Closing Processor - Consumer Finance (Hybrid - Troy, MI)
Flagstar Bank FSB

Lansing, Michigan

Posted in Banking

This job has expired.

Job Info

Job Summary
This position completes loan activities for consumer loans, home equity lines of credit and home equity loans.

Responsibilities may include but not limited to 1) performing review and validation of all application, closing and customer supplied documentation to ensure loan files are in compliance, 2) ordering of vendor items as necessary, 3) working closely with lenders, processors and underwriting to complete open loan stipulations and conditions, 4) pre-closing/closing activities including obtaining loan payoff documentation and completing verbal verification of employment, 5) preparation of consumer and home equity document packages for branch and electronic (e-sign) closings 6) perform outreach to applicants on consumer loan applications to satisfy stipulations set by underwriting 7) preparation of initial closing disclosures for approved home equity loans, 8) funding and booking of closed loans on Flagstar loan servicing systems and 9) post-close monitoring and follow-up to ensure Flagstar Bank lien perfection for secured loans.

Understanding all aspects of loan product and process is key to this position. Move loan files to appropriate queues once documentation is received and uploaded and document actions taken. This position requires 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 ability to function with basic knowledge in all components of loan processing, closing and funding, depending on department needs. Basic knowledge of lending regulations 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.

Document prep, document review and booking of consumer loans and home equity lines/loans:
• 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
• Engagement with other Flagstar departments/employees to obtain information/documentation needed to complete loan files
• Document LoansPQ with applicable loan information/documentation
• Review of the file and creation of the 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

• 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

Job Responsibilities:

  • 1+ years Consumer Loan processing and/or lending experience, including HELOANs and HELOCs or industry equivalent experience
  • Basic knowledge of home equity products
  • Basic knowledge of non-real estate related consumer loans (vehicle, CD secured, ODLOC, RV, etc.)
  • Basic loan underwriting knowledge
  • Limited to basic understanding of lending regulations including, but not limited to, RESPA, HMDA, Safe Act, TILA and TRID
  • Demonstrated ability to order vendor items (flood, title, and property appraisal)
  • Basic consumer loan origination system knowledge
  • Demonstrated ability to nimbly transition through multiple priorities and tasks
  • Commitment to meeting the expectations and requirements of internal and external customers with a sense of urgency
  • Proven customer service skills
  • Excellent listening, verbal and written communication skills
  • Excellent follow up and organization skills
  • Understanding of MS Office Suite with intermediate technical and computer skills; ability to navigate quickly within various applications
  • 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.
  • Carries out assigned tasks as directed
  • Ability to assist in training of new hire processing team members
  • Perform other duties as required
  • HS Diploma, GED or Foreign Equivalent
  • Must come into headquarters in Troy, MI one day per week

Internal Use Only: Job Band I-Hourly

This job has expired.

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