Job Description: Job Summary Rate Lock Specialists are responsible for the interest rate and pricing accuracy when locking and extending loans with the lock desk business partners. This position analyzes loans during requests for changes on rate lock commitments when product or parameter changes occur to ensure accurate pricing updates and compliance with regulations. He/She is responsible for staying current with regulatory compliance regulations that include Reg Z (Lender Compensation), Qualified Mortgage (QM), Higher Priced Mortgage Loans (HPML), TILA-RESPA Integrated Disclosure (TRID), rate lock policy and procedure, as well as product guideline changes. Role is critical in loan pricing as it directly impacts the profitability of the Mortgage division
Expert knowledge in pricing accuracy and analysis in working multiple loan origination systems and manual manipulation of rate and pricing due to limited automation within systems lock functionality. Administers regulatory guidelines for Reg Z., QM, HPML and TRID to broker, correspondent and retail business partners while collaborating with business partners on understanding and enforcing Secondary Marketing lock desk policies and procedures. Builds business partner relationships in accordance with Fair Lending and supports partner's needs in understanding mortgage product guidelines and eligibility based on borrower loan criteria.
Conducts daily quality assurance audits of previous day rate locks, extensions, loan updates and price quotes to validate compliance with internal and external audit requirements to ensure the highest level of pricing accuracy remains within department expectations. Audits are used to identify opportunities for training and concept knowledge development.
Reviews internal quality control communications regarding pricing, procedure and compliance discrepancies and responds to findings of daily audits.
Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar's internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
HS Diploma, GED or Foreign Equivalent
Minimum 3 years customer engagement and relationship building
Mortgage experience is preferred
Strong customer service skills are a must. Ability to interact with all levels of business partners will ensure success in this role.
Ability to handle challenging loan scenario(s) with business partners to ensure outcome is fair and relationship with the business partner is maintained.
Excellent written and oral communication skills
Ability to utilize multiple loan origination systems at any given time
Working knowledge of Microsoft Office suite
Analytical and problem solving skills with an ability to think quickly under pressure
Maintain composure under complex loan resolutions scenarios while exhibiting STAR values at all times