The Quality Control Underwriter conducts quality control reviews of residential loan production files including 2nd level reviews, closed loan audits, FHA/VA audits and investor repurchases.
Perform quality control reviews of residential loan files (FHA, VA, conventional, etc.) in accordance with the Quality Control Program and accepted quality control standards, including Broker loan audits and Fair Lending reviews. Adhere to Underwriting conditions and other key areas impacting salability and risk.
Prepare individual portion of monthly/quarterly reports of the findings revealed during the quality control review of residential loan files, Broker loan audits, and Fair Lending reviews. These reports are provided to Senior Management.
Review loans requested by investors for audit purposes, including investor repurchase responses, VA Responses, and HUD loan audits.
Perform quality control pre-funding reviews on select loan files.
Remain current with regulation changes from governmental/state agencies, as well as policy changes from FHA, VA, FNMA and any other agency affecting the company’s loan production process.
Completes reviews of all loan files pursuant to AUS findings or manual loan approvals.
Performs analysis of property appraisal values to determine if value is supported and meets all eligibility requirements.
Analyzes and recalculates, as required, all borrower income sources.
Performs analysis of borrower’s debt load and calculation of debt to income ratio.
Makes determinations as to whether the loan elements are acceptable to the appropriate investor guidelines.
Reviews the loan file for all required disclosures and accuracy.
Provides feedback to mortgage staff as to any discrepancies found or missing items.
Assigns a loan grading pursuant to the severity and type of the loan deficiency.
Performs other duties as assigned
Must have excellent customer service skills, able to work in a team environment and proficient with computers. Basic to Intermediate computer skills in Microsoft Office, including Word, Excel, and Outlook are required. Encompass experience preferred.
Excellent written and oral communication skills.
Analytical with good attention to detail.
Good judgment and the ability to work independently.
Good math skills.
Ability to multitask, work well under time constraints and within deadlines.
High School diploma or equivalent. Bachelor's degree or equivalent education and related training.
Five years of mortgage experience, preferably in audit, originations, processing, quality control, underwriting, or regulatory compliance.
Experience with DU LP GUS, Knowledge of FHA Guidelines, VA Guidelines, USDA Guidelines and Fannie Freddie Guidelines.