Loan Purchase Processor

SUMMARY:

The Loan Purchase Processor is responsible for finalizing the disbursement for multiple mortgage channels and overseeing the post-closing functions for these same channels.

ESSENTIAL JOB FUNCTIONS:

• Obtain Note, allonge, power of attorney and other loan documentation in connection with securing a collateral position for the bank in connection with purchased loans
• Upon receipt of an approval to purchase from underwriting team, a purchase advice is prepared, crediting all proper general accounts for record keeping, then creates a wire for funding of the purchases; Extensive expertise and attention to detail is taken on the purchase advice, to determine proper next due dates on the loan; Any pre-purchase documents required to be collected prior to purchase are tracked and obtained working with FH and Lenderworks, accordingly
• Input outgoing wire requests in WireXchange system and verifies data matches supporting documents
• Bankers Health Group (BHG) loans are purchased in this role; Upon approval from management, a purchase advice is prepared, crediting all proper general accounts for record keeping, then creates a wire for funding of the purchases
• Creates a booking package, with all required documents, from all channels of purchase, construction, BHG or portfolio loans, and sends notification to the Loan Boarding team to board the new loan
• Completes post purchase loan steps including but not limited to a welcome letter is generated with all required transfer information, insurance transfer letters, flood certification reassigned to CBT account number, and MERS must be completed
• Ensuring and maintaining the correct documentation is filed on the Y drive purchase folders at all times to be sent to Nautilus for retention
• Monitoring the multiple disbursements of construction draws for both the purchase and portfolio loans. Upon receipt of approval to disburse, logs are updated, source documents scanned and wires are created for funding. At times, holdback fund accounts are created, and must be maintained in accordance with the requirements of the draws.
• Sends all holdback account documentation to Specialized Lending as backup documentation for monthly recons
• Monitoring extensions or modifications on construction loans; Working with Carter Bank business partners on the statuses, then creating a booking package to send to Loan Boarding team to input into DNA; In addition, all documentation required for the conversion to be processed i.e. updated insurance etc.
• Provides support to clear trailing items from all mortgage channels
• Provides support to monitor insurance settlement checks, including generating a DDA account to be open, then processing disbursement upon receipt of approval
• Cuts checks and mails out PMI premiums on loans in which PMI is required
• Reviews incoming correspondent loan funding packages; prepares journal entries, enters wires for funding, processes funds in DNA, works with accounting on repurchased journal entries and incoming wires to ensure all are booked to proper general ledger accounts for record keeping purposes.
• Completes Sold Loan Reconciliation spreadsheet when correspondent loans fund and are repurchased to ensure Accounting has proper documentation for their records; processes necessary entries in DNA
• Complete the calculation of estimated real estate taxes once construction loans are ready to be converted to permanent financing
• Acts as a liaison between Carter Bank Loan Servicing team and First Heritage Servicing team
• Ensures all loans where property is found in a flood zone has escrows included in loan documentation, this includes Construction to Permanent loans

JOB REQUIREMENTS:

• High school diploma or equivalent required
• Prior real estate loan documentation expertise

KNOWLEDGE/SKILLS REQUIRED:

• Intermediate understanding of mortgage loan documentation
• Intermediate knowledge of federal regulations related to mortgage loans
• Intermediate customer service skills
• Intermediate verbal and written communication skills
• Intermediate organizational skills
• Intermediate time management skills
• Intermediate problem-solving skills
• Basic proficiency with Microsoft Word and Excel

PHYSICAL AND MENTAL QUALIFICATIONS:

• Standing, walking, bending and stooping required
• Must be able to sit at a desk for long periods of time and use a computer
• Must be able to occasionally move or lift up to 10 pounds
• May be asked to work supplemental hours periodically
• Limited travel required occasionally during and after business hours

Hourly Pay Range: $18.92 - $29.60 per hour

Benefits: Eligible associates may participate in Carter Banks benefits package, including medical, dental, vision, life insurance, disability coverage, other voluntary benefits, 401(k), paid time off, and paid holidays.