Consumer Residential Mortgage Loan Processing Associate

Sumitomo Mitsui Trust Bank Limited New York Branch

About the Role

The Consumer Residential Mortgage Loan Process Associate is responsible for ensuring the timely and accurate operation and administration of consumer mortgage loan transactions. This includes reviewing loan transaction requests to ensure alignment with the Bank’s procedures, policy guidelines, standards, and regulatory requirements.

Key Responsibilities

Consumer Residential Mortgage Transaction/Administration (80%)

• Review loan, credit financing documents, interest rate modification, Flood and Insurance, and Appraisal documents, and amortization schedules against financing documents and internal credit approvals.
• Track and process disbursements of flood search fees, real estate tax service fees, and appraisal fees.
• Assess and process insurance payments for premiums held by the Bank.
• Verify escrow of flood insurance premiums for properties located in flood areas upon receipt of the Determination form from a 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 schedules.
• Prepare monthly LTV report to Queens Branch.
• Monitor payment status of monthly loan payments, and quarterly and semi-annual real estate tax payments. Investigate and report findings of non-payment to the Front Business Line.
• Monitor insurance policy expiry status reported by DCT and follow up for updated Flood, Appraisal, and Insurance policies.
• Report overdue payments to the Front Business Line.
• Process balance confirmations per customer requests.

Risk Management/Compliance/Internal Audit (20%)

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

Requirements & Tech Stack

• Bachelor's degree required.
• Experience in banking and financing is highly preferred.
• Understanding of different types of mortgage lending structures.
• Ability to review flood & tax policies.
• Experience with reconciliation of payments.
• Basic accounting principles required.
• Spoken proficiency in Mandarin Chinese is required.