Commercial Term Lending-Senior Loan Coordinator (Fannie Mae)
Compensation: $86,736.67 - $178,020.00 /year *
Employment Type: Full-Time
Industry: Financial Services - Banking/Investment/Finance
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Fannie Mae DUS Senior Loan Coordinator Job Purpose: Under the direction of the Operations Manager, the incumbent has a thorough knowledge of commercial real estate including multifamily affordable housing and low income housing tax credits, evaluates, processes, and/or services multi-family and commercial real estate loans including loans designated for purchase by Fannie Mae through their MBS securitization process in accordance with established goals, objectives, policies and applicable regulatory requirements. This job family does not have Underwriting authority, but does have the ability to review and approve all forms and documents included in the loan file prior to submitting to Underwriting. Essential Job Functions: The following section contains examples of work to be performed in this position. The incumbent will be responsible for processing a pipeline that includes Chase portfolio loans and Fannie Mae loans, which includes DUS and loans originated for sale to Fannie Mae. Chase Commercial Term Lending is a dynamic organization, and the environment can be fluid. Roles and responsibilities can often be expanded to accommodate changing business conditions and objectives as well as to tap into the skills and talents of its employees. Accordingly, employees may be asked to perform duties that are outside the specific functions listed below: Conduct a thorough review of the loan file, within established turn-times, to ensure it meets all relevant departmental and regulatory requirements.As assigned, work with Operations Manager, Client Specialist, Appraisal, Flood, Insurance, Legal, Underwriting and Closing business partners; along with outside Escrow and Title partners to ensure all documents are reviewed for accuracy and completeness. Compliance with all Reg B, HMDA, application and rate lock deposits, along with accurate data input into Bank s loan systemThis position is the point of contact person for the Client (on Fannie Mae loans), Sales Teams, Underwriters, Loan Closers and in-house Legal throughout the due diligence process to answer any questions that may arise. Work independently through complex transactions in a multistate environment, coordinate specialized documentation with third parties as needed; identify issues/concerns and coordinate timely communication of request(s) with appropriate business partner(s) or Manager to expedite resolution.Effectively manage expectations of Client and/or Sales Teams in terms of timelines and completion of loan documentation checklist throughout the due-diligence process. Review Borrower's loan application package, prepare an additional information letter, if required, and convey any issues discovered to the appropriate person. Validate the Borrower s/Principal's entity structure, credit and financial liquidity.Obtain and review preliminary title report, underlying title documents and title proforma for acceptability and required endorsements to meet bank and Fannie Mae guidelines. Order and review UCC searches, property and general liability insurance, review estoppels and subordination agreements; engage outside legal counsel for Fannie Mae DUS Standard Loans, order loan documents for Fannie Mae DUS Small Loans from outside vendor, confirm escrow has been opened; review HAP Contracts and renewals and coordinate with HUD for applicable signatures on loan documentation, and assemble underwriting and legal documentation files. Review regulatory agreements, surveys and all plotted easements.Review Borrower request(s) for changes and/or waivers of certain forms or loan documents and conditions, identify issues and concerns, coordinate timely communication of request(s) with all parties.Ensure accuracy and thoroughness of data entry into appropriate Chase tracking systems. Perform accurate audit of files prior to submission to Underwriting and prior to submission to Closing. Provide feedback to Management on operational improvements to processes/workflows.Promote and provide excellent customer service by effectively communicating and cooperating with all internal and external clients and business partners. Balance the test of reasonableness vs. compliance risks when stopping a file from moving forward in the process.Knowledge of moderately complex Multifamily and Fannie Mae commercial loans and comply with Bank policy and regulations, industry standards, conveyance/settlement procedures, current real estate laws and terminology, and appraisal requirements.Manage or demonstrate capacity to manage a pipeline of 20+ loans at various stages (initial file review, submit to Underwriting and submit to Closing).Maintain a constant balance of producing quality with a high-volume workload. All employees are accountable for compliance with all laws and regulations when performing their job duties. It is the affirmative duty of each employee to carry out these responsibilities at all times in a manner that complies with all applicable legal and regulatory requirements. Employees must participate in required training on pertinent compliance laws and regulations as required by Chase Commercial Banking, including Commercial Term Lending specific training.
Bachelor s Degree preferred or 3-5 years related job experience with knowledge of commercial real estate loan processing concepts, Fannie Mae loan originations, and related government regulations to independently prioritize, organize and execute loan processing functions to meet time sensitive and mandatory delivery deadlines in a high volume, regulatory environment.Knowledge of banking, mortgages, title insurance review, appraisal process and residential or commercial real estate lending.Knowledge of Fannie Mae Multifamily system, including but not limited to DUS Gateway and Commitment & Delivery.Knowledge of accounting standards and practices and their application to loan processing and reporting activities.Knowledge of commercial real estate collateral requirements with exposure to multi-family, commercial, industrial, income property and real estate loan documentation, policies, practices and regulatory requirements.Understanding of multi-tiered borrowing entities, including, but not limited to, trusts, corporations, limited liability companies, partnerships and tenants in common.Demonstrated ability to communicate effectively with internal and external clients; must be able to clearly convey and articulate information, both written and verballyDemonstrated ability to research and classify data using systematic procedure, interpret data, compile results using known formula, study a situation or problem to determine resolution, merge multiple sets of data, identify alternative course of action, interpret meaning of information, formulate conclusions, decide course of action based on analysis and within scope of authority The final officer title and job grade is at the discretion of the firm and will be discussed at the time of offer. It may be different than what is listed on the requisition based on candidate experience level.
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* The salary listed in the header is an estimate based on salary data for similar jobs in the same area. Salary or compensation data found in the job description is accurate.
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