Overview
To process and evaluate first mortgage loan assumptions. To process and evaluate specialized mortgage account changes for mortgage modifications, loan conversions, etc. To set up new loan products and mortgage records In the Mortgage Loan Servicing System (MSP). To answer mortgage related inquires and questions pertaining to various Navy Federal mortgage products. To advise and counsel members on the terms and conditions of various modification products, including qualifying and approving rate modifications including 1st FEL, Home Affordable Refinance Modification (HARM), HEL to FEL, as well as workout modifications from Collections and Repurchases. To perform Balloon Loan Modifications, Adjustable Rate Mortgage (ARM) interest rate changes and one time only fixed rate conversions.
Responsibilities
Collect and assemble court documents and fees, to accurately comply with modifications
Ensure the accuracy of loan rates and enter changes into the online system as required
Enter modification changes and ARM accepted loans upon receipt of signed document in the online system
Execute payment rate changes and generate/review ARM work queues to meet compliance requirements
Implement and update automatic member payment options for mortgage and equity loans
Interview and counsel members/non-members who are applying to assume an existing Navy Federal Mortgage; clarify complexities of the loan assumption process
Prepare and record closing documents according to all applicable federal, state and Navy Federal rules and regulations; forward approved loan package to VA
Prepare and submit offer letters; advise members when loan/modification/interest rate change has been completed
Process payment and update online system with all pertinent changes due for collection modifications and repurchases Process Home Equity Line of Credit (HELOC) Platinum Visa applications
Review and evaluate mortgage loan applications to ensure viability (member debt to income ratio and compensating factors) and compliance with Federal and Navy Federal guidelines, etc.
Send out notifications to members indicating loan offers, effective date, rate change(s) and applicable regulatory guidelines
Serve as liaison with loan applicants, seller, attorneys, underwriters or agent for any additional information and to resolve any discrepancies/errors/misunderstandings
Submit mortgage loan assumption requests to Underwriters according to established guidelines
Submit new business loan accounts from Business Services into online system
Perform other duties as assigned or appropriate
Qualifications
Ability to work independently and in a team environment
Advanced knowledge of loan assumption process such as 1st FEL, HARM, HEL to FEL
Advanced knowledge of workout modifications from Collections and Repurchases
Advanced knowledge of Navy Federal Mortgage Production and/or Servicing Systems
Advanced comprehending, analyzing and explaining all aspects of mortgage loan origination
Advanced skill maintaining accuracy with attention to detail and meeting deadlines
Advanced skill performing mathematical calculations and working accurately with numbers
Advanced verbal and written communication skills
Effective skill guiding and training less experienced staff
Effective word processing and spreadsheet software skills
Desired Qualification(s)
Working knowledge of mortgage lending concepts and principles
Working knowledge of Navy Federal products, services, programs, policies and procedures
Hours: Monday - Friday, 11:00AM - 7:30PM
Locations: 820 Follin Lane, Vienna, VA 22180 | 141 Security Dr. Winchester, VA 22602
About Us
You have goals, dreams, hobbies, and things you're passionate about—what's important to you is important to us. We're looking for people who not only want to do meaningful, challenging work, keep their skills sharp and move ahead, but who also take time for the things that matter to them—friends, family, and passions. And we're looking for team members who are passionate about our mission—making a difference in military members' and their families' lives. Together, we can make it happen. Don't take our word for it:
• Military Times 2022 Best for Vets Employers
• WayUp Top 100 Internship Programs
• Forbes® 2022 The Best Employers for New Grads
• Fortune Best Workplaces for Women
• Fortune 100 Best Companies to Work For®
• Computerworld® Best Places to Work in IT
• Ripplematch Campus Forward Award - Excellence in Early Career Hiring
• Fortune Best Place to Work for Financial and Insurance Services
Equal Employment Opportunity: Navy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/Disability EOE/AA/M/F/Veteran/Disability
Disclaimers: Navy Federal reserves the right to fill this role at a higher/lower grade level based on business need. An assessment may be required to compete for this position. Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team’s discretion based on qualified applicant volume. Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market position
Bank Secrecy Act: Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.
REQNUMBER: 16145