Job Description:
Primary Function:
This position oversees the Mortgage Loan Officer team and manages the mortgage application process, including managing the pipeline and service delivery expectations of the Loan Officer staff. Maintains effective communication with members and staff to uphold VACU’s commitment to quality member service. Make sales directly and through assigned staff to members to achieve origination and budget goals. Collaborates with Membership Development and Branch Management teams to develop and maintain business relationships with CPAs, builders, Real Estate brokers and other centers of influence to obtain mortgage leads. Promotes the credit union’s products and services and those of the credit union’s affiliates.
JOB DUTIES AND RESPONSIBILITIES:
- Manage a team environment that encourages employee participation in determining how best to serve members, operate efficiently, and achieve or exceed the Credit Union's annual financial goals.
- Manage mortgage sales function by setting production goals and identifying ways to ensure that goals are met. Creates a positive work environment where all employees are accountable for meeting monthly/annual origination goals, overall document quality and quality member service.
- Assists the Vice President with establishing and meeting monthly and annual closed loan goals. Assist with developing the appropriate staffing levels to support anticipated loan volumes and meet member service expectations.
- Manages the pipeline of the mortgage loan officer team including the review of each MLO’s pipeline, ensuring that loans and associated files are moving appropriately through the pipeline, and resolving bottlenecks. Ensures that sufficient coverage is in place to meet or exceed set member service expectations
- Assists in the development and implementation of process improvements in all phases of mortgage operations in order to streamline functions, improve productivity, and improve service to the membership.
- Ensures that Mortgage loan officers cross promote the following: Virginia Credit Union (VACU) depository services; mortgage origination at VACU branch locations, VACU finance seminars; and other VACU financial services opportunities such as consumer lending, investment advisory services, insurance services, title and settlement services, and real estate sales.
- Maintains a broad understanding of products, guidelines and pricing strategies and assists in implementing approved new products and promotions to meet the membership’s needs and stimulate mortgage growth.
- Performs monthly and semiannual performance reviews of staff. Acts as a mentor, advisor, and trainer to team of mortgage loan officers. Prepares newly hired loan officers for roles as commissioned loan officers. Recruits new team members, as necessary.
- Maintains and complies with policies, procedures, practices, documents, and controls for the mortgage function to protect the interests of the Credit Union, and ensures compliance with state, federal, NCUA and other applicable regulations including but not limited to National Flood Insurance Program (NFIP), Regulation B, Regulation C, Regulation X (RESPA), and Regulation Z (Truth in Lending), Potential Transfer of Servicing Form, and if required, the Adverse Action form.
- Occasionally, interviews members to determine qualifications and appropriate products for new first mortgage loans including purchase and refinance transactions. Assist members with understanding the mortgage and homeownership processes as well as related mortgage products, including raw land loans, HELOCs, and HELs. Present members mortgage structures that balance leverage and home affordability.
- Acts as member contact from application until closing and regularly communicates with members regarding application status, (approval, denial, additional documentation, etc.), and current interest rates. This includes direct communication with members to resolve escalated issues.
- Maintains a dynamic and cooperative relationship with the other managers in the mortgage lending team as well as with branch, contact center, and the credit union’s affiliates (Virginia Statewide Title Services, Virginia CU Realty, and Virginia CU Realty) and to develop and maintain smooth operational transitions.
- Assist in training all mortgage team members.
- Complete all required BSA and OFAC training. Report all suspicious activity to Security.
- Other duties may be required and assigned by management.
Prerequisites for Position:
Education:
High School Graduate; College education with a focus on real estate/business preferred, but not required.
Work Experience
Significant mortgage origination and processing experience with full range of knowledge of mortgage lending, including conventional and government loan programs, pricing and insurance guidelines. Significant mortgage sales management experience required. Must know and understand preparation of various mortgage forms for each type of mortgage. Excellent knowledge of mortgage documentation requirements as well as federal, state, and local real estate regulations required. Prior experience building Realtor relationships and marketing mortgage products preferred. Experience using automated underwriting systems preferred. Strong PC skills required, with demonstrated proficiency with Microsoft Word, Excel, PowerPoint, Internet, e-mail, and voice mail. Experience in the financial services industry required.
Desirable Traits
Excellent oral and written communication skills combined with the ability to make sound decisions. Strong math aptitude with ability to analyze financial information. Superior sales ability as demonstrated by consistently high monthly closed loan volume in multiple interest rate environments. Excellent problem solving, organizational skills and attention to detail. Must be a team player and able to motivate a sales staff. Self-starter, creative, and flexible.
Comments
Overtime and/or Saturday hours may be required
NMLS
Must be able to register with NMLS
PHYSICAL REQUIREMENTS:
This job requires the ability to sit for long periods of time.
This job requires infrequent lifting or carrying of objects up to 10 pounds.
Salary Range: $123,050 - $149,103
