What are the responsibilities and job description for the Condo Desk Manager position at V.I.P. Mortgage Inc.?
SUMMARY:
The Condo Desk Manager analyzes condo project documentation (bylaws, financials, CC&Rs, budgets, insurance policies, and more) to assess eligibility for mortgage approval based on agency guidelines and investor overlays. The Condo Desk Manager will manage the certification process for condo projects with Fannie Mae/Freddie Mac, FHA/VA, and track application status while resolving any issues.
Key responsibilities include coordinating with property managers, real estate agents, underwriters, and loan officers to ensure smooth communication and progress on condo approvals. The role requires the use of automated systems to assess eligibility and identify potential risks, as well as handling complex scenarios with unique or non-compliant condo projects.
The Condo Desk Manager will oversee the Condo Desk team and provide training and development to ensure high performance. The Condo Desk Manager will stay up to date on the latest condo guidelines and provide training to staff on condo eligibility requirements. Additional duties include maintaining Condo Desk communications, managing reports, tracking condo documentation, and supporting departmental goals for service and compliance.
ESSENTIAL JOB FUNCTIONS:
- Provide leadership and training for the condo desk team
- Analyze condo project bylaws, association financials, CC&R's, budgets, master insurance policies, questionnaire, appraisal, title reports to assess whether a condo complex meets the necessary criteria for mortgage approval based on agency guideline and investor overlays
- Manage the process of submitting condo project information to Fannie Mae/Freddie Mac, FHA/VA for certification, including tracking the status of applications and resolving any issues that arise
- Coordinate with property managers, real estate agents, underwriters, and loan officers to gather necessary information regarding condo projects and keep them updated on the approval status
- Utilize automated systems to review condo project data, identify potential risks, and assess the overall eligibility of a condo complex
- Address complex scenarios involving condo projects with unique characteristics or potential compliance concerns
- Stay updated on current Fannie Mae/Freddie Mac condo guidelines, investor overlays and provide training to other loan officers and staff regarding condo eligibility requirements
- Performs project reviews and conditional approvals within the agreed upon turn times to maintain a high level of service
- Communicates project status (approval, suspense, denial) to appropriate team members and updates internal computer systems
- Uphold fair lending practices while meeting productivity goals and customer satisfaction
- Completes additional responsibilities of maintaining the Condo Desk emails; pulling daily investor reports; daily update of the HUB; maintain and update all Condo Desk reports; requests, tracks and obtain condo documentation for orders from outside sources; follows up with branches for condo conditions and performs related duties as assigned by Manager
- Additional projects and other duties as required
QUALIFICATION:
- 8 years mortgage banking experience
- Underwriting experience preferred
- Comprehensive knowledge of Fannie Mae/Freddie Mac guidelines related to condo project approvals.
- Ability to evaluate complex financial data and legal documents related to condo projects
- Meticulous review of condo project documents to ensure accuracy and compliance
- Capability to identify and resolve complex issues related to condo project eligibility
- Management experience of 3 years or more
- knowledge of budget/financial statement analysis; or a Business/Finance/Accounting Degree
- Minimum 4 years condominium project reviews and/or conventional loan or government loan underwriting
- Knowledge of Fannie Mae CPM / CVAS / PERS project submissions
WORK ENVIRONMENT:
- Office Setting
- Remote or Hybrid
PHYSICAL DEMANDS:
- Dexterity of hands to operate a computer keyboard
- Reaching overhead above the shoulders and horizontally bending at the waist, climbing, kneeling, and stooping for installation of hardware and more
- Hearing and speaking to communicate and provide information to others
- Prolonged periods sitting at a desk and working on a computer