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Entry-Level Job

Adjustable Rate Mortgage Specialist
Chevy Chase Bank
UMBCworks ID#: 9233366 (access via the Jobs & Internships tab in myUMBC)


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.


-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

-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


This page contains a single entry from the blog posted on April 27, 2009 9:20 AM.

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