Loan Assumption Specialist

The Loan Assumption Specialist will work with applicants and borrowers who wish to assume the mortgage terms and payment of qualified mortgage loans through a transfer of ownership.

Essential Duties and Responsibilities:

·         Receive assumption request applications and prepare preliminary paperwork, drafting assumption package, communicating with borrowers, assumers.

·         Review file documents to ensure completeness; preparing file for underwriting approval; assumption loan processing, drafting all documents.

·         Manages a pipeline of loans.  Reviews file submissions for accuracy and completeness.  Verifies that all required documents are properly located in the loan file.

·         Understand and ensures all compliance and regulatory are adhered to according to federal and state laws and regulations.

·         Submits completed loan package to underwriter for review and approval.

·         Upon review and approval of underwriter, prepares the loan closing package.

·         Review loan packages, scheduling closings and preparation of loan closing documents

  ·         Process additions and removals of borrowers from deed when changes occur and verify receipt of supporting documentation for deed transfers.

·         Follow procedures to ensure compliance applicable to federal, state, local, investors or other regulatory disclosures and requirements.

Position Requirements

Education:

·         High school diploma or equivalent required

·         Associated Degree Preferred

Experience

·         Mortgage processing/or closing experience required

·         Minimum two (2) years of mortgage experience with a variety of investors

·         Overall knowledge of Mortgage Lending Process

·         Ability to make decisions independently within set policy and procedures

Functional/Technical Skills

·         Effective verbal and written communication skills with ability to instruct members of team.

·         Some reporting experience and data analytics

·         Experience using Microsoft Office

·         Intermediate Microsoft Excel skills

·         Displays strong organizational skills and manages time effectively

·         Ability to multi-task and deal with competing priorities

·         Ability to meet deadlines

·         Ability to adapt to a changing environment

·         Ability to understand and utilize investor guidelines