirements listed in the above qualifications and physical requirements are representative of the knowledge, skill, abilities, physical demands or work environment required or encountered that must be met by an employee to successfully perform each duty and each function of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform these essential functions.

Employees who work from home must have business operational internet to complete work tasks and communicate via video call or chat messaging systems in a dedicated workspace.