Residential Mortgage Specialist

Residential Mortgage Specialist

Job Description:

The primary role revolves around aiding clients in pinpointing and securing permanent FHA/VA and conventional mortgage loans, among other residential mortgage programs, that best fit their financial objectives and needs, and following the guidelines for federal registration set forth in the SAFE Act.

Primary Responsibilities:

• Interviews individuals applying for loans to collect and analyze data on their financial situation, like income, debts, assets, and credit data, along with their wants, earnings, and needs to assist in determining the suitability of approving the loan; obtains and evaluates critical financial and credit information.
• Reviews the creditworthiness of applicants autonomously. Empowered to issue a pre-qualification determination of borrowers' eligibility.
• Identifies the most appropriate products that meet the customer's needs and financial status and advises potential borrowers on the benefits and drawbacks of various financial products and the most suitable mortgage programs.
• Provides guidance to clients regarding other possible bank products or alternative lending avenues to consider.
• Cultivates relationships with real estate professionals, builders, and developers to drive mortgage business growth and increase the bank's presence in the residential lending market.
• The job may require traveling to and working at prospective customers' homes or business locations. It also involves following up with potential customers through travel or telephone communication.
• Discusses terms of loans with borrowers and is authorized to formally agree to these terms on behalf of the bank.
• Ensures that lending activities comply with all origination procedures, which include bank policies and regulatory requirements.
• Counsels management on the adoption of successful compliance strategies and proposes potential revisions to corporate operating policies when necessary to ensure consistent regulatory compliance.
• Tracks the latest developments and patterns in the vicinity's real estate realm, including the modifications in regulations for both private and government-secured mortgages.
• Plays a key role in representing the bank within the community by taking part in various events and initiatives to enhance business prospects. Organizes seminars targeted at the general public and real estate agents to generate additional business and foster community engagement.

Scope of Responsibilities:

• The individual currently holding the position often works independently with little supervision, occasionally working remotely.
• The job demands a high level of engagement with external stakeholders, as well as internal interactions primarily during sales appointments outside the office.
• The position entails engaging with both internal and external teams in the assigned community, establishing new relationships and managing existing ones.
• The obligation to implement and uphold federal registration specifications as laid out in the SAFE Act.

Necessary educational and experiential qualifications:

• With an associate degree and two years of practical sales experience,
• Instead of a traditional degree program, other educational options may be suitable
• The position demands a total of 4 years of higher education and/or relevant work experience, with 2 years of proven success in sales.
• Thorough understanding of FHA/VA mandates, conventional loan prerequisites, and real estate legalities.

The desired profile often comprises a combination of academic credentials and applied expertise:

• Technical Skills
• Basic knowledge of personal computing devices and software platforms essential for operations within the Residential Mortgage Department
• Proven sales ability.
• Strong mathematical skills.
• Self-motivated, well-organized individual.
• Demonstrates outstanding verbal and written communication aptitude.
• Aptitude for interacting professionally with individuals at different income levels and peers.
• A demonstrated aptitude for independent work and meticulous follow-through on tasks.
• Ability to function well in high-pressure time scenarios.

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