Job details

External Mortgage - Loan Processor III

At Redwood Credit Union we are on a journey to re-imagine the way we do business, and we can’t do it without you - our next great hire.

Since 1950, Redwood Credit Union has been helping people reach their financial goals and dreams with a focus on helping others. As a not-for-profit financial institution, our passion is for helping our Members meet their financial needs, whether it’s through better rates, low or no fees, or expanded services.

That people-first approach holds true for our employees, too. Our work environment is built on service and trust. It's all possible with a leadership team committed to hiring talented people and helping them develop their careers.

JOB SUMMARY: Support the external real estate sales group with the coordination, organization and preparation of up to the most complex real estate loan transactions. Ensure accurate and expeditious loan closings while providing superior Member service and working accurately and efficiently in a fast-paced environment.

Loan Officer Support:

Collaborate and communicate directly with Member, when External Loan Officer is not able, to ensure loan is progressing and service is not impacted due to unavailability of ELO.
Coordinate and effectively communicate with the External Loan Officer to ensure Member expectations are understood and met.
Inform Members on the status of their loan applications, at least on a weekly basis, or more frequently as necessitated by Member expectations.
Proactively interface with affiliates and vendors on purchase transactions to obtain contracts, addendums, inspection reports and confirm that deadlines are met and escrows are closed subject to contract dates.
Utilize Lending Authority to approve and/or make recommendations for loan approval up to established limits.
Issue compliance documents, exhibits and disclosures (Loan Estimate, Closing Disclosure, Appraisals, etc.) when necessary.
Assist with locking loans within the LFC once pricing is confirmed with the Member and the External Loan Officer.
Report on a daily basis of any problem or concerns with specific loan files to direct supervisor or Mortgage Manager.
Propose new or improved processes that will increase efficiencies or improve the Member experience.
Identify difficult, complex loan issues at or before application and apply RCU’s portfolio philosophy to structure loan, make recommendations and present to direct supervisor or Mortgage Manager. Attend or support external mortgage business development events as needed.

Loan Processing:

Review mortgage loan applications to ensure accuracy, completeness, compliance with government, internal and investor standards.
Accurately read and interpret underwriting /DU findings and Transmittal Summaries.
Arrange for opening of escrows through title companies; order and review preliminary title reports for accuracy and acceptability.
Order appraisal and all other third-party documents (I.E. tax service, flood certification and credit report as applicable. Review all such documents for accuracy and acceptability.
Review appraisal reports to ensure that required level of appraisal fieldwork has been completed; that they are professional quality and are prepared in a way that is consistent with FNMA and RCU requirements.
Verify all types of borrower income from basic paystubs to complex personal and business tax returns as required in DU messages and RCU procedures.
Request and review proper documentation on all mortgage loans and work directly with borrower/Member to satisfy the requirements of the loan.
Promptly identify issues raised in processing documents received that may impact qualifying and alert the External Loan Officer or Manager of potential issues and solutions.
Prepare and submit a complete and accurate file to underwriting.
Work directly with the Member to satisfy any underwriting conditions and all other relevant information necessary to complete the file.
Take ownership of processing highly sensitive or uniquely complex loan files.
Review Denials for opportunities to restructure or counteroffer loan applications.
Identify expired counteroffers and send out Statement of Credit Denial and Adverse Action Letters as required.
Answer and respond to telephone calls within established performance and service guidelines.
Take actions necessary to address Member service requests after the loan has closed.

Knowledge, Skills and Abilities:

Knowledge of modern office administration techniques and methods.
Thorough knowledge of Internet-based loan origination software.
Knowledge of secondary market investor requirements, compliance requirements, selling procedures and guidelines.
Knowledge of Federal and State laws, rules and regulations related to real estate lending and credit unions.
Knowledge of all residential mortgage loan products offered by RCU.
In depth knowledge of processing real estate loan files to meet RCU and Fannie Mae standards.
Skill in operation of a PC, Word, Excel, Loan Origination Systems (Mortgage Cadence, etc.) Symitar, Desktop Underwriter.
Ability to analyze situations and recommend workable solutions.
Ability to communicate effectively both verbally and in writing.
Ability to establish and maintain effective working relationships with diverse group of people. Including vendors and other Credit Union employees.
Ability to use judgment and discretion in making decisions.
Ability to act independently and confidentially.

Education/Experience

A combination of education and experience equivalent to a high school education, plus eight or more years of residential loan processing or underwriting experience for an outside sales team.

Licenses and Certifications

• Ability to maintain a valid California State driver’s license.

• Ability to obtain and maintain registration with the National Mortgage Licensing System and Registry in compliance with the requirements of Federal Law, including the SAFE ACT and NCUA part 761.

Physical Requirements

· Ability to stand, bend, stoop, sit, walk, twist and turn.

· Ability to lift up to 20 pounds occasionally.

· Ability to use a computer keyboard, calculator and telephone.

· Work environment is indoors, majority of time is spent sitting at a workstation.

· Ability to work efficiently and quickly in a fast-paced environment.

Compensation: base starting range $33.00 to $43.00 per hour commensurate with experience.

Our base salary starting range is based on scope and responsibilities of the position, candidate's work experience, education/training, key skills, and internal peer equity. We offer a competitive total rewards package including a wide range of medical, dental, vision, financial, and other benefits.

Redwood Credit Union offers a robust benefits package to our eligible employees including:

· Competitive medical, dental, and vision insurance, mental health offerings

· Employee performance incentive plan

· Salary Advancement– Merit increase based on performance

· 401(k) program with employer match

· Time Off- Competitive PTO accrual plus 11 paid company holidays and your birthday off!

RCU Discounts and Perks-

- RCU employees are eligible for a .75% discount off RCU standard collateral auto loans

- RCU employees are eligible for a 1% discount on all recreational or boat loan products

- 2% discount off Visas and LOC Loans through RCU

- 0% interest loan to support employees with various immigration related expenses such as visa application fees and relocation costs. Loan amount up to $1,000.

- 0% interest loan to support employees with expenses associated with the naturalization process. Loan amount up to $15,000.

- 0% interest on garment, fitness, or home office equipment loan of up to $500

- 100% financing for employee purchased homes!

Why work for Redwood Credit Union?

· Local financial institution, providing unparalleled service since 1950

· Recognized by Newsweek as one of "America's Best Credit Unions 2024"

· Top 5 Healthiest Credit Union in the USA, rated by Glatt Consulting

· Voted Best Places to Work in the North Bay 18 years in a row

· World-class employee engagement scores

· Rated Superior in Service by more than 90% of Members, surveyed by SF Gate

· Recognized by Forbes as one of “America’s Best Small Employers 2023"

Internal Team Members