Mortgage Loan Officer - Lincoln Ave., Chicago

The Mortgage Loan Officer interviews residential mortgage loan applicants, explains the different loan programs available and their requirements, obtains pertinent financial and loan information, and conducts a preliminary analysis to determine if the application meets established minimum criteria. Assists branch with lending to member when needed and serves as back up for branch staff. Responsible for networking with Realtors, Builders, Financial Planners, etc. through phone calls, meetings, events and luncheons to build relationships to attract referral business.

Work Location - Monday-Friday 9:00am-5:30pm CT; This position is available to work hybrid (3 days at branch, 2 days at home) at our Lincoln Ave, Branch, Chicago.

An offer of employment with MSU Federal Credit Union and affiliates is contingent upon the agreed work arrangement (onsite/hybrid/remote) and work location. MSU Federal Credit Union may or may not be able to accommodate temporary or permanent changes to work arrangements or allow employment outside the city and/or state of residency in which the new hire resides at the time of offered employment.

Compensation & Benefits:

• Salary Ranges:
  
  
  
  • Mortgage Loan Officer I - $24.53 - 34.34/hour, dependent on experience
  • Mortgage Loan Officer II - $30.76 - 43.08/hour, dependent on experience
  • Senior Mortgage Loan Officer - $37.80 - 54.82/hour, dependent on experience
  
  
  
  
• 100% Company-Paid Health, Dental, Vision, Life, and Long-Term Disability Premiums
• Up to 26 days of PTO within your first year, as well as Volunteer Time Off & 11 Paid Holidays
• 401(k) with a company match
• Tuition Reimbursement
• Up to 12 Weeks of Paid Parental Leave
• Learn more about our benefits here

Essential Duties and Responsibilities -

• Mortgage Loan Officer:
  
  
  
  • Meets expectations regularly in regards to goals, member expectations and duties
  • Communicates with members on a regular basis as to the status of their loan, while also keeping third parties such as Realtors up to date with the loan status
  • Communicates with staff and management on a regular basis issues and or status of members loan application
  • Expected to return e-messages, phone messages and emails from members by the end of the day to ensure clear concise communication
  • Averages the range of applications and funded loans outlined in Mortgage Positions Thresholds guideline.
  • Assists members in achieving financial security through identifying and offering of other credit union products and services.
  • Attends networking events, meetings, luncheons, etc. to build mortgage referral sources
  • Originates mortgage loans after conducting thorough interviews with members to ensure member is informed as to the mortgage products and terms that will best fit their needs
  • Assists branch staff with consumer loans and account openings or other duties as assigned
  • Use problem solving skills and good judgment to independently resolve member service complaints or errors; management authorizes employee to expend up to $100.00 when applicable to place the credit union in a better position or to resolve problem situations with members
  • Reviews all files with management/underwriter for initial pre-approval and reviews closing packet with member prior to closing for accuracy
  • Expected to attend closings when time permits and within a reasonable distance.
  • Participate in training activities within your department or branch and with the learning and talent development department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws
  • Perform other duties and assist other employees, as assigned
  
  
  
  

• Mortgage Loan Officer II:
  
  
  
  • All of Mortgage Loan Officer I duties and responsibilities
  • Consistently maintain a positive attitude, treat members, staff and third parties in an exceptional manner and actively seeks out additional duties or projects
  • Actively communicates problems, concerns and opportunities during the course of a work day which will improve the department and or credit union
  • Exceeds expectations regularly in regards to goals, member expectations and duties
  • Individual will excel in assisting members achieve financial security through the offering of our many products and services
  • Has established a network of Realtors, Builders, etc. and actively attends Greater Lansing Association of Realtor, Women's Council of Realtor, Greater Lansing Homebuilders events and others as assigned
  • Uses problem solving skills and good judgment to independently resolve member service complaints or errors; management authorizes employee to expend up to $150.00 when applicable to place the credit union in a better position or to resolve problem situation with members
  • Regularly processes consumer loan requests and assists in the assigned branch
  
  
  
  

• Senior Mortgage Loan Officer:
  
  
  
  • All of Mortgage Loan Officer I and II duties and responsibilities
  • Assists in the training of new Mortgage Loan Officers in the department
  • Has a vast network of referral sources including Realtors, Builders, etc. who contribute over 30% of the Officers monthly business
  • Uses problem solving skills and good judgment to independently resolve member service complaints or errors; management authorizes employee to expend up0 to $200.00 when applicable to place the credit union in a better position or to resolve problem situation with members
  • Consistently is a top performer in cross selling
  
  
  
  

Job Requirements -

• Mortgage Loan Officer I:
  
  
  
  • High school diploma or equivalent is required and related real estate finance courses to be knowledgeable and to deal effectively with people is preferred.
  • College related courses are desirable
  • Fannie Mae secondary market eligibility required
  • NMLS number required in accordance with federal regulations.
  • Two to three years of consumer lending background, preferably mortgage lending experience
  • Knowledge of state and federal lending regulations as follows: Truth-in-Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Fair Housing Act, Flood Disaster Act, Real Estate Settlement Procedures Act, Rights to Financial Privacy Act, Home Mortgage Disclosure Act, Frank Dodd Act, and Regulation Z
  • Must have flexibility to work normal credit union hours including after 5:00pm and on Saturdays.
  
  
  
  
• Mortgage Loan Officer II:
  
  
  
  • All of Mortgage Loan Officer I knowledge, skills, and abilities
  • Has above average communication skills evidenced by low member complaints and positive member feedback
  • Good understanding of government regulations and PMI guidelines; regularly attending trainings and educational events.
  • Effective people skills
  
  
  
  
• Senior Mortgage Loan Officer:
  
  
  
  • All of Mortgage Loan Officer I and II knowledge, skills, and abilities
  • Superior communication skills evidenced by very minimal member complaints if any and high percentage of referral business
  • Very well versed in government regulations and PMI guidelines; the person others come to for knowledge
  • Well-honed people skills to effectively train other staff
  
  
  
  

Competencies:

• Core Competencies that must be demonstrated by all Credit Union employees include Communicate, Navigate Change & Evolve, Solve Problems & Make Decisions, Plan, Prioritize, and Achieve, and Collaborate.

Physical Demands and Work Environment -

• May be required to remain in a stationary position for an extended period of time.
• Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.
• Occasionally needs to move about inside of office area
• Exposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposure
• This position is able to work in an onsite working arrangement

Disclaimer -

• Please note this job description is not intended to be construed as an exhaustive list of all functions, responsibilities, skills, and abilities. Additional functions and requirements may be assigned by supervisors as deemed appropriate. This document does not represent a contract of employment, and MSU Federal Credit Union reserves the right to change this position description and/or assign tasks for the employee to perform, as MSUFCU may deem appropriate.
• MSUFCU is an affirmative-action, equal-opportunity employer.
• To perform this job successfully, an individual must be able to perform each essential job duty satisfactorily. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform essential job functions.