Canal Bank, a division of Chemung Canal Trust Company · 2 months ago
Real Estate Lending Associate
Main Office, Elmira, NY, US
Full-time
Onsite
Senior Level
$17/hr - $26.50/hr
5+ years expCanal Bank, a division of Chemung Canal Trust Company, is seeking a Real Estate Lending Associate. The role involves supporting the loan servicing function to ensure efficient and accurate servicing of mortgage loan accounts, including documentation preparation, client communication, and compliance with regulations.
Banking
Responsibilities
Maintains all paper and electronic files by accurately processing all loan origination components and documentation; Disburses all online applications; Manages conditions and handles as appropriate
Process payments for application and appraisal fees
Prepare new loan documentation, including the Loan Estimate, received at origination to ensure accuracy and compliance; Identify origination errors for tracking; Distribute required disclosures to clients
Gathers, analyzes, and verifies all documentation required to properly support the loan request; Compares verifications against original loan application for consistency and contacts clients to obtain additional information as needed
Updates loan origination system as information is gathered and verified; prepares revised documentation as changes are made to the loan
Analyzes credit reports and income, calculates ratios, and verifies assets to determine continuation or declination of application
Addresses all inconsistencies with loan officer and client, if appropriate; Consults with proper sources to resolve questions
Tracks files for follow-up on commitment, deadlines, conditions to be cleared, etc
Develops and maintains relationships with appraisers and monitors turnaround time of appraisals; Orders appraisals; Reviews appraisals; Requests revisions as necessary and inputs into the loan origination system
Prepares a variety of letters and other correspondence; Distributes required disclosures to clients
Applies knowledge of portfolio and investor underwriting policies and procedures to ensure that consistent standards have been applied to all loans
Ensures that all regulations have been adhered to prior to and during the processing and closing process
Prepares appropriate documentation for investors and prepares rate sheets
Prepares mortgage commitment letters incorporating the terms and conditions as determined by the underwriter; Forwards appropriate documents to the settlement agent and follows-up to ensure deadlines are met on commitment expirations, rate locks, and closing dates
Reviews legal documents prior to closing as follows: Verifies that conditions to close have been met and confers with attorneys as necessary; Acts as intermediary for title problems, boundary line issues, or other legal issues that surface; Informs management of pending situations that may halt or stall closing
When the file is clear to close, prepares preliminary Closing Disclosures and distributes to client; Notifies attorney that the loan is clear to close; Schedules loan closings and gathers appropriate paperwork from settlement agent to prepare all closing documentation; Prepares all closing documents and reviews for accuracy; Orders title work to be done
Computes initial aggregate escrow
Process all closing documents received from settlement agent after closing; Disburse fees; Conduct a post-closing loan review; Prepares post-closing documentation as required for secondary market investors
Oversees the disbursements of loan proceeds; prepares loan data for accurate upload to the core
Requests appraisal inspections and title updates on construction loans; Receives invoices for work completed or materials purchased and issues checks or transfers mortgage funds for construction mortgages or home improvements for which funds are held in escrow; Prepares construction loan to go final
Assists in making decisions on problem contracts and with other personnel with problems that arise as warranted
Maintains activity logs and compiles information as directed to generate and prepare monthly reports; Provides monthly data to outside originators
Conforms to General Performance Expectations as identified for all employees
Qualification
Required
Minimum of 5 years experience in related position with a minimum of 2 years in Mortgage processing normally required
Proficient interpersonal skills in dealing with clients and all levels of management
Demonstrated proficiency in Microsoft Word and Excel
Preferred
Associates degree in business preferred
Specialized lending education and training preferred
Lending experience preferred
Benefits
401k 6% Match
Medical, dental vision insurance
Tuition Reimbursement
11 paid holidays per year
Employee Assistance Program
Company
Canal Bank, a division of Chemung Canal Trust Company
2-10 employees
Funding
Current Stage
Early StageCompany data provided by crunchbase