The Quality Control Residential Mortgage Underwriter will be responsible for completing QC Underwriting reviews on pre-close and post closed Conventional, FHA, and Jumbo mortgage loan files (Fannie Mae and Freddie Mac AUS/Manual, Portfolio, and Secondary Market Non-Conventional). The candidate will review each loan to ensure loan underwriting meets Fannie Mae, Freddie Mac, FHA, and investor program guidelines. The QC Underwriter will be required to complete the duties of the position n within required timelines. The candidate will be required to stay up to date on changes to investor guidelines and Fannie Mae/Freddie Mac/FHA quality control requirements.
Duties and Responsibilities:
- Review cleared for closing loan files at pre closing stage to ensure loan meets investor and program specific guidelines.
- Review the Underwriter’s decision for accuracy in accordance to target investor and loan program and document any deficiencies noted.
- Thoroughly evaluate borrowers credit profile (income, assets, appraisal) and loan terms.
- Ensure that all documentation requirements are met for the investor and loan program targeted
- Ensure accuracy of loan disclosures and documentation and ensure compliance with all applicable state and regulatory compliance requirements.
- Calculate loan rations and performed valuation through Automated Underwriting Systems (AUS), such as DU/LPA and ensure accuracy with information noted with the loan operating system (LOS)
- Request items necessary to complete the submission or to qualify for the program. Track the collection of such items and ensure receipt.
- Record and prepare monthly reports with findings noted to identify root cause of underwriting errors and provide explanation to the appropriate parties on items found, record deficiencies for reporting, and report monthly findings to Senior Management.
- Remain current with secondary market quality control guidelines requirements and changes, as well as any regulatory changes affecting residential loan underwriting.
- All other duties as assigned (note: essential functions and responsibilities may change or new ones may be assigned at any time with or without notice).
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily, and comply with all Federal, State, NCUA, Secondary Market, and internal credit union policies and procedures. The qualifications below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.
The position requires the ability to read and interpret documents, along with the ability to write routine reports and correspondence. The incumbent must possess the ability to speak effectively in on-on-one groups or large groups and the ability to respond to inquiries or complaints in a professional manner.
The incumbent should possess the ability to work with mathematical concepts such as statistics, fractions, percentages, ratios, and proportions to credit union situations. Must be proficient with Excel reporting and using formulaic functions for data analysis, trend analysis, reporting, and presentation.
Must have the ability to define problems, collect data, establish facts and draw valid conclusions. Ability to interpret a variety of complex instructions furnished in written, oral, diagram, or schedule form.
The position requires strong experience with Loan Origination systems, ancillary loan systems and vendors such as Corelogic, Credit Union Core operating systems, and MS Word, Excel, and PowerPoint.
- Bachelor’s degree in Business Administration or related field.
- Minimum of 5 years residential underwriting experience.
- Experience with Fannie Mae, Freddie Mac, and FHA Technology (DU, LPA, UCDP, CU, LCA, CPM, FHA Connection).
- Strong knowledge and understanding of Residential Lending Products, Secondary Market Underwriting Guidelines (Fannie Mae, Freddie Mac, FHA).
- DE designation a plus.
- Strong knowledge of Ability to Repay (TRID), Qualified Mortgage, Reg B, Reg C, TRID, RESPA, HMDA, federal, and state specific requirements related to residential lending.
- Previous experience with Encompass preferred.
- Excellent communication, problem solving and organizational skills.
- Ability to work in a team environment, as well as independently with desire to learn and grow.
- Ability to multitask while working in a fast-paced environment with strong attention to detail.
Working Conditions and Physical Effort
The work environment characteristics described here are representative of those an Accountant encounters while performing the essential functions of this job.
- Regular physical exertion required to lift up to 20 lbs.
- Work performed is typically sedentary with occasional periods of walking and standing. May also require stooping, kneeling and crouching.
- Utilizes finger dexterity to perform computer options.
- Must be capable of effective oral communication via writing, telephone or fact to face to face.
- Travel between locations and attend meetings.
Mental & Visual Demands
- Mental concentration required to work with numbers and spreadsheets.
- Work requires visual effort of significant duration to review documents, drive to client locations and interact with others.
Work Environment and Hazards
- Work environment is in a typical office setting free from noise and hazards.