What are the responsibilities and job description for the Quality Control Underwriter position at Verus Mortgage Capital?
We are seeking an experienced Quality Control Underwriter with expertise in the Non-QM (Non-Qualified Mortgage) or Non-Agency lending space. The ideal candidate will be responsible for reviewing and ensuring the quality and accuracy of loan files, ensuring they meet company and regulatory guidelines. This role is critical in maintaining compliance, identifying risk, and improving the underwriting process.
Responsibilities and Duties:
- Quality Control Review: Conduct thorough reviews of Non-Agency loan files to ensure compliance with company policies, investor guidelines, and regulatory requirements.
- Risk Assessment: Analyze loan documents to assess the risk level, including income, credit, assets, and property evaluations, ensuring all aspects of the loan meet established criteria.
- Guideline Adherence: Verify that underwriting decisions adhere to specific Non-Agency guidelines, including evaluating compensating factors for loans that fall outside of standard parameters.
- File Auditing: Perform post-closing audits on selected loan files, identifying discrepancies or deficiencies and providing recommendations for corrective actions.
- Reporting: Generate detailed reports on findings, trends, and areas of concern, and present these to management for further action and improvement.
- Process Improvement: Collaborate with underwriting and operations teams to identify opportunities for process enhancements, aiming to increase efficiency and reduce error rates.
- Training and Development: Assist in developing training materials and conducting training sessions for underwriters and support staff on Non-Agency guidelines and quality control procedures.
- Stay Current: Keep abreast of industry changes, regulatory updates, and best practices within the Non-Agency space.
- Ability to identify fraud, misrepresentation, and red flags during review of loan files.
Education and Experience:
- Bachelor’s degree in Finance, Business Administration, or a related field is preferred.
- Minimum of 3-5 years of experience in mortgage underwriting, with at least 2 years specifically in the Non-Agency space.
- Proven experience in quality control or audit functions within the mortgage industry.
- In-depth knowledge of Non-Agency guidelines and regulatory requirements.
- Strong analytical and problem-solving skills.
- Excellent attention to detail and ability to identify discrepancies.
- Proficient in mortgage loan management systems (LMS) loan origination systems (LOS) and quality control software.
- Strong communication skills, both written and verbal.
- Ability to work independently and as part of a team.
Key Competencies:
- Attention to Detail: The ability to meticulously review loan files, identify discrepancies, and ensure complete accuracy in compliance with company policies and regulatory guidelines. Precision in assessing documentation related to income, credit, assets, and property evaluations is critical.
- Risk Assessment and Analytical Skills: Strong analytical abilities to evaluate loan files and assess potential risks effectively. This includes interpreting complex financial data, identifying potential red flags, and making informed recommendations to mitigate risk while ensuring adherence to non-Agency lending guidelines.
- Regulatory and Guideline Knowledge: In-depth understanding of non-Agency and Non-QM lending guidelines, regulatory requirements, and industry best practices. Staying current with evolving regulations and applying them accurately to underwriting decisions is essential to maintaining compliance and avoiding risk.
- Process Improvement Orientation: A proactive approach to identifying inefficiencies and areas for improvement within the underwriting and quality control processes. Collaboration with teams to implement best practices and optimize workflows helps enhance efficiency and reduce error rates.
- Effective Communication and Collaboration: Strong verbal and written communication skills to effectively convey findings, discrepancies, and recommendations to internal teams and management. The ability to train and support staff in quality control procedures, fostering a culture of compliance and continuous improvement.
How This Role Demonstrates Our Values:
- Integrity: Ensures accuracy and compliance in loan reviews, upholding ethical standards and fostering trust with stakeholders.
- Collaboration: Works closely with cross-functional teams to enhance processes and share insights, promoting a culture of teamwork and shared success.
- Excellence: Delivers high-quality audits and reports, continuously striving to improve processes and maintain superior underwriting standards.
- Critical Curiosity: Proactively seeks opportunities for improvement by questioning existing processes, staying informed on industry trends, and identifying areas for enhancement.
Benefits
- Great compensation package
- Attractive benefits plans and paid time off
- 401(k) w/ company matching
- Professional learning and development opportunities
- And much more!
Successful applicants will exemplify strong ethics, integrity, respect for others, accountability for decisions and actions, and good citizenship.
Maintaining a reliable, uninterrupted high speed internet connection is a requirement of hybrid or remote positions.
Maintaining a reliable, uninterrupted high speed internet connection is a requirement of hybrid or remote positions.
All job duties and responsibilities must be performed within the guidelines of the Verus Residential Mortgage Employee Handbook and established company policies and procedures. It is the responsibility of each employee to maintain confidentiality of the company, its clients and to follow applicable laws and regulations in the performance of duties.
Verus Mortgage Capital is an equal opportunity employer. All qualified applicants are welcomed to apply and will receive consideration for employment without unlawful discrimination because of a person’s race, religious creed, color, national origin, citizenship status, ancestry, marital status, sex, age, or sexual orientation, or because of a person’s disability or medical condition.
About Invictus Capital Partners / Verus Mortgage Capital
Verus Mortgage Capital is an independent national mortgage investor. Verus offers its Sellers
responsible non-prime and Jumbo prime lending products that fill the credit void in today’s market. Verus consistently evaluates today’s market and credible borrower financing needs to offer our partners innovative solutions. Verus Mortgage Capital is an affiliate of Invictus Capital Partners please visit our website at https://verusmc.com/.
responsible non-prime and Jumbo prime lending products that fill the credit void in today’s market. Verus consistently evaluates today’s market and credible borrower financing needs to offer our partners innovative solutions. Verus Mortgage Capital is an affiliate of Invictus Capital Partners please visit our website at https://verusmc.com/.
Department
Credit Exceptions
Employment Type
Full Time
Location
Bloomington, MN
Workplace type
Fully remote
Compensation
$90,000 - $100,000 / year
Reporting To
Exception & Scenario Management
Salary : $90,000 - $100,000