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Residential Loan Officer Assistant (Fairway Independent Mortgage Corporation)
Ref No.: 16-08144
Location: Cincinnati, Ohio
The Loan Officer Assistant position supports one or more Loan Officers by ensuring loan files are complete and loans close as scheduled. Supports the marketing activities of the assigned loan officers and provides administrative support.
SAFE Act Compliance:
In compliance with the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008, a Mortgage Loan Officer must have an active mortgage loan originator's license in every state where he or she does business.
Under the SAFE Act, a mortgage loan originator (MLO) is an individual who:
-Takes a residential mortgage loan application; and
-Offers or negotiates terms of a residential mortgage loan for compensation or gain.
The term mortgage loan originator does not include:
-An individual who performs purely administrative or clerical tasks on behalf of an individual who is an MLO;
-An individual who only performs real estate brokerage activities and is licensed or registered as a real estate broker in accordance with applicable state law, unless the individual is compensated by a lender, a mortgage broker, or other MLO or by any agent of such lender, mortgage broker, or other MLO, and meets the MLO definition; or
-An individual or entity solely involved in extensions of credit related to time-share plans.
The SAFE Act defines completing a loan application as receiving information provided in connection with a request for a loan to be used to determine whether the consumer qualifies for a loan, even if the loan officer:
-Has received the consumer's information indirectly in order to make an offer or negotiate a loan;
-Is not responsible for verifying the information;-Is inputting information into an online application or other automated system on behalf of the consumer; or
-Is not engaged in the approval of the loan, including determining whether the consumer qualifies for the loan.
Taking an application does not include any of the following activities, performed solely or in combination:
-Contacting a consumer to verify the information in the loan application by obtaining documentation, such as tax returns or payroll receipts;
-Receiving a loan application through the mail and forwarding it, without review, to loan approval personnel;
-Assisting a consumer who is filling out an application by clarifying what type of information is necessary for the application or otherwise explaining the qualifications or criteria necessary to obtain a loan product;
-Describing the steps that a consumer would need to take to provide information to be used to determine whether the consumer qualifies for a loan or otherwise explaining the loan application process;
-In response to an inquiry regarding a prequalified offer that a consumer has received from an institution, collecting only basic identifying information about the consumer and forwarding the consumer to a mortgage loan originator; or
-Receiving information in connection with a modification to the terms of an existing loan to a borrower as part of the institution's loss mitigation efforts when the borrower is reasonably likely to default.
Under the SAFE Act, the following activities are considered to be offering or negotiating terms or conditions of the loan:
-Presenting a loan offer to a consumer for acceptance, either verbally or in writing, including, but not limited to, providing a disclosure of the loan terms after application under the Truth in Lending Act even if:
-Responding to a consumer's request for a lower rate or lower points on a pending loan application by presenting the consumer with a revised loan offer, either verbally or in writing, which includes a lower interest rate or lower points than the original offer;
-Further verification of information is necessary;
-The offer is conditional;
-Other individuals must complete the loan process; or
-Only the rate approved by the institution's loan approval mechanism function for a specific loan product is communicated without authority to negotiate the rate.
Offering or negotiating terms of a loan does not include, solely or in combination:
-Providing general explanations or descriptions in response to consumer queries regarding qualification for a specific loan product, such as explaining loan terminology (i.e., debt-to-income ratio); lending policies (i.e., the loan-to-value ratio policy of the institution); or product-related services;
-In response to a consumer's request, informing a consumer of the loan rates that are publicly available, such as on the institution's web site, for specific types of loan products without communicating to the consumer whether qualifications are met for that loan product;
-Collecting information about a consumer in order to provide the consumer with information on loan products for which the consumer generally may qualify, without presenting a specific loan offer to the consumer for acceptance, either verbally or in writing;
-Arranging the loan closing or other aspects of the loan process, including communicating with a consumer about those arrangements, provided that communication with the consumer only verifies loan terms already offered or negotiated;
-Providing a consumer with information unrelated to loan terms, such as the best days of the month for scheduling loan closings at the institution;
-Making an underwriting decision about whether the consumer qualifies for a loan;
-Explaining or describing the steps or process that a consumer would need to take in order to obtain a loan offer, including qualifications or criteria that would need to be met without providing guidance specific to that consumer's circumstances; or
-Communicating on behalf of a mortgage loan originator that a written offer, including disclosures provided pursuant to the Truth in Lending Act, has been sent to a consumer without providing any details of that offer.
Essential Job Functions:
-Assists Loan Officer in preparing preliminary loan packages for processing by obtaining missing documentation and other information from customers
-Utilizes information gathered by the Mortgage Loan Originator to prequalify customers
-Responds to customers' general questions regarding policy and procedures in the absence of the Loan Officer
-Works with appraisers to obtain official appraisal
-Updates customers, real estate agents, and titles companies on the loan's progress
-Coordinates and schedules loans closings
-Maintains Loan Officers' databases of customer information
-Assists Loan Officers with marketing campaigns through mail, email, and internet
-Performs other administrative tasks, such as faxing, emailing, making telephone calls, to support the Loan Officer
Non-Essential Job Functions:
-Participates in and leads proactive team efforts to achieve departmental and company goals
-Adopts Fairway values in personal work behaviors, decision making, contributions and interpersonal interactions
-Contributes to a positive work environment by demonstrating cultural expectations and influencing others to reward performance and value "can do " people, accountability, diversity and inclusion, flexibility, continuous improvement, collaboration, creativity and fun
-Performs other duties as assigned
Required Knowledge and Skills:
-Solid knowledge and understanding of conventional, government (FHA/VA), and Jumbo loan requirements
-Solid knowledge and understanding of state and federal real estate lending regulations
-Solid knowledge and understanding of customer service and intrapersonal best practices
Required Education and Experience:
-High School diploma or equivalency degree
-Prior mortgage lending or related sales experienced preferred
-Demonstrated experience analyzing and interpreting data
-Demonstrated experience making solid business decisions with available information
-Demonstrated experience working in a fast paced and changing environment
-Demonstrated experience with attention to detail, written and oral communication, multi-tasking, and working in a team atmosphere adhering to tight deadlines
-Demonstrated experience with MS Office software products including 10 key
Physical Environment:
-This position is primarily an in office position
-Normal office environment
Travel Expectations:
-Local travel may be required for company or career-related meetings, programs, and/or events.
Reasonable Accommodations
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Reasonable Accommodations may be made to enable qualified individuals with disabilities to perform the essential functions. Revised: 2/24/16
Job Type: Full-time
Required licenses or certifications:
  • Mortgage Originator
  • NMLS
ControlID: 14.234.89 SHR