Warehouse Lending Collateral Specialist

Position Details

OVERVIEW

The Warehouse Lending Collateral Specialist will receive, always log & retain possession and / or control of the original mortgage note (collateral) during the warehouse period.

The note is a negotiable instrument and should be safely kept with standards of care like other negotiable instruments. Collateral specialist will ensure safekeeping of the note, in a fire-proof vault, while the note is in Bank's possession.

Once instructed by the mortgage lender, via Warehouse System, the collateral specialist will prepare the note for release.

The note delivers directly to the approved takeout investor. (Bank does not deliver the note to the mortgage lender directly).

This position is in the office five days a week.

RESPONSIBILITIES

• Receiving, processing, and shipping collateral to the final takeout investor.
• Familiarity with the Banks departmental guidelines for quality control of each collateral file to ensure the collateral meets all requirements for the selected takeout investor.

Must direct any questions of unsurety to management for further consideration & approval.

• Receiving, opening, and processing the daily UPS, Fed Ex, DHL, etc. mail packages. Must confirm they are the original executed documents.
• Manages the 'Wet' missing collateral report by tracking Promissory Notes that have not been received within 48 hours after funding.
• Completing the MERS assignment in the MERS database (members.mersinc.org) when preparing the Note for shipment.
• Maintain current and accurate Investor endorsement Verbiage at all times.
• Engage in frequent communication with client's shipping team to keep abreast of investor pertinent changes.
• Corresponds with clients in a timely, respectful, and professional manner.
• Cross-training with other departments to assist when other team members are out.
• Complete, and pass, all required regulatory compliance training as assigned by the Bank.
• Comply with privacy policies and procedures to maintain customer confidentiality and information protection; all federal, state, and local regulatory rules and regulations governing financial institutions, as well as all company policies and procedures.

What Do You Need for this Position?

• High School diploma or equivalent.
• Prior mortgage warehouse lending experience is preferred.
• Must be familiar with loan documentation or ability to be trained quickly.
• Experience with or the ability to quickly learn the banks Warehouse System of record.
• Detail oriented with the ability & desire to learn new tasks.
• Accurate and efficient in work abilities.
• Strong communication skills.
• Proficient in Microsoft Office Word & Outlook; Excel is a plus.

About Us

Be a part of a growing company that is truly committed to its employees and clients. Consider joining the First Bank family.

As a member of our family, you are part of one of the largest independent banks in the U.S. We are proud of our growth and success over the past 100 years and look forward to a bright and promising future.

Diversity

At First Bank one of our biggest strengths is the diversity of our people. Our mission is to capitalize on the diversity of our associates and promote personal and professional development throughout every area of the organization.

We encourage diversity by actively seeking employees from various backgrounds, walks of life, and job skills. We strongly encourage you to apply whenever a First Bank job opportunity interests you.

First Bank is a VEVRAA Federal Contractor and an Equal Opportunity / Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or protected Veteran status.

Additional Details

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