Loan Clerk

Loan Clerk / Quality Control Administrator I for the Loan Administration / Quality Control Department

Responsible for the review of Mortgage loan files to ensure compliance and accuracy of loan documentation.  Interacts with Bank attorneys and Bank staff to obtain necessary documentation and resolve outstanding issues.

ESSENTIAL FUNCTIONS

·         Acknowledge legal documents received from the Bank’s closing attorneys, ensuring that Title Insurance Policies, Surveys, and Certificates of Occupancy are received for all closings.

·         Review the Mortgage Schedule to ensure that the Bank has received all recorded documents and corresponding Promissory Notes which secure the Bank’s collateral.

·         Update QC logs for the receipt of the legal binders and contact the closing attorney regarding any deficiencies noted with the legal documents.

·         Upon receipt of the loan file from the Financial Processing Unit, organize the credit file and prepare the file for the QC review process.  For internal refinances, retrieve the prior file and Promissory Note folder ensuring that all Promissory Notes and recorded documents for the prior loan are merged with the new file.

·         Perform the following quality control review functions for Mortgage loans:

a)    Review the Appraisal Review sheets to ensure that the property description, legal description (Block/Lot) and final value are correct.  Communicate errors to the Appraisal Department and follow-up for correction      

b)    Ensure that the following documents are in Section II of each loan file: Rent Roll Certification, Certified Maintenance List (Co-op), Income & Expense, Environmental Review Check List, Disclosure Statement.

c)     Ensure that an underground oil storage tank certification is on file for properties with underground tanks or tanks encased in concrete.  In addition, ensure that we have an above ground tank certification for all above ground tanks with a capacity in excess of 1,100 gallons.

d)    Review the title report to ascertain the legal description (Block/Lot) and confirm that Flood Certifications were run on the correct property address.

e)    Confirm receipt of the Standard Flood Notification signed and dated by the borrower, and ensure flood insurance coverage is in compliance with the amount stipulated by the Bank for loans in a flood zone.

f)      Review the Pre-Closing Review form to ensure that the terms indicated are in agreement with the commitment, modifications thereto and the loan approval.

g)    Ensure all changes in the loan terms, subsequent to the loan approval, are documented on the Modification Log and all modifications such as rate changes, escrow waivers, etc. have the proper authorization levels.

h)    Ensure the Certification of Loan is properly authorized in accordance with Bank Policy as it relates to lending limits. 

i)      Calculate Debt Service Coverage Ratios on the Cash Flow form for accuracy, ensuring that the ratios are in compliance with Bank policy.  Have errors corrected by the loan underwriter.

j)      Review borrowing entity’s organization documents to identify all principals and sub-entities and ensure that OFAC was run on all associated parties.

k)     Review insurance Accord certificates to ensure that the coverage amounts for property, rental loss, liability and flood are in accordance with the Banks requirements.  Follow-up with Bank attorneys regarding deficiencies.

l)      Ensure all required documentation, such as financial statements, tax returns, credit reports, credit authorizations, ownership interest forms, tenant estoppels, leases, SNDA’s, is in the credit file. Follow-up with Loan Processing or Bank’s attorneys for missing documentation.

m)   Review legal documents for all Mortgage, Cooperative Apartment, Commercial and Construction loan closings to ensure that the terms and conditions, as stipulated by the Bank, are properly and accurately reflected in the legal documents.  This review entails ensuring that all loan terms such as, loan amount, interest rate, loan term, maturity date, indexes, monthly payment, interest rate change dates, are correctly stated in the legal documents.  In addition, where required, must ensure that any required special language such as cross default/collateralization, secondary financing, condominium release etc., is reflected in the legal documents as specified by the Bank.              

·         Where applicable and when performing the responsibilities of the job, employees are accountable to maintain Sarbanes-Oxley compliance and adhere to internal control policies and procedures.

Qualifications

Education and experience:

·         High School diploma or equivalent

·         One year banking experience, mortgage experience a plus

• DOE and Back Office experience preferred

Knowledge, skills and abilities:

·         Good knowledge of Microsoft Word, Excel and Outlook

·         Detail oriented with good organizational skills

·         Good communications skills

·         Good analytical skills