This role could be located in either St. Paul, MN or Carmel, IN.
Summary: The Multifamily Loan Processor and Closer must be knowledgeable of the various investor programs and loan products offered by Merchants Capital, which include traditional Bank financing, Fannie Mae DUS program, Freddie Mac Program Plus and Freddie Mac TAH, and FHA HUD/RHS.
Expected Outcomes: The Multifamily Loan Processor and Closer will be responsible for the compliance of the respective program guide requirements. The position’s primary focus will be on Fannie Mae and Freddie Mac loans originated by Merchants Capital, but the responsibilities could also include working with Bank or HUD products.
Essential Duties and Responsibilities:
- Participate in Kick-off call with both Internal team members and Borrower to gain understanding of transaction at onset of process;
- Order, track, & maintain 3rd party reports;
- Create signature documents, both internal & external (i.e.; forms, application, invoices, engagement letters, etc.);
- Request, retrieve, and track due diligence documents from the client via Outlook and/or file-sharing system;
- Expert for all applicable loan policies and procedures both internally and required by Agency Guide’s, as applicable);
- Assist origination & underwriting in clearing stipulations required by loan committee or Agency program (as/if applicable);
- Answer client questions that may arise during the loan process;
- Coordinate and prepare loan application packages with Underwriting team for submission for approval;
- Submit and track insurance review with internal and external staff to ensure compliance with Bank and/or Agency requirements;
- Maintain accurate QC/HMDA folders;
- Maintain ‘Pipeline” report(s);
- Coordinate with the Bank’s legal representatives to schedule loan closings, while collecting required items needed for closing from the Borrower, Bank, or Legal Team;
- Organize closing calls with borrower and counsel, as needed;
- Create Settlement Statements for closing and oversee the contribution of equity, loan disbursements, and third-party payments;
- Coordinate all aspects of loan closings including but not limited to the following:
- Provide outside counsel with timely receipt of required closing documents
- Work closely with counsel to prepare and review all necessary loan documents;
- Review title and survey comments prepared by counsel and follow up if required; and
- Obtain all necessary documentation for the completion of a closing statement as well as obtain backup documentation for the processing of an initial draw for construction transactions.
- Arrange loan fundings which includes ordering of warehouse funds from appropriate warehouse lender;
- Review and track all Lender and Investor commitments, as applicable;
- Issue loan commitments and confirmations, as applicable;
- Coordinate all loan delivery packages with both Underwriting team and outside counsel, as applicable;
- Work directly with the various Agencies to securitize and provide necessary closing documentation post-closing to finalize the mortgage-backed security to the investor, as applicable;
- Deliver permanent loan files to servicing, construction servicing and asset management departments.
- Complete other duties as deemed necessary;
- Ability to travel to closings, as required;
- Complete other duties as deemed necessary.
Expected Experience, Skills and Education:
- Strong organizational skills with attention to detail.
- Possess the initiative to work in an independent and reliable manner, and ability to work closely with other internal departments to process a loan in a timely manner.
- Strong customer service skills in person, via electronic communication and phone.
- Proficient in Microsoft Work, Excel, Outlook and database management
- Requires critical thinking skills and multitasking.
- High school diploma or GED from an accredited institution required.
All employees are expected to contribute to the overall success of the organization by performing requested duties regardless of explicit inclusion in the job description or reasonable relation to an employee’s primary role. Additionally, all employees must understand and adhere to all federal and state laws and banking regulations and company policies and procedures applicable to assigned job responsibilities, including compliance as appropriate under the Bank Secrecy Act and Anti-Money Laundering regulations.
Additionally, all employees are expected to demonstrate the following Core Competencies:
Professionalism – acting with responsibility, integrity and accountability; demonstrating consistent trustworthiness and reliability; always remaining flexible, adaptable and willing to accept coaching; building and managing professionally healthy relationships; deliberately managing career decisions; and continually developing awareness of business-related topics.
Communication – understanding various active and passive tools and styles and their effects; and exhibiting appropriate, effective, timely use of tools and styles to connect, collaborate, facilitate teamwork and serve customers.
Work Quality – demonstrating an ongoing commitment to compliance, safety and security; executing work with efficiency, a sense of urgency and attention to detail; and displaying organized work practices and a results-oriented mindset.
Analytical Ability – navigating work-related circumstances with practical, sound reasoning; and demonstrating creativity in problem solving.
Leadership – displaying good judgment and certainty in decision making; taking initiative with job-related demands; demonstrating innovative thinking and sound planning with business practices; managing individual performance toward shared organizational goals; and thinking strategically to set and accomplish goals.
Merchants Bancorp and its affiliates and subsidiaries are committed to being equal opportunity employers. All job candidates and incumbents will be assessed based on only criteria relevant to successfully performing the job as defined in this job description and as generally accepted in the job’s relevant industries.
- Due Diligence
- Alternative Investments
2+ to 5 years
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