Purchase Clearing Specialist

Job Description

I. OVERVIEW:

Under the direction of the Post-Closing Manager, the Purchase Clearing Specialist oversees the closed loan purchases with the designated Investor. The majority of the employees time is spent monitoring closed loans, resolving loan purchase suspense’s and providing additional documentation to the Investor to complete the loan purchase.

II. EXPECTATIONS:

• Reviews Investor’s loan deficiencies and utilizing processing, underwriting and closing experience, attempts to cure these without involving the underwriter, branch or borrower.
• Provides adequate documentation to refute invalid deficiencies or declinations relying on underwriting knowledge of FNMA/FHLMC guidelines
• Follows up on outstanding items with individuals assisting in gathering additional documentation.
• Forwards to Investor any loan clearance items.
• Scans all loans, Investor correspondence and documentation into Encompass.
• Follows up and forwards “Pre-purchase” loan requirements to Investor.
• Reviews the Final HUD-1’s to ensure compliance, and if required, work with Funders to cure over tolerances.
• Reviews pipeline of investor loans daily so that they are reviewed in a timely manner.
• Follows checklist to assure Data in Encompass matches DU/ULDD Requirements.
• Maintains a professional image and adheres to standards consistent with company policies and procedures.
• Other duties as assigned.

III. REQUIRED EXPERIENCE & KNOWLEDGE:

• High school diploma or equivalent.
• Minimum of 2 years purchase clearing with FHA & VA experience required.
• Excellent communication skills, both verbal and written.
• Ability to meet deadlines.
• Team Player
• Ability to adapt quickly to a rapidly changing environment.
• Exhibit excellent PC skills, including word processing and spreadsheets.
• Demonstrate excellent analytical skills and attention to detail.
• Display excellent time management, organizational and problem-solving skills.
• Demonstrated ability to perform a number of complex tasks simultaneously and effectively.
• Must be able to work all regularly scheduled hours; arriving at scheduled reporting time and at the prescribed time after any breaks or lunch periods.
• Must be able to work overtime on short notice, as required.

DISCLAIMER: The above statements are intended to describe the general nature and level of work being performed by individuals in, or assigned to, the above position and are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required, and may be changed at the discretion of the company.