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Closing/Secondary Market Assistant

  • Job Tracking ID: 512272-591021
  • Job Location: Needham, MA
  • Job Level: Mid Career (2+ years)
  • Level of Education: High School/GED
  • Job Type: Full-Time/Regular
  • Date Updated: September 14, 2017
  • Years of Experience: 2 - 5 Years
  • Starting Date: ASAP

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Job Description:

Job Summary:  Responsible for assisting loan closers and secondary market analyst with daily responsibilities including all preparation of loan closing documents, scheduling of loan closings and all residential mortgage secondary market functions, including rate-setting, monitoring of funding by investor, and making appropriate general ledger entries for loan funding.  Act as back-up for Loan Administrative Assistant as needed.



Closing Responsibilities:


  • Supports loan closers with all closing related functions including the following:
  • Coordinates loan closing dates with closing attorneys for all residential mortgages, construction – permanent,  and home equity loans to ensure timely loan closing
  • Establishes and maintains a professional working relationship between office of conveyance attorney and borrower(s).  Also develops good working relationship with origination staff
  • Prepares closing figures for conveyancing attorney and reviews Closing Disclosures and other closing documentation for accuracy of figures and compliance with RESPA regulations
  • Prepares closing documents using loan origination system in accordance with bank policies and applicable state and federal regulations such as RESPA and Truth-in-Lending along with LQI through Factual Data
  • Examines the Home Mortgage Disclosure Act (HMDA) information for accuracy and makes necessary corrections.  Brings any patterns of missing or erroneous data to attention of department head
  • Has good working knowledge of bank products and policies as well as secondary market underwriting guidelines
  • Demonstrates ongoing commitment to the bank’s customer service standards by performing at a consistently high level.  Provides customers with a superior level of customer service
  • Maintains contact with borrowers, loan officers, appraisers, and attorneys regarding  status of file to ensure the processing/closing goes smoothly and efficiently

Secondary Market Responsibilities:


  • Supports Secondary Market Analyst with all secondary market related functions including the following:
  • Establish communicate, and post rates for all sold loan products on a daily basis
  • Make appropriate changes to portfolio loan programs based on weekly Rate Committee meetings
  • Act as liaison to all secondary market investors (“investors”) and manage the bank’s relationships with them, including the completion of annual re-certifications and applying to new investors
  • Review loan data for all sold loan delivery commitments on a daily basis to ensure adherence to pricing guidelines
  • Monitor all pipelines of sold loans to ensure timely closing and timely delivery to investors
  • Delivery all sold loans to investors in a timely and accurate manner
  • Monitor daily investor reports in order to ensure timely and accurate funding from investors
  • Clear suspense items for service-released loans  in timely manner to ensure that budgeted gain-on-sale targets are met
  • Prepare all secondary market related monthly and quarterly reports
  • Maintain an excellent working knowledge of the bank’s wholesale and secondary market investor underwriting guidelines and websites
  • Perform additional duties as requested, needed or assigned


Experience and Skills:



  • At least 2 years of residential lending experience
  • Good working knowledge of residential lending guidelines and processes
  • Proficient in MS Office Suite
  • Ability to adhere to Needham Bank’s Core Values (Quick Decision Making, Reliability, Relationship-Based Focus & Quality Service)

Needham Bank offers a competitive salary and an amazing benefit package for a full-time employee which includes fully paid medical and dental insurance, HRA, 401(k) plan with an 8% bank match, defined benefit pension plan, paid vacation, paid holidays, paid leave benefit, a bonus program, flexible spending accounts, vision service plan, group term life insurance, short and long term disability insurance, tuition reimbursement, and an Employee Assistance Program.  We offer a great benefit package to our eligible part-time employees as well.

Needham Bank is an Equal Opportunity/Affirmative Action Employer.  Needham Bank will provide all applicants for employment and all employees with equal opportunity for employment and promotion regardless of race, color, religion, gender, national origin or ancestry, age, disability, veteran status, military service, sexual orientation, genetic information, or gender identity.