Reverse Mortgage Specialist

Job Summary Overview

The position is responsible for generating reverse mortgage business from internal referrals and external sources outside the credit union.

Accountable for working with eligible members to educate, originate reverse mortgages (FHA Home Equity Conversion Mortgages), and participates in related business development activities.

Responsible for processing loans in a timely and accurate manner in compliance with all applicable guidelines.

Essential Job Functions

• Generates and closes reverse mortgage loans from both internal referrals and external sources (leads developed through outside network of contacts).
• Understand benefits of all loan products offered and effectively makes recommendations to assist borrowers in meeting individual financial needs.
• Delivers a highly referrable experience to members / borrowers.
• Maintains timely and professional communication (both written and verbal) with internal team members and external business partners (e.

g., Real Estate and Title agents, etc.).

• Maintains or exceeds personal production goals by selling and originating reverse mortgages.
• Works with internal referral partners (e.g., Retail network staff, AFFS, AFIS, etc.) to provide trusted advice and originates reverse mortgages.
• Builds strong external referral relationships through realtors, builders, financial planners, insurance agents, etc.
• Interviews applicants to help determine whether a reverse mortgage is the right option.
• Keeps informed of trends and developments in the reverse mortgage industry, as well as changing rules and regulations pertaining to reverse mortgage products.
• Ability to interact, in a professional manner, with retirement age clients at all income levels and professional peer referral partners.
• Markets and actively promotes credit union and investor products and services to grow client base.
• Attends community events to generate new business leads and demonstrate the credit union’s presence as a home loan lender.
• Analyzes financial status and determines loan needs of customer and offers appropriate products.
• Facilitates loan process from loan application through closing including coordinating time sensitive activities between loan processors, insurance and title companies, realtors, lender, appraisers, and the borrower.
• Refers clients to other credit union departments for additional financial service products.
• Creates own business development strategies and activities to solicit, process and close reverse mortgage loans.
• Generates and closes residential mortgages for Government Loans that include Home Equity Conversion Loan (including traditional Reverse Mortgage and Home Equity Line of Credit) provided by FHA and / or proprietary investor programs.
• Maintains strict compliance with regulations throughout all transactions.
• Maintains regular presence in Arizona Financial Credit Union branches.
• Completes continuing education and licensing courses.
• Confirms credit union membership and partner with Sr. Personal Bankers to open membership accounts, as necessary.
• Performs other job-related duties as assigned.

Position Required Qualifications

Minimum Education and Experience

High School diploma or GED and three (3) years’ experience in Residential Lending specific to reverse mortgage products or three (3) years’ experience in in mortgage lending specific to outside sales / origination.

Knowledge, Skills, and Abilities

Professional written and verbal communication skills, problem solving, interpersonal skills, along with the ability to produce quality work within required timeframes while managing multiple assignments.

Proficient PC skills to include Microsoft Excel, Word, and Outlook. Ability to communicate verbally both in person and on the telephone or Microsoft Teams.

Ability to define problems, collect data, establish facts, draw valid conclusions, and make appropriate recommendations for resolution.

Ability to apply mathematical concepts. Ability to multi-task and maintain organization when working on multiple loan files at one time.

Ability to research and problem solve. Ability to provide member service, support credit union objectives, and produce quality work within tight timeframes.

Licenses, Training, and Certifications Required

NMLS (National Mortgage Licensing System and Registry) license and registration.

In compliance with the federal Secure and Fair Enforcement for Mortgage Licensing (S.A.F.E.) Act of 2008, Arizona Financial employees acting as a Reverse Mortgage Specialist (RMS) must be registered with the Nationwide Mortgage Licensing System and Registry (NMLS or Registry) and obtain a unique identifier (NMLS Number).

Prior to performing RMS duties, the registration process requires a RMS applicant to :

1.Electronically submit to the Registry personal and employment information as well as authorize and attest to the accuracy of the information submitted

2.Submit fingerprints to the NMLS for an FBI criminal background check; and

3.Receive clearance from Arizona Financial based on the FBI background check results.

Applicants with certain criminal convictions, including but not limited to crimes involving dishonesty or fraud, or crimes involving financial services or a financial services related business, will not qualify for the MLO designation.

After successful registration, clearance by Employee Services and having an assigned NMLS number, employees may perform RMS functions which include :

1.Taking a residential mortgage loan application; and

2.Offering or discussing the terms of a residential mortgage loan.

To maintain RMS registration and the ability to perform these functions, an RMS must :

1.Renew registration on an annual basis during the annual renewal period (November 1 through December 31; and

2.Update any changes to his / her registration information.

The RMS’s registration and employment status will be available to the public from the Registry. A registered RMS will provide his or her unique identifier / NMLS Number :

1.Upon request;

2.Before acting as a RMS; and

3.Through the initial written communication with a member / residential mortgage loan applicant.

RMSs routinely handle confidential member information and have strict requirements for maintaining the confidentiality and non-disclosure of that information.

Preferred Qualifications

• Knowledge of reverse mortgage guidelines.
• Encompass.
• Certified Reverse Mortgage Professional (CRMP) designation.

Hybrid Work Environment and Physical Demands

• Occasionally lifting or carrying up to 50 pounds.
• Ability to install construction signs and name riders.
• Must be able to travel within Arizona Financial Credit Union’s field of membership.
• Sitting and standing for extended periods of time.
• Working on a computer for extended periods of time.
• Ability to connect and perform job functions while working in an office (or remotely), including sufficient access to internet and phone.
• Must be available and flexible to work mornings, evenings and weekends, as required.
25 days ago