The main role of the Sales Assistant is to fulfill any and all of the administrative duties required of an LMA. This individual will work closely with their Licensed Mortgage Advisor(s) (LMA’s), management and Operations personnel to manage pipelines and ensure that all loan files meet AOF’s quality requirements prior to submission to the Loan Setup Department.
- Ensure all AOF minimum standard documentation requirements are complied with prior to submission of the loan to the Loan Setup Department, including but not limited to the following:
- The loan application and all documentation provided by the client have been reviewed and any missing items needed have been obtained from the client and LMA.
- The application, Encompass and AUS Findings have been reviewed and matches the documentation obtained from the client; Including but not limited to:
- The information contained in the application, AUS Findings, and supporting documentation matches and is consistent throughout the file.
- A minimum of two (2) years residency & employment is listed on the application and required supporting documentation obtained and updated in Encompass;
- The credit report is reviewed for disputed accounts, Social Security and/or fraud alerts; Explanations and supporting documentation are obtained, as needed.
- Monthly income is calculated correctly via the AOF Income Calculation Worksheet and income is recalculated upon receipt of any additional income documentation
- Account balances are correct in the system;
- Total assets are sufficient to meet any funds to close and reserve requirements; If additional assets will be obtained during loan processing an explanation has been noted in the Encompass conversation log;
- The asset account numbers are entered into Encompass
- Assets are listed in the correct fields in Encompass (i.e. Retirement funds are entered in the Vested Interest in Retirement Fund field not in the Banking and Savings section)
- Real Estate Owned:
For each property listed in the Real Estate Owned Section of the application:
- Mortgage Statements are obtained and the application reflects the total PITI.
- If the mortgage statement does not reflect taxes and/or insurance, a copy of the property tax bill and HOI Declaration page is obtained and Encompass updated to reflect the correct amounts.
- An annual HOA dues statement (or letter from client stating there are no HOA dues) for each property listed in the REO Section of the application and Encompass updated, as applicable.
- The selected loan program guidelines are reviewed to ensure the client’s loan profile meets program Parameters.
- Obtain Mortgage Insurance Quote prior to submission to Loan Setup.
- Ensure loan files are moved to My Pipeline promptly and do not remain in the LMA’s Prospects folder once AUS and/or disclosures are issued
- Ensure files move through processing, underwriting, and closing in a timely manner.
- Ensure LMA’s pipeline remains current by promptly notifying Compliance via email when an active loan needs to be cancelled/withdrawn; ensuring that all estimated closing dates are updated promptly, and any changes to the loan parameters or client’s credit profile are conveyed in a timely manner.
- Ensure initial loan disclosures are generated within 3-days of loan application and all “critical” disclosures are received executed by the client(s) prior to submission to the Loan Setup Department
- Ensure that all documentation in e-folder is legible and properly labeled.
- Assist processor with clients on missing documentation on the loan.
- Communicate with processor, underwriter, closer on a regular basis.
- Provide status update to referral partners (agents, builders, etc.) in a timely and consistent manner.
- Mining database for new loans.
- Manage LMA’s appointment calendar.
- Assist Title Company and Client Advocate with loan subordination requests.
- Attend Team Meetings on a regular basis.
- Remain up-to-date with changes to legal, compliance, and investor requirements of residential mortgage products including conforming, government, and non-traditional programs.
Angel Oak Home Loans provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, sex, national origin, age, disability or genetics.