Mortgage QA Underwriter- Chelmsford or Marlborough
Job ID: BH322068
Category: Loan Underwriter, Underwriter
Specialty: Accounting & Finance
Mortgage QA Underwriter, Chelmsford or Marlborough
Mortgage underwriting experience (with lending authority)
Loan Quality and procedures knowledge
5-7 years of Mortgage Underwriting or comparable experience in QA/QC Underwriting preferred
The primary responsibilities of the Mortgage Quality Assurance Underwriter will be to perform QC audits to ensure lender compliance with agency/GSE requirements, internal policy and investor guidelines. Essential Functions:
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
• Support Mortgage Department to develop and maintain an optimized and efficient pre-fund and post-closing QA/QC plan.
• Examine closed mortgage loan file documents to ascertain compliance with Fannie Mae, Freddie Mac, and Internal underwriting guidelines.
• Review steps include assessment of credit and underwriting documentation, as well as examination of credit reports, income documentation, and appraisal verifications.
• Calculation and evaluation of all income and credit worthy conditions.
• Detailed review of disclosures for timing and accuracy with a heightened focus on TRID.
• Track and report the results of testing, providing both technical and functional suggestions to enhance the member experience through the lending process and create efficiencies.
• Perform regulation specific project engagements related to mortgage and home equity loan originations including but not limited to: Equal Credit Opportunity Act (ECOA), Real Estate Settlement Procedures Act (RESPA), Regulation Z (Truth in Lending, Know Before You Owe), Regulation C (Home Mortgage Disclosure Act – HMDA), and other state and federal laws which may be applicable.
• Collaborate with Mortgage Department Management and Compliance to revise and implement new processes based on regulatory requirements, statutory requirements, or business best practices.
• Provide detailed documentation for internal and external audit examinations.
• Responsible for ensuring the communication and execution of secondary market requirements are met.
• Create and coordinate executable plans of action for the roll out and communication (interdepartmental and organization wide) of existing and proposed mortgage lending regulatory procedure changes.
• Maintain knowledge of secondary market guidelines, product & pricing changes, and policies and procedures to create a holistic approach to secondary review.
• Remediate defects identified by third party vendor for post-funding audits.
• Work closely with Mortgage Underwriting to identify areas of risk and weakness and design and implement process change and training.
• Assist in the development and maintenance of department policy and procedure documents.
• Complete all required Bank Secrecy Act related training annually and maintain an ongoing in-depth knowledge of BSA policies and regulatory requirements
• Perform other job-related duties as assigned by Manager(s).
• Other Duties: Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities, and activities may change at any time with or without notice.
• Perform other job-related duties as assigned by Managers(s).
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.
• Strong ability to detect possible misrepresentation and/or fraud.
• Previous underwriting experience, and/or Quality Control review/audit experience of mortgage loans.
• Working knowledge of investor guidelines such as FNMA, FHLMC, Jumbo, Home Equity, and Portfolio loans.
• Ability to analyze risk as it relates to investment quality loans, critical thinking with short yet comprehensive write ups.
• Extensive knowledge of DU, LPA and manually underwritten loans.
• Ability to review audit documentation, perform analysis, validate, and document potential risk to determine course of appropriate corrective action and/or make recommendations of such action.
• Ability to collaborate, innovate, and change.
Education and Experience Requirements:
• 5-7 years of Mortgage Underwriting or comparable experience in QA/QC Underwriting
• BA/BS Degree Preferred (or equivalent work experience)
• Knowledge of State and Federal compliance regulations
• Knowledge of Secondary Market guidelines
Additional Eligibility Requirements:
• Technical Skills (word, excel, outlook etc.)
• Excellent written and oral communication skills with the ability to rate and categorize risk ratings in a clear and concise manner.
• Ability to demonstrate excellent detail orientation, critical thinking, and analytical skills.
• Knowledge of Point-of-Sale/Loan Operating System (POS/LOS) (preferred)
• Requires compliance with the S.A.F.E. Mortgage Licensing Act of 2008 and all related regulations. Ongoing employment with Digital Federal Credit Union is contingent upon meeting all such requirements, including acceptable background investigation results. The S.A.F.E. registration with the Nationwide Mortgage Licensing System (NMLS) is required at the time of employment. The NMLS web site (mortgage.nationwidelicensingsystem.org) provides the questions and registration required for employment in this position.
This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopier/scanner, filing cabinets, and fax machines.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. This is a largely sedentary role. While performing the duties of this job, the employee is regularly required to stand, talk, hear, and use hands and fingers to handle, feel or operate objects, tools or controls and to reach with hands and arms.
The Planet Group of Companies is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.