SUMMARY:

Examine residential loan documentation to ensure completeness, accuracy, and compliance with investor and secondary market standards, and take corrective action as needed. Complete Quality Control (QC) review for pre-funding files and post-closing files to monitor SAFE’s adherence to secondary market quality control requirements. Assists with disbursements for escrow accounts and provides assistance in resolving tax and insurance related issues. Responsible for the completion and accuracy of mortgage reports to include but not be limited to MILAR, Unitas, Old Republic, Workout and Delinquency reporting, Allied, and Loan Defect Report.

Assists with the day-to-day servicing operations of the Mortgage Department, to include but not limited to escrows, quality control, subordinations, and tracking and reporting.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following:

• Maintains acceptable QC tolerance levels with secondary market buyers to retain the credit union’s servicer status with secondary market.
• Responsible for working with Originations, Processing, and Underwriting to remediate defects for loan sale.
• Responsible for working with secondary market buyers to complete loan sales, monthly accounting remittance, and loan file packaging. Acts as a liaison between secondary market buyers and the credit union.
• Compiles 10% random sample of current months projected fundings for pre-funding Quality Control review to be completed prior to closing.
• Compiles 10% random sample of prior months fundings for post-closing Quality Control review to be completed within 30 days of closing.
• Completes Quality Control monthly review within 90 days of creating sample report.
• Reviews and re-verifies as needed income, employment, tax returns, consumer credit reports, debt to income ratio, asset statements, loan-to-value ratio, etc.
• Identifies and resolves issues/errors in post-closing stage of loan file review and takes corrective action to bring loans in compliance with CFPB regulatory requirements.
• Examines loan files for accuracy, completeness, and compliance with credit union policies, internal requirements, investor, and regulatory requirements.
• Reviews disclosure packages to verify compliance with TRID guidelines.
• Prepares and submits unbiased Defect Report to Senior Management monthly to monitor and evaluate quality control of the origination process. Report will include all findings, defects, and steps for remediation.
• Ensures timely bill procurement and payments of real estate taxes and Mortgage Insurance.
• Works closely with internal audit to complete annual reviews of the loans serviced portfolio to ensure adherence with QC requirements.
• Processes and examines annual escrow analysis reports and ensures escrow analysis notifications are delivered to members in the correct time frame to comply with credit union and CFPB standards.
• Posts payments and disbursements from escrow funds as required.
• Maintains application and approval records to comply with the “Home Mortgage Disclosure Act” for the credit union.
• Other duties as assigned.

EDUCATION and/or EXPERIENCE:

College degree or at least five years related experience and/or training in real estate lending; or equivalent combination of education and experience in a related field preferred.