Shared Services function leverages the ‘shared’ delivery model to provide operations delivery to Business Unites across the organization. The goal of the Shared Services division is to provide central operations solutions to Business Units across the Commercial and Residential Mortgages vertical.
The Due Diligence underwriting team provides solutions for various service offerings under a single platform (seasoned compliance, credit, credit & compliance, title, collection comments, pay history, data, forensic, consumer, etc.). However, generally, activities will include (i) the identification of the proper documentation for data capture, (ii) the capture of such information in the system (iii) running embedded rules and logic against such information, and (iv) clearing validations and/or applying exceptions that may be appropriate for the item in question.
Duties And Responsibilities
Review HECM (Reverse Mortgage) loan files for completeness and accuracy including but not limited to evaluation of credit reports, utility assessments, tax assessments, preliminary report, property appraisal reports, purchase contracts, lease agreements, bankruptcy, judgment, foreclosure documents, income statements (pay stubs, W2,Form 1040s) and requisition of additional documentation to mortgage approval
Perform Credit Risk Analysis: Review of credit reports, Senior’s age, payment history, etc. to summarize the risk factors and provide formal opinion or decision on the loan.
Evaluation of the property appraisal and preliminary title report to evaluate the insurability and marketability of the loan.
Complete Financial Assessment Analysis: Calculation of the residual income of the mortgagors with documented income and expenses to determine whether, and under what conditions, the mortgagor meets agency’s eligibility criteria and whether the approval of the mortgage loan would improve the mortgagor’s credit situation and at the same time will not result in a risk to the Agency / Lending Institution.
Determine and document loan conditions, communicate requirements, and/or decisions
Identify saleability issues, potential fraud and portfolio risks based on trends, red flags and client’s business practices
Complete the Underwriting Training/Certification timely, as necessary
Such other activities as may be assigned by your manager
Skill Sets Required
Demonstrated understanding of mortgage guidelines and FHA general requirements, mortgagee letters and HECM specific guidelines
Analyse title report, asset documents and credit in detail to identify any derogatory credit
Analysis of Credit Reports and valuation documentation
3+ years of recent US Mortgage underwriting and/or due diligence (post-close) experience in the residential mortgage industry
At least 12 months of experience working on HECM loans for full review, Financial Assessments, Appraisal review and/or UW conditions review.
Active Knowledge of FHA Minimum Property Requirements/ Minimum Property Standards
High producer with attention to quality
Strong commitment to customer service and satisfaction
Excellent time management skills
Ability to work independently and to carry out assignments to completion within parameters of instructions given, prescribed routines, and standard accepted practices
Detail oriented, with superior verbal and written communication skills
Strong PC skills, with demonstrated proficiency with Microsoft Office
Must be able to work under pressure and meet deadlines, while maintaining a positive attitude and providing exemplary customer service
Demonstrate professional behaviour including:
Understanding and adherence to company policies and procedures
When / if working remotely
Maintenance of a safe and professional home office environment
Appropriate equipment set-up including dual monitors, high-speed internet and appropriate computer systems
The employee may be required to report to a different local office as a normal, contemplated, and mandated incident of their employment.
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