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The Settlements Officer is responsible for managing the process of home loan settlements including documentation, payments and disbursements. The Settlements Officer will work with lenders, solicitors and other stakeholders to ensure that settlements are completed on time and accurately. Settlements Officers ensure that organisations are compliant with business and regulatory policies in the processing and management of loan settlements.
Key Duties and Responsibilities
Settlement Process Management
* Manage the mortgage settlement process ensuring all legal, financial and administrative tasks are completed accurately and on time.
* Prepare and review settlement statements, ensuring all financial details are correct.
* Oversee the disbursement of funds at settlement and ensure all payments are processed in a timely manner and within SLAs.
* Attend to physical settlements (LTO, Bank Branch, Agent locations), lodging registerable documents and banking required settlement cheques (as applicable for paper settlements).
* Print and update cheque registers in line with FMS Risk Policy.
* Maintain and respond to incoming PEXA conversations within agreed SLA.
* Follow up, load and verify cheque directions/POFs/destinations from solicitors for unsecured and secured loans.
* Load and balance source funds.
* Settlement QA – financials.
* Ensure post settlement letters are issued within agreed service levels.
* Maintain personal queue within agreed service levels.
* Ensure all systems are updated upon settlement completion.
* Ensure all allocated settlements are completed for the day (passed, not completed report).
Collaboration and Communication
* Coordinate with lenders, clients, solicitors and hubs to ensure that all necessary documents are collated and requirements are met, prior to settlement.
* Communicate with clients and stakeholders to provide updates on the progress of settlements, answer queries and resolve any issues that may arise.
* Work closely with other departments to ensure smooth and efficient settlement operations.
* Liaise with brokers, solicitors and lenders re: any shortfalls, updated POFs or surplus funds.
* Provide support to your peers and other teams within the business as required.
* Take ownership of your own performance and development.
* Actively contribute to the team with a positive attitude.
* Participate in team meetings and knowledge sharing.
* Work effectively in a team environment to achieve common goals.
* Work closely with other departments to resolve customer issues.
Compliance and Governance
* Ensure compliance with all regulatory requirements, industry standards and internal company policies.
* Maintain up to date knowledge of regulatory changes and implementing them into daily operations.
* Verify that all settlement documentation meets legal and regulatory standards.
* Ensure records are maintained in accordance with compliance and audit requirements.
* Identify and mitigate potential compliance risks during the settlement process.
* Protect sensitive customer and organisational data in compliance with privacy laws, regulations and internal policies and procedures.
* Escalate compliance breaches or irregularities to your Team Leader.
* Complete all mandatory learning within communicated timeframes.
* Ensure all activities and interactions reflect the Group's core values, promoting a positive and cohesive work culture.
Work Health and Safety
* To have an understanding of the Company's Safety and Wellbeing policy.
* Take reasonable care to protect your health and safety and the health and safety of others.
* Report all safety hazards, incidents, near misses and injuries.
* Maintain a clear and orderly work area.
Requirements
* Exceptional attention to detail with a focus on accuracy and compliance.
* Excellent communication and interpersonal skills, with the ability to interact effectively with different stakeholders (e.g. clients, lenders, internal stakeholders and more).
* Ability to manage multiple tasks and deadlines in a fast-paced environment.
* Strong organisational and problem-solving skills.
* Proficient with Microsoft Office Suite.
* Prior experience in the mortgage industry.
* Demonstrated experience using settlement software.
Values
At First Mortgage Services/First Title, we aim to create a high-performance culture based on collaboration, transparency, and accountability. This culture is supported by our values. When performing your role, you need to ensure you are demonstrating our values:
Teamwork
We operate as a team. We are empowered, accountable and respectful of each other.
Integrity
We do what is right. We are open, honest and transparent. We say what we mean, and we mean what we say.
Commitment
We deliver on our promises and agreements on time, every time.
Service
We passionately deliver the highest quality solutions to our internal and external partners through operational excellence and innovation.
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