Mortgage Disclosure Specialist
Department: Mortgage Processing
Reports To: Mortgage Closing Officer
OVERVIEW:
Under the general supervision of the Mortgage Closing Manager, performs duties related to the preparation, delivery, tracking, and maintenance of required mortgage loan disclosures throughout the loan process. Ensures timely and accurate delivery of initial and revised disclosure packages, including but not limited to Loan Estimates, Closing Disclosures, appraisal notices, and other required regulatory communications. Supports the Bank’s regulatory compliance objectives by adhering to applicable federal and state mortgage lending regulations and internal policies and procedures.
PRIMARY ACCOUNTABILITIES / RESPONSIBILITIES:
1. Performs any functions necessary, within scope of authority and expertise, to provide the highest level of service and responsiveness to customers and the community in which it serves.
2. Reviews mortgage loan application data for completeness and accuracy in order to prepare required disclosure packages.
3. Prepares and sends initial and revised mortgage disclosures to applicants and borrowers within required regulatory timeframes.
4. Ensures compliance with applicable mortgage lending regulations, including but not limited to Regulation Z (Truth in Lending Act / TILA), TRID disclosure requirements, Regulation B (Equal Credit Opportunity Act / ECOA), RESPA, HMDA, Fair Lending requirements, and appraisal disclosure requirements under Regulation B.
5. Prepares and delivers Loan Estimates, Closing Disclosures, notices of intent to proceed, appraisal disclosures, change of circumstance disclosures, re-disclosures, and other required loan documentation.
6. Monitors disclosure timelines to ensure compliance with federal waiting periods and delivery requirements, including the three-business-day Loan Estimate requirement and applicable Closing Disclosure timing requirements.
7. Reviews loan files for events that may trigger revised disclosures and coordinates with lending staff to ensure timely and accurate re-disclosure when required.
8. Tracks borrower acknowledgment and receipt of disclosures through the Bank’s loan origination system and electronic delivery platforms.
9. Coordinates with Mortgage Consultants, Processors, Underwriters, Closing staff, and third-party vendors to obtain information necessary to prepare accurate disclosures.
10. Maintains electronic loan files and documents all disclosure activity in accordance with Bank policies, investor guidelines, and regulatory requirements.
11. Assists with quality control reviews of disclosure packages to identify data discrepancies, fee tolerances, and potential compliance concerns.
12. Communicates with borrowers, internal staff, and external parties regarding disclosure status, missing information, and required follow-up items in a professional and timely manner.
13. Supports internal audits, compliance reviews, and examinations by maintaining complete and accurate disclosure records.
14. Maintains an acceptable registration with the National Mortgage Licensing System (NMLS), as well as, the unique identifier assigned by the NMLS, if required by the position.
OTHER ACCOUNTABILITIES / RESPONSIBILITIES:
1. Perform related and unrelated duties as may be required and/or assigned.
POSITION REQUIREMENTS:
High School diploma, or its equivalent, plus specialized course work and training. One plus years banking or related lending experience. Experience with Encompass a plus. Must be detail oriented and demonstrate strong customer service, communications, and good analytical skills. Working knowledge of accounting principles a plus. Must have general understanding of a paperless workflow and highly efficient in loan processing software navigation as well as general navigation/operation of a Windows device.
SUPERVISORY SCOPE:
None
INDEPENDENT ACTION:
Performs work within established guidelines and according to specific procedures. May resolve
some problems rather than referring them to manager.
QUALIFICATIONS:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed above are representative of the knowledge, skill, and/or ability required. Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.