Secondary Market Mortgage Production Specialist in Verona, Wisconsin at Lake Ridge Bank

Join Lake Ridge Bank and play a vital role in helping our mortgage teams deliver exceptional lending experiences by ensuring a seamless process from rate lock through loan closing and investor delivery. The Secondary Market Specialist is primarily responsible for supporting mortgage teams with investor-related processes including locking interest rates with investors, rate commitment pair-offs and extensions and delivering loans to investors.

The Mortgage Production Specialist is responsible for managing a pipeline of mortgage loans from application through closing. This role involves reviewing loan applications, obtaining necessary documentation from borrowers, ensuring compliance with regulatory requirements, and communicating effectively with all parties involved in the loan process. The specialist will work closely with loan officers, underwriters, closers, and clients to facilitate a smooth and efficient mortgage approval process.

SECONDARY MARKET - ESSENTIAL RESPONSIBILITIES:

• Lock interest rates with secondary market investors.
• Complete contract pair-offs and extensions for rate lock commitments when needed.
• Deliver all sold loans to investors in a timely and accurate manner. Prepare UCD and ULDD data to electronically deliver loan.
• Monitor pipeline of loans sold to ensure timely closing and timely delivery to investors. Meet shipping expiration deadlines; coordinate with secondary marketing if an expiration date cannot be met prior to commitment
• Monitor investor reports to ensure timely and accurate funding from investors
• Book Participation loan onto the Core upon receipt of investor funding
• Complete Gain on Sale Report and provide it to Management at the beginning of each month.

PRODUCTION SPECIALIST - ESSENTIAL RESPONSIBILITIES:

• Loan Pipeline Management: Manage loans in the pipeline simultaneously, ensuring timely and accurate processing of each loan for up to 2 lenders.
• Application Review: Examine borrower data on applications, including URLA and supplemental information, to confirm accuracy and completeness. Follow up with clients to obtain any missing information or documentation.
• Loan Estimate Assistance: Assist in reviewing and updating the Loan Estimate (LE) before it is sent out by the Loan Officer (LO). Ensure compliance with any changes in circumstances and redisclose when necessary.
• CIP/Patriot Act/Portfolio Information: Obtain and update contact information and identification details for all borrowers, ensuring compliance with regulations.
• 4506-C Form Processing: Request tax return forms and transcripts from borrowers when needed, and coordinate with the processing stage to ensure accurate documentation.
• Encompass System Management: Ensure the lender checklist is completed within Encompass, send NOI letters when needed, and manage credit bureau reports to address any discrepancies or alerts.
• Automated Underwriting System (AUS): Verify accuracy of AUS findings and update information if there are significant changes. Re-run AUS as required.
• Compliance Review: Monitor Mavent report(s) and investigate any fails or compliance issues. Document explanations and comments as needed in the Encompass conversation log.
• Property and Title Verification: Review RE Tax bills, verify ownership, and ensure accurate entry of monthly tax amounts. Order and review title work, flood certificates, and condo loan documentation.
• Communication and Documentation: Use milestone comments to communicate loan status and all non-compliance related details.
• Review and update HOI and other required insurance.
• Closing Coordination: Confirm closing dates and conditions on the Offer to Purchase (OTP), coordinate with SharePoint for scheduling.
• Underwriting Preparation: Compile and review all required documents for underwriting, ensuring “conditions to close” are met and accurately documented.
• Third-Party Document Management: Obtain and review documents from third-party services (e.g., Flood Certificate, Homeowners Insurance Policy, Title Insurance). Follow up with appropriate parties to clear any discrepancies found.
• Pull the flood certificate and work with Compliance if any of the property comes back in the flood zone.
• Order title work and collaborate with the Title Insurance company to correct errors or work with the borrower to address exceptions that need to be cleared before closing.
• Request current/accurate HOI before closing and update the system with premiums as necessary.

OTHER RESPONSIBILITIES:

• Complete all annual bank security and compliance training.
• Adhere to Bank Security guidelines as required for this position.
• Always maintain confidentiality of client information
• Stay current on all compliance regulations.
• Perform other duties as assigned or requested

• Strong understanding of secondary market requirements, mortgage loan processes, regulatory requirements, and compliance.
• Associate degree in Accounting, Finance, or similar designation and/or 2 or more years equivalent work experience in a similar position required
• Previous experience in banking or financial institution setting and/or mortgage preferred
• Understanding of mortgage loan documentation and of state and federal regulations related to mortgage loans.
• Well-developed verbal/written communication skills and interpersonal skills
• Good working knowledge of Microsoft Excel, Word and Power Point with the ability and willingness to learn new programs and software
• Strong attention to detail with excellent follow-up skills and the ability to work efficiently and accurately
• Self-starter that can manage multiple priorities simultaneously and work in a fast-paced/deadline driven environment
• Willing team player with the ability to put forth the extra effort necessary to make the office a successful operation including the willingness to put in extra time when needed and/or to attend required & recommended outside educational programs, seminars, etc.
• Ability to maintain confidential customer information.
• Ability to read, write, understand and speak English clearly
• Ability to represent the organization in a professional, positive manner

This is a full time role between the hours of 8:00 AM to 5:00 PM Monday through Friday. Flexibility in scheduling may be needed on occasion.

Lake Ridge Bank values a diverse workforce and is an Affirmative Action/Equal Opportunity Employer.

Consistent with Lake Ridge Bank's commitment to employ and advance qualified individuals with disabilities, Lake Ridge Bank provides reasonable accommodation to apply for or perform a job. Some examples of reasonable accommodation include alternate methods to apply, providing documents in an alternate format, altering work procedures, specialized equipment or use of an interpreter. If an individual needs reasonable accommodations to apply or perform a job here at Lake Ridge Bank, please contact Human Resources at (608) 849-2700 or email us.