Closing Processor- Consumer Finance

Position Title

Closing Processor- Consumer Finance

Location

Nationwide, MI 48098

Job Summary

The Closing Processor role is essential to Flagstar’s consumer loan fulfillment process. Key responsibilities include; collecting information from the borrower to successfully move an application through underwriting, preparation of closing documents for approved applications, performing post-closing reviews, funding, booking and tracking/reporting. This position requires the employee to be highly detailed, with the ability to quickly transition from one task to another with a high degree of accountability and documentation. The role requires basic knowledge in components of customer service, loan processing, closing and funding, however the focus on these components may vary depending on department needs. Basic knowledge of lending regulations is preferred, including but not limited to, RESPA, HMDA, Safe Act, TILA and TRID. This position is incumbent to develop knowledge and understanding of home equity and consumer loan products.
Pay Range: $19.13 - $23.91 - $28.69

Pay Range: Local Minimum Wage - $0.00 - $0.00

Job Responsibilities:

• Loan Processing, document prep, document review and booking of consumer loans and home equity loans: 80%
  • Monitor loan processing system (LOS) for new applications received
  • Review and validation of all initial documentation to ensure completion and accuracy and that the file is within compliance.
  • Manage various assigned consumer loan and home equity queue(s), ensuring tasks are completed accurately and within SLA timeframes
  • Direct contact with applicants to request/receive required documentation
  • Working alongside other Flagstar departments/employees to obtain information/documentation needed to complete loan files
  • Document LoansPQ with applicable loan information/documentation
  • Creation of disclosures (Loan Estimate & Closing Disclosure (CD)) for home equity loans
  • Complete pre-close requirements (verification of employment, updating of hazard insurance for additional insured and obtaining any needed payoffs, etc.)
  • Creation and review of loan document package for closing
  • Loan funding, distribution of loan proceeds and booking of loan on Flagstar loan servicing system on a timely basis
  • Loan monitoring to ensure Flagstar lien perfection on secured loans

• Operations: 20%
  • Ensuring loan file updates are documented within the LOS system
  • Ensuring all loan files are in compliance
  • Provide support to lenders and third-party vendors as needed to ensure loan closings are seamless
  • Assist in reviewing/resolving QC/QA findings/questions and associated reporting
  • Testing of new processes, procedures, and (LOS) processing system upgrades and improvements

ADDITIONAL ACCOUNTABILITIES

• Performs special projects, and additional duties and responsibilities as required.
• Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings.  Accountable to maintain compliance with applicable federal, state and local laws and regulations.

JOB REQUIREMENTS

Required Qualifications:

• Education level required: HS Diploma, GED or Foreign Equivalent
• Minimum experience required: 1+ Years Consumer Loan processing and/or lending experience, including HELOANs or industry equivalent experience

Job Competencies:

• Understanding of MS Office Suite with intermediate technical and computer skills; ability to navigate quickly within various applications
• Basic knowledge of home equity products and non-real estate related consumer loans
• Prior knowledge if vehicle titling requirements
• Limited to basic understanding of lending regulations including, but not limited to, RESPA, HMDA, Safe Act, TILA and TRID
• Basic consumer loan origination system knowledge
• Proven customer service skills
• Excellent listening, verbal and written communication skills
• Excellent follow-up and organization skills
• Demonstrated ability to maintain confidentiality using tact and diplomacy
• Ability to work overtime based on business need
• Ability to solve basic problems
• Demonstrated ability to work independently with proven attention to detail.
• Ability to assist in training of new hire processing team members
• Physical demand (ADA): No unusual physical exertion is involved

Flagstar is an Equal Opportunity Employer

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Please click the following link for detailed information: Benefits | Flagstar Bank