JOB SUMMARY:

• This position manages the locked loan pipeline by reviewing the rate lock queue and locked loan reports. The position also ensures that loans are priced accurately in the credit union as well as investor mortgage loan origination systems. The position maintains the loan pricing tables and updates them as needed.

JOB DUTIES AND RESPONSIBILITES:

Rate Lock Functions

• Support origination staff with initial rate locks, rate re-locks, lock extension, and other rate scenario like transactions in accordance with Michigan First Credit Union and investors lock policy
• Support our virtual lock desk in accordance within our lock procedures and policies
• Responsible for ensuring all locks are processed in line with investor guidelines and issuing confirmations to appropriate parties
• Proactively research and resolve rate lock issues with investors and virtual lock process.
• Notify Disclosure Desk staff of rate locks as well as lock data changes

Lock Pipeline

• Review and monitor locked pipeline for upcoming rate lock expirations and notify management of applications needing rate lock extensions
• Record all waiver of rate lock fees and report weekly to management
• Collaborate with Closing and Post Closing staff to ensure accurate and timely delivery of loan files to investors
• Support Disclosure Desk staff with reconciling changes in points and fees with valid changes in circumstance and the issuance of valid Loan Estimates
• Maintain and process rate lock exceptions

Secondary Marketing Activities

• Monitor changes in market prices and report significant movements to leadership
• Prepare weekly competitive rate and fee reviews and report findings to leadership
• Assist with onboarding of new investors as it relates to loan registration/locking
• Work closely with investors to ensure mortgage staff is fully aware of locking and delivery guidelines and effectively communicates changes to leadership to ensure minimal impact to active pipeline
• Develop secondary market investor contacts and perform annual investor financial review

Compliance

• Comply with Regulations B, C, X and Z regarding the completion of required disclosures including, but not limited to, Loan Estimate, Closing Disclosure, Potential Transfer of Servicing Form, and if required, the Adverse Action form. Also included are compliance with FACT and FDPA (Flood).

Other

Assists in the following:

• Implement approved new products and promotions to meet the membership’s needs and stimulate mortgage growth
• Assist with testing the mortgage loan origination system new product and program releases and updates/upgrades, as needed
• Maintain an excellent working knowledge of current secondary market guidelines, including Conventional, FHA, VA, VHDA, and USDA Rural Development. Must be able to understand and apply policies to all mortgage-lending situations
• Skilled experience in Excel preferred
• Working knowledge of Encompass and Optimal Blue pricing engine a plus
• Other duties may be required and assigned.

Education:

• College degree in Finance, Accounting, or Economics preferred.
• High school diploma required and additional business courses in mortgage lending, products, policies and procedures preferred.

Work Experience:

• Knowledge of mortgage documentation, mortgage banking regulations, and secondary marketing/investor guidelines helpful.
• Must be able to read a mortgage rate sheet.
• Secondary marketing experience is a plus.

Michigan First Credit Union was founded more than 90 years ago by educators and now delivers world-class service to more than 165,000+ members at our branches throughout Michigan, and we’re growing! We offer financial solutions for every life stage and seek to positively transform our members’ lives through personalized service that meets their unique needs.

Simply put, Michigan First Credit Union’s sole mission is to provide the highest quality member experience. Working here, you’ll get to participate in a strong culture centered around service, professionalism, and growth.

Michigan First highlights:

• 500 team members
• 30 locations spanning the Lansing area, Grand Rapids and Metro Detroit.
• Industry leader in community support and charitable giving through the Michigan First Foundation
• Member Services Call Center operates 24/7/365
• Over $1.5 Billion in assets

Awards Michigan First Credit Union has been the proud recipient of:

• 2023 Best & Brightest in the Nation
• 2023 Best & Brightest in Metro Detroit
• 2023 Best & Brightest in West Michigan
• 2023 Best Credit Unions to Work For
• 2023 Best Places to Work in Southeast Michigan
• 2023 Channel 4 - Vote for the Best - Mortgage Lenders (1st Place)
• 2023 Channel 4 - Vote for the Best - Credit Unions (3rd Place)
• 2023 Detroit Free Press Top Workplaces
• 2023 Michigan Veterans Affairs Agency - Certified Veteran Friendly Employer - Bronze Level
• 2021 Credit Union of the Year by NAFCU (National Association of Federally-Insured Credit Unions)

Benefits and perks of joining our award-winning team include:

• Very competitive pay
• Low-cost medical, dental, and vision benefit options. Employer-paid life and disability insurance
• 401(k) - 100% match up to 5% deferral
• Tuition reimbursement for both Undergraduate and Graduate degree program
• Access to a complimentary concierge service that assists with nearly any item on your to-do list
• Free, state-of-the-art fitness center at our Lathrup Village headquarters with exercise equipment, showers and locker rooms
• Wellness initiatives and events throughout the year to help team members stay healthy
• Loan discounts for certain secured and unsecured loans and mortgages
• Opportunities for pay increases, incentives and profit-sharing, based on performance
• Onsite subsidized top notch Cafe 26 for team members' use
• Onsite bowling center

Michigan First Credit Union is an Equal Opportunity Employer.