Mortgage Loan Officer

University of Michigan Credit Union; Ann Arbor (MI); On-site; USD 60,000 - 90,000; Full time

Benefits offered by this job

Tuition reimbursement

401k with employer match

Paid time off

Flexible work environment

Parental leave

Pet insurance

Home office credits

Medical/dental/vision

Job summary

University of Michigan Credit Union in Ann Arbor, MI seeks a Mortgage Loan Officer to originate first mortgage applications for purchase or refinance. You will meet with applicants, analyze needs, and guide them to suitable financing options.

You will maintain pre-approvals, gather documentation, and coordinate with processors while staying current with FNMA/FHLMC guidelines. UMCU offers comprehensive benefits, tuition reimbursement, generous PTO, and a flexible work environment.

Qualifications

• Bachelor's degree or equivalent combination of education and experience.
• Ability to read/analyze business materials and regulations.
• Strong written and verbal communication skills.
• Ability to present information clearly to managers, clients, and the public.
• Ability to perform basic math and interpret graphs.
• Ability to solve problems in varied situations.

Responsibilities

• Meet with applicants to assess home financing needs.
• Educate applicants on options, pricing, and loan programs.
• Explain fees and closing costs and provide current rate information.
• Maintain pipeline of mortgage pre-approvals and follow up with members.
• Collect documents and coordinate with processors for verification.
• Process Home Equity applications when applicable with consent.
• Build relationships with brokers/agents to generate mortgage business.
• Ensure policy updates and regulatory compliance in lending.

Skills

Mortgage origination

Interviewing

Financial analysis

Communication

Customer service

Education

Bachelor's degree

Job description

Are you looking for an exciting new opportunity? Here at UMCU we are passionate about our team members' growth, success and contribution to our amazing company culture. Consider joining the University of Michigan Credit Union (UMCU) a pillar of the local community for 70 years.

The Mortgage Loan Officer is responsible for originating first mortgage loan applications for the Credit Union. Works with the member to ascertain which mortgage product is best suited to meet the member’s needs and objectives. Where applicable, processes a Home Equity application for the member in conjunction with the mortgage app, with the member’s consent.

Assures mortgage loan applications are originated within the parameters and guidelines of the Credit Union. Also responsible for training other staff in first mortgage origination to ensure quality in the mortgage portfolio.

Why join the UMCU Team?

• Work with a high energy and collaborative group of supportive professionals.
• We are committed to helping you own your career and grow professionally and personally.
• Comprehensive benefits including low cost/high coverage medical, dental, vision, leave of absence and more!
• Very generous paid time off and a very flexible work environment to help you find just the right work-life balance.
• Tuition reimbursement and a student loan debt repayment program
• Our Fidelity 401k program with employer match is one of the most generous you'll find.
• From our parental leave, to pet insurance and home office credits, our benefits package is one of the best you'll find!

What you'll be doing in this role:

• Meets with applicants interested in purchasing or refinancing a home and conducts effective interviews, needs analysis, and answers any questions they may have on the lending process. These meetings will occur based on the members preferred method; in person, Webex or phone.
• Educates and advises the applicant on the home buying process and conforming and alternative loan program options available. Discusses financing options and loan pricing
• Informs the applicant of applicable fees and closing costs including the appraisal, credit report, title insurance, notary fees, etc., and provides current information regarding rates and terms. Cross-recommends additional credit union products where appropriate
• Maintains pipeline of Mortgage pre-approvals and follows up with members in a timely manner
• Documents the applicant’s income, debt and credit history and assists the member through the loan application process. Requests the appropriate documentation to support the loan request such as the purchase agreement, property description, assets (i.e. bank accounts, investments), proof of income, etc., and submits to processors for verification
• For members and loans that qualify with appropriate DTI and LTV ratios; process Home Equity application alongside the mortgage app if member consents
• Analyze approved loan applications for eligibility to sell to FHLBI
• Participates in networking opportunities with local real estate brokers and builders to inform them of the Credit Union’s products and services. Builds rapport and solicits new mortgage business from existing or new business partners such as developers and real estate agents.
• Assists with the review and updating of internal policies and procedures relating to mortgage and, as needed.
• Maintains knowledge of the Credit Union Act, credit legislation, legal implications of lending decisions, lending practices, and Credit Union operations
• Maintains knowledge of FNMA and FHLMC guidelines
• Assists in providing adequate staff training for existing and new staff designated to process mortgage loan requests. Provides periodic in-service training of all staff
• Works comfortably with established routines and procedures and anticipates problems in areas of specialization
• Responsible for security of Credit Union property
• Volunteers in various activities sponsored by UMCU within the University of Michigan and Ann Arbor communities
• Maintains knowledge of and follows all credit union policies and procedures regarding BSA, OFAC, U.S. Patriot Act, Anti-Money Laundering, S.A.F.E Act, CFPB regulations and Customer Identification Program
• Other duties as assigned

What you'll need in this role:

• Bachelor's degree; or equivalent combination of education and experience
• Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations
• Ability to write reports, business correspondence, and procedure manuals
• Ability to effectively present information and respond to questions from managers, clients, customers, and the general public
• Ability to perform basic math functions and compute rate, ratio, and percent and to draw and interpret bar graphs
• Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists
• Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form

Physical Demands/Work Environment

• The environment is typical of an office atmosphere. The noise level in the environment is usually moderate
• While performing the duties of this job, the employee is frequently required to stand; walk; sit; use hands to finger, handle, or feel; reach with hands and arms; stoop, kneel crouch, or crawl; and talk or hear. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception, and ability to adjust focus.