Residential Loan Operations Associate

Rockland Savings Bank Fsb; Lively; On-site; CAD 45,000 - 65,000; Full time

Job summary

A leading bank in Ontario is seeking a Residential Loan Operations Associate to manage loan applications and ensure compliance with regulations. The role involves underwriting, managing loan pipelines, and preparing loan documents. Attention to detail and adaptability are crucial for success in this position.

Qualifications

• Must ensure compliance with lending regulations and bank policies.
• Experience in reviewing and analyzing loan applications.

Responsibilities

• Underwrites and reviews residential and consumer loans.
• Manages loan pipeline and ensures deadlines are met.
• Prepares loan audits and maintains loan files.

Skills

Attention to Detail

Adaptability

Job description

Position Overview

The Residential Loan Operations Associate is responsible for reviewing and analyzing loan applications to ensure files are complete and the borrower(s) meet the Banks underwriting guidelines. A successful Residential Loan Operations Associate will be capable of adapting to the challenges that come with working at a smaller banking institution, where the candidate may need to take on new responsibilities and tasks. Accuracy and a strong attention to detail are imperative to the success of this position as well as complying with all lending regulations, bank policies and procedures.

Duties and Responsibilities

· Underwrites and reviews residential and consumer loans.

· Evaluates loan applications from originators for risk, accuracy, consistency, completeness, and prepare the Loan Estimate. Any suspicious activity noted should be reported to the BSA Officer immediately.

· Manage the loan pipeline, ensuring loans are kept on track and meeting deadlines.

· Work with appraisers, attorneys, title companies, and municipal agencies.

· Loan account set up and maintenance on new and existing loans including tax and insurance escrows, Private Mortgage Insurance, VSI processing, and UCC reporting.

· Prepare for loan audits, work with management, auditors, regulators, and customers.

· Work closely with Loan Originators, keeping them updated and the file on track throughout the loan process.

· Creates and maintains a file for each application, underwrites loan applications to ensure they follow regulations, bank policies and procedures.

· Receives and processes borrower funds for appraisals in a timely manner.

· Takes ownership of concerns and follows through with a resolution.

· Perform loan maintenance, corrections, and research. Reviews PDF folder daily.

· Assist branch personnel with loan payoffs for all types of loans.

· Send letters to customers for all maturing lines of credit.

· Tracks collateral insurance and flood.

· Prepare loan closings by updating final fees and producing a closing disclosure, produce accurate closing documents for the settlement attorney.

· Fund loans on the day of disbursement.

· Prepare closed mortgage files for secondary market, such as Rural Development, Maine State Housing, and Federal Home Loan Bank of Boston.

· Discharge paid off mortgages with the registry of deeds.

· Prepares loan reports for the monthly Board of Directors meeting.

· Annual completion of compliance training

· Maintains dispute and missing documents log.

· Assists in monitoring E-Oscar for incoming and outgoing disputes.