Special Programs Loan Processor/Closer

Special Programs Loan Processor/Closer

 

ABOUT THE CONNECTICUT HOUSING FINANCE AUTHORITY:

Connecticut Housing Finance Authority ("CHFA") is a self-funded, quasi-public organization. Its mission is to alleviate the shortage of housing for low- and moderate-income families and persons in the state of Connecticut ("State") and, when appropriate, to promote or maintain the economic development of the State through employer-assisted housing efforts. CHFA is a mission-driven leader in creating affordable housing opportunities for families and individuals in Connecticut. We believe in the power of the diverse and inclusive communities we serve. We provide a challenging, progressive, and supportive environment that encourages and promotes employee development. We offer competitive salaries; tuition reimbursement; 457 deferred compensation, state-sponsored pension plan, comprehensive health, dental, life, and disability plan, paid vacation, sick, and holidays, hybrid work schedule, ongoing training, career development, and, if qualified, employee may be eligible for student loan forgiveness under Federal Loan assistance program.

ABOUT THE POSITION:

This position is responsible for collecting, verifying, and organizing required documents from applicants to prepare a clean file for underwriting CHFA special programs, such as the Emergency Mortgage Assistance Program and Reverse Annuity Mortgage Program. The position would also be responsible for coordinating and preparing closing documents for approved files.

SUPERVISION RECEIVED:

Receives direction from the Director of Homeownership or a position of a higher grade.

SUPERVISION EXERCISED:

None.

POSITION SUMMARY:

• Act as the main point of contact between the applicant, underwriter, loan servicer and appraiser, if applicable, and closing attorney.
• Enter loan details into CHFA's Loan Origination System upon receipt of an application.
• Within 24 hours of receipt of an application, perform analysis of income, assets, value, and hardship validation, if applicable, to determine if request meets basic eligibility criteria. Escalate any that do not appear to meet eligibility to the underwriter for second level review/decline.
• Prepare and send all required disclosures including TRID within 72 hours, if applicable.
• Review all documents for accuracy and completeness.
• Request and follow up on any remaining documents required from the applicant so the loan may be submitted to the underwriter.
• Order services, such as credit reports, appraisals, when applicable, and title searches.
• Communicate with all interested parties, as needed, throughout the transaction.
• Submit the completed/accurate loan file to the Underwriter for review/approval and upon response, issue commitment, request for additional documentation, or denial, as appropriate.
• Prepare loan closing documents and coordinate the loan closing between the closing attorney and the approved applicant. This also includes working with the applicant to resolve any loan conditions and/or title issues prior to closing.
• Request funding from the Finance Department once closing has been completed.
• Monitor and respond to all inquiries received from outside attorneys, mediators, state legislative officers, and the Banking Department including, but not limited to eligibility, application status, underwriting result and general loan information.

MINIMUM QUALIFICATIONS REQUIRED:

Associate's degree in business or related area, or a minimum of three years of experience in mortgage processing, banking, loan operations, or related field. Knowledge of banking regulations as it pertains to disclosures and the TILA RESPA Integrated Disclosure (TRID) process is required.

Familiarity with the Connecticut General Statute §8-265gg(d) (The EMAP Statute), the foreclosure process in Connecticut, home, and non-home retention options available to Connecticut homeowners is a plus.

OTHER REQUIREMENTS:

Requires basic knowledge of mortgage loan documents and mortgage terminology. This position must be detail oriented, have the ability to multi-task and self-prioritize tasks. Requires effective customer service skills, interpersonal and organizational skills, good written and verbal communication skills, ability to use judgement and make recommendations. Proficiency in Microsoft Word™ and Excel™ is required.

ALL OTHER DUTIES AS ASSIGNED:

This is not an exclusive list of all job functions, and the employee is expected to complete all duties as assigned. Duties and responsibilities may be added, deleted, or changed at any time at the discretion of management, formally or informally. This job description in no way constitutes an employment contract or agreement.

CHFA EOE