Address
Form of workPosition Details
OVERVIEW
The Warehouse Collateral Specialist will receive, always log retain possession and/or control of the original mortgage note (collateral) during the warehouse period. The note is a negotiable instrument and should be safely kept with standards of care like other negotiable instruments. Collateral specialist will ensure safekeeping of the note, in a fire-proof vault, while the note is in Bank's possession. Once instructed by the mortgage lender, via Warehouse System, the Collateral Specialist will prepare the note for release. The note delivers directly to the approved takeout investor. (Bank does not deliver the note to the mortgage lender directly).
RESPONSIBILITIES
What Do You Need for this Position?
QUALIFICATIONS
About Us
Be a part of a growing company that is truly committed to its employees and clients. Consider joining the First Bank family. As a member of our family, you are part of one of the largest independent banks in the U.S. We are proud of our growth and success over the past 100 years and look forward to a bright and promising future.
Diversity
At First Bank one of our biggest strengths is the diversity of our people. Our mission is to capitalize on the diversity of our associates and promote personal and professional development throughout every area of the organization. We encourage diversity by actively seeking employees from various backgrounds, walks of life, and job skills. We strongly encourage you to apply whenever a First Bank job opportunity interests you.
First Bank is a VEVRAA Federal Contractor and an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or protected Veteran status.
Attn: Applicants interested in a San Francisco based position: First Bank will consider qualified applicants with a criminal history in a manner consistent with the San Francisco Fair Chance Ordinance.
At First Bank, we embrace a hybrid work environment which allows employees to work at an alternative location depending upon the needs of their job and team. The in-office days are designed to inspire increased collaboration, development, productivity, and quick decision making.
Hybrid schedules should include at least two full days in the office with more or all in-office days expected of our client facing teams and the groups that support them in the business.
OVERVIEW
The Warehouse Collateral Specialist will receive, always log retain possession and/or control of the original mortgage note (collateral) during the warehouse period. The note is a negotiable instrument and should be safely kept with standards of care like other negotiable instruments. Collateral specialist will ensure safekeeping of the note, in a fire-proof vault, while the note is in Bank's possession. Once instructed by the mortgage lender, via Warehouse System, the Collateral Specialist will prepare the note for release. The note delivers directly to the approved takeout investor. (Bank does not deliver the note to the mortgage lender directly).
RESPONSIBILITIES
- This job will report to the Operations Manager of the department. The position will include receiving, processing, and shipping collateral to the final takeout investor.
- Collateral Specialist must be familiar with the Banks departmental guidelines for quality control of each collateral file to ensure the collateral meets all requirements for the selected takeout investor. Must direct any questions of unsurety to management for further consideration approval.
- Collateral Specialist responsible for receiving, opening, and processing the daily UPS, Fed Ex, DHL, etc. mail packages. Must confirm they are the original executed documents.
- Collateral Specialist will manage the 'Wet' missing collateral report by tracking Promissory Notes that have not been received within 48 hours after funding.
- The Collateral Specialist is responsible for completing the MERS assignment in the MERS database (members.mersinc.org) when preparing the Note for shipment.
- Collateral Specialist must maintain current and accurate Investor endorsement Verbiage at all times.
- Must engage in frequent communication with client's shipping team to keep abreast of investor pertinent changes.
- Collateral Specialist is responsible for corresponding with clients in a timely, respectful, and professional manner.
- Collateral Specialist responsible for shipment of all daily collateral release requests and the daily UPS mail drop.
- Collateral Specialist is responsible for cross-training with other departments to assist when other team members are out.
- Collateral Specialist is responsible to complete, and pass, all required regulatory compliance training as assigned by the Bank.
- Collateral Specialist must comply with privacy policies and procedures to maintain customer confidentiality and information protection.
- Collateral Specialist is responsible for complying with all federal, state, and local regulatory rules and regulations governing financial institutions, as well as all company policies and procedures.
What Do You Need for this Position?
QUALIFICATIONS
- High School diploma or equivalent.
- Detail oriented with the ability desire to learn new tasks.
- Accurate and efficient in work abilities.
- Strong communication skills.
- Proficient in Microsoft Office Word Outlook; Excel is a plus.
- Experience with or the ability to quickly learn the banks Warehouse System of record.
- Must be familiar with loan documentation or ability to be trained quickly.
- Prior mortgage Warehouse Lending experience is preferred, but not required.
About Us
Be a part of a growing company that is truly committed to its employees and clients. Consider joining the First Bank family. As a member of our family, you are part of one of the largest independent banks in the U.S. We are proud of our growth and success over the past 100 years and look forward to a bright and promising future.
Diversity
At First Bank one of our biggest strengths is the diversity of our people. Our mission is to capitalize on the diversity of our associates and promote personal and professional development throughout every area of the organization. We encourage diversity by actively seeking employees from various backgrounds, walks of life, and job skills. We strongly encourage you to apply whenever a First Bank job opportunity interests you.
First Bank is a VEVRAA Federal Contractor and an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or protected Veteran status.
Attn: Applicants interested in a San Francisco based position: First Bank will consider qualified applicants with a criminal history in a manner consistent with the San Francisco Fair Chance Ordinance.
At First Bank, we embrace a hybrid work environment which allows employees to work at an alternative location depending upon the needs of their job and team. The in-office days are designed to inspire increased collaboration, development, productivity, and quick decision making.
Hybrid schedules should include at least two full days in the office with more or all in-office days expected of our client facing teams and the groups that support them in the business.
