Adjustable Rate Mortgage Specialist
Chevy Chase Bank
UMBCworks ID#: 9233366 (access via the Jobs & Internships tab in myUMBC)
PURPOSE
The Adjustable Rate Mortgage Specialist’s primary responsibility is to monitor and manage the adjustment of all Adjustable Rate Mortgage loans serviced by the bank.
RESPONSIBILITIES
-Obtain and load indices for all adjustable rate loan products on a daily, weekly and monthly basis.
-Monitor all ARM loan adjustments on a daily basis.
-Reconcile ARM loan reports to Online Letters generated on a daily basis.
Ÿ Monitor ARM calculations and letters generated for ARM loans in default.
Ÿ Run Passport reports to audit all New ARM loans comparing ARM Plan codes to Product codes.
Ÿ Run Passport reports to forecast ARM loan calculations.
Ÿ Review Fidelity Mortgage Software Reports : P1TW – ARM Calculations Applied and S2TW – Exceptions to ensure accurate ARM calculations.
-Run Passport reports for negatively amortizing ARM loans.
-Review Negative ARM plan letters and reconcile with applicable system messages on
The P1TW report.
-Review all investor ARM adjustment reports.
-Assist ARM Auditor with completing a monthly Audit on a sample of New ARM loans
-Assist the ARM Auditor with completing a monthly Audit on a sample of ARM
Adjustments.
-Perform all maintenance required on all ARM loans.
-Review and maintain all Fidelity ARM and Payment Change Schedule Maintenance Reports.
-Research all ARM inquiries and correct any problem accounts.
-Report all statistics regarding ARM adjustments to the Special Loans Manager.
-Prepare all required ARM information for internal and external ARM audits.
-Review and audit new acquisitions of ARM loans.
-Answer incoming telephone calls from the Customer Service Call Queue.
-Maintain Fidelity ARM workstation and Payment Schedule systems to reflect any change in ARM loan information.
-Communicate effectively when responding to all verbal and written borrower inquiries. All written correspondence must be answered in writing within 5 days of receipt of a letter. All responses must be reviewed by the Special Loans Manager.
Ÿ Meet directly with customers to discuss their loans.
Ÿ Train and assist Customer Service Representatives in all ARM adjustment policies.
Ÿ Complete all tasks as assigned within 5 days of receipt.
Ÿ Document online all system maintenance and customer inquiries.
-Review and prepare mortgage payments for posting.
-Review the suspense account daily.
-Participate in special projects as requested from the Special Loans Manager.
-Report status of workload on a weekly basis to the Special Loan Manager.
-Prepare monthly reports for all responsibilities with in 3 days of month end and distribute to the Special Loan Manager for review.
-Be trained and assist as back up for Construction Loans Processor