CRA Loan Specialist at Fifth Third Bank

Dearborn, Michigan, United States

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Not SpecifiedCompensation

Junior (1 to 2 years), Mid-level (3 to 4 years)Experience Level

Full TimeJob Type

UnknownVisa

Banking, MortgageIndustries

Requirements

High school diploma or equivalent (mandatory); four-year college degree preferred
Knowledge of conventional and/or government lending guidelines
Knowledge of residential mortgage processing, underwriting, and closing procedures
Knowledge of federal lending regulations governing real estate lending
Demonstrated organizational skills
Strong written and verbal communication skills
Demonstrated teamwork and customer service skills
Proven computer skills
Basic sales technique skills
Strong desire to excel in a competitive environment
SAFE Act registration at the time of employment through the Nationwide Mortgage Licensing System (NMLS)

Responsibilities

Develop CRA prospects and referral contacts (realtors, builders, professional and personal contacts)
Maintain knowledge of Fifth Third Mortgage Company's policies and procedures
Maintain knowledge of available loan products, processing procedures, underwriting, and general departmental guidelines
Conduct and coordinate homebuyer-training seminars for CRA potential applicants
Handle employee loans and participate in appropriate Fifth Third-coordinated functions to promote employee loans
Follow defined protocol for escalation of exceptions
Take applicant applications by completing Fannie Mae form 1003 on the laptop
Utilize the laptop for communication and access of daily rates, applicant credit reports, Loan Prospector responses, and transmitting the loan to LOMAS
Collect appropriate documentation from each applicant and deliver loan package in the time frames set by management
Manage pipeline for all originated loans through closing and complete required management reports
Communicate with applicants and/or referral sources by providing timely updates and progress reports
Maintain high levels of customer service while managing each applicant's and support staff's expectations
Attend and participate in all Consumer Lending meetings as required by management
Focus on selling CRA products and services, targeting low to moderate-income individuals and areas, as well as non-profit organizations
Assume overall responsibility for the residential mortgage loan from application to closing
Meet standards and objectives defined by management for mortgage loan sales and cross-selling objectives
Be responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures
Ensure actions and behaviors drive a positive customer experience
Achieve results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types while operating within the Bank's risk appetite

Skills

Key technologies and capabilities for this role

CRA lendingmortgage originationFannie Mae 1003loan processingunderwriting guidelinescredit reportsLoan ProspectorLOMAShomebuyer trainingcross-selling

Questions & Answers

Common questions about this position

What is the salary or compensation for the CRA Loan Specialist role?

This information is not specified in the job description.

Is this a remote position or does it require office work?

This information is not specified in the job description.

What skills and qualifications are required for this position?

A high school diploma or equivalent is mandatory, with a four-year college degree preferred. Knowledge of conventional and/or government lending guidelines, residential mortgage processing, underwriting, and closing procedures, federal lending regulations, and demonstrated organizational skills are required.

What does the company culture emphasize for this role?

The role emphasizes accountability for risk management, doing the right thing for customers and colleagues, driving a positive customer experience, and openly exchanging ideas while following policies.

What makes a strong candidate for the CRA Loan Specialist position?

Strong candidates will have a college degree, in-depth knowledge of mortgage lending guidelines, processing procedures, federal regulations, and strong organizational skills to manage the full loan lifecycle from origination to closing.

Fifth Third Bank

Provides banking, loans, and wealth management services

About Fifth Third Bank

Fifth Third Bank offers a variety of financial services, including personal and business banking, loans, mortgages, credit lines, and insurance products. Their services cater to individual consumers, small businesses, and commercial clients, providing comprehensive solutions for managing finances. The bank generates revenue through interest on loans, service fees, and commissions from insurance and investment products. Unlike many competitors, Fifth Third Bank emphasizes community engagement and financial education, providing resources to help clients improve their financial literacy. The goal of Fifth Third Bank is to support clients in achieving their financial objectives while fostering a strong connection with the communities they serve.

Cincinnati, OhioHeadquarters

1858Year Founded

IPOCompany Stage

Social Impact, Financial ServicesIndustries

10,001+Employees

Benefits

Health Insurance

Paid Sick Leave

Paid Holidays

Performance Bonus

Flexible Work Hours

Risks

Rising interest rates may decrease demand for loans and mortgages.

Competition from fintechs like Robinhood threatens Fifth Third's wealth management sector.

Sophisticated cybersecurity threats pose risks to customer data and trust.

Differentiation

Fifth Third Bank offers comprehensive financial solutions for individuals and businesses.

The bank emphasizes community engagement and financial education for client empowerment.

It provides a wide range of insurance products, including life, health, and disability.

Upsides

Increased demand for digital banking boosts Fifth Third Bank's online service offerings.

Partnerships with fintech enhance technological capabilities and customer experience.

Growing interest in sustainable finance attracts environmentally conscious customers.

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