Operation Service Department-Consumer Residential Mortgage Loan Processing Associate

Introduction

Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview

The Consumer Residential Mortgage Loan Process Associate is to ensure the timely and accurate operation and administration process of consumer mortgage loan transactions and administration originated by the Front Business Line, review loan transaction request is performed and align with the Bank’s procedures, policy guidelines, standards, and regulatory requirements.

Responsibilities

Consumer Residential Mortgage Transaction/Administration (80%)

• Perform review of loan, credit financing document, interest rate modification, Flood and Insurance, Appraisal documents, and amortization schedule against financing documents and internal credit approvals.
• Timely track and process disbursements of flood search fees, real estate tax service fees, appraisal fees, Timely assess and process insurance payment for premium held by the Bank.
• Verify escrow of flood insurance premium for properties located in flood area upon receipt of the Determination form identified by third party vendor.
• Create and maintain payment, real estate, and insurance tax Files.
• Review end of day reconciliation to ensure all related transactions are processed.
• Prepare mortgage payment schedule.
• Prepare monthly LTV report to Queens Branch.
• Monitor payment status of monthly loan payment and, quarterly and semi-annual real estate tax payment. Investigate and provide report finding of non-payment to Front Business Line.
• Monthly monitoring insurance policy expiry status reported by DCT. Follow up for updated Flood, Appraisal, and Insurance policies.
• Report to Front Business Line on overdue payments.
• Process balance confirmations per customer’s request.

Risk Management/Compliance/Internal Audit (20%) 

• Understand and comply with the Bank’s procedures, policies, standards, and regulatory requirements.
• Assist to update procedure to reflect current workflow process and regulatory updates.
• Periodic review of IRS Publication of Home Mortgage Interest Deduction to assess any changes on current requirements.
• Conduct flood search and maintain the original copy of the Flood Determination Form for regulatory review.
• Prepare Annual Escrow Disclosure Statement and Year End escrow Statement.
• Ensure CFBP Mortgage Servicing Rules (Consumer Lending Compliance) are current and update Policy & Procedure Manual.
• Review Form 1098 Mortgage Interest Statement on an annual basis.
• Alert of any suspicious items and report to BSA Officer of the Front Business Line.

Qualifications

• Bachelor's degree required
• Experience in banking and financing is highly preferred

• Understanding of different types of mortgage lending structure, review flood & tax policies, reconciliation of payments and basic accounting principles required

Pay Range

Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.