The Funder is responsible for reviewing closing documentation, ordering funds, issuing funding authorization, following up on needed items, shipping collateral, and purchasing correspondent loans. The Funder is responsible for working with all internal and external stakeholders to ensure on time delivery and accuracy of loan funds. The Funder will be responsible for final balancing of the wire with title and escrow companies prior to requesting the funds.
Role and Responsibilities
It is the responsibility of the Funder to ensure all closing documentation is completed and executed accurately by all needed parties. The Funder will confirm the wire amount in the file balances with title and escrow companies and request funds be sent from the appropriate warehouse bank depending on loan program, FICO and other factors. The Funder will confirm the loan meets applicable regulatory, agency and investor requirements. The Funder will work with title and escrow companies to ensure documents are received in a timely manner and any needed corrections are addressed.
The Funder will be responsible for small corrections to closing documentation, including but not limited to 4506-Ts, missing documents and vesting issues. The Funder will ensure all Prior To Fund conditions have been met or management approval has been given to fund without needed items. Once all needs are met, the Funder will issue funding authorization to title and escrow companies. The Funder will be responsible for ensuring all loan packages are received in a timely manner and will stay late as needed for files coming later in the evening. The Funder will be responsible for timely delivery of collateral packages to warehouse banks and timely delivery of the file to Post Closing.
The Funder will also review correspondent files for accuracy, balance the purchase advice with accounting and request funds to purchase correspondent files.
During the funding process, the Funder will effectively communicate with all appropriate stakeholders on the loan, will manage their own pipeline and will keep management abreast of issues or concerns that arise. The Funder will assist post closing and the Closer as needed for post closing issues that need resolution.
Skills/ Knowledge/ Behaviors
- Communication – written and verbal
- Time management
- Issue resolution
- Knowledge of regulatory, agency and investor requirements
Position Type: Full-time, Non-exempt
Travel Required: None
Reports To: Closing Manager