Responsible for performing internal pre-fund audits. Reviews files for evidence of fraud and loan deficiencies.
Responsible for providing materials for and responding to third party quality control audits.
Responsible for preparing loan data for governmental reporting
Responsible for reviewing collateral valuations to ensure compliance with established policies, procedures, and legal requirements
Responsible for ensuring services are delivered to internal staff and external partners professionally and efficiently.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
1. Assumes responsibility for all internal day-to-day Lending auditing activities.
a. Randomly samples mortgage loans per Fannie/Freddie guidelines to conducts pre-funding audits
b. Verifies, samples, reviews, confirms, and reports in such areas as credit, collateral, income and asset qualification and other general mortgage guidelines.
c. Identifies and reports any fraud or loan deficiencies findings to corresponding parties and makes recommendations for corrective action.
d. Stays apprised of investor guidelines, procedures and regulatory changes impacting auditing requirements of all products to insure adequate practices are being followed.
e. Evaluates adequacy of collateral valuations
f. Give recommendation on valuations and articulate any points of concern to the Loan Officer or escalate to management for further review when deemed appropriate.
g. Track work flow and ensures that deadlines are met.
2. Assumes responsibility for delivering loans to investors and external auditors as requested.
a. Maintains relationship with mortgage investors, mortgage insurance companies and other providers, and acts as a liaison for audit findings.
b. Delivers files to external auditors upon request. Providers include, but are not limited to:
(1). Fannie Mae
(2). Freddie Mac
(3). MI Companies (MGIC, NMI, Genworth, Arch, Radian, etc.)
(4). FHA
(5). VA
(6). Adfitech Post close
(7). Adfitech MERS
c. Manages daily monitoring of incoming investor audits and findings.
d. Presents audit results from external parties as required to corresponding internal parties for response and remedy of QC reviews, providing any required follow-up items for review and satisfaction of the external auditors.
3. Maintain current and relevant knowledge of processes and systems used within the home equity department.
4. Maintains a professional demeanor when associating with members, vendors, and trade professionals.
a. Represents the credit union in contacts with consultants and trade professionals.
b. Ensures that requests, questions, and problems are courteously and professionally resolved.
c. Ensures that communications are efficient and effective.
d. Ensures that the credit union's professional reputation is maintained both internally and externally.
5. Assumes responsibility for establishing and maintaining effective communication and coordination with credit union employees and with Management.
a. Informs Training and QC Manager of any significant problems.
e. Completes required reports, records, and other documentation.
f. Attends and participates in meetings and committees as required
g. Works a regular and predictable schedule.
PERFORMANCE MEASUREMENTS
1. Auditing functions are accurately and effectively performed in accordance with Credit Union policies, procedures, and legal requirements. Discrepancies, errors, and problems with documentation are promptly identified and reported.
2. Good working relations exist with parties involved in conducting and following up on audits as well as origination staff.
4. Supervisor is appropriately informed of area activities and of any significant problems.
5. Required reports are accurate, professional, timely and informative.
6. Continued education and training is obtained as needed to perform responsibilities.
7. Collateral reviews are efficiently and effectively provided in accordance with established Credit Union policies and standards and with applicable laws and regulations.
8. Problems are closely tracked and effectively resolved.
9. Management is appropriately informed of area activities and of any significant concerns.
QUALIFICATIONS
EDUCATION/CERTIFICATION: Two- year college degree or an equivalent combination of formal real estate lending training and experience.
REQUIRED KNOWLEDGE Understanding of real estate and commercial concepts and functions within the industry.
Understanding of analysis and decision making approach required for auditing.
EXPERIENCE REQUIRED: One to three years real estate lending or financial experience required.
SKILLS/ABILITIES: Ability to operate related computer applications.
Solid analytical and problem-solving abilities.
Strong written and oral communication skills.
Well organized and able to balance workload and priorities.
Ability to work well independently.
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
FINGER DEXTERITY: Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.
TALKING: Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.
AVERAGE HEARING: Able to hear average or normal conversations and receive ordinary information.
REPETITIVE MOTION: Movements frequently and regularly required using the wrists, hands, and/or fingers.
AVERAGE VISUAL ABILITIES: Average, ordinary visual acuity necessary to prepare or inspect documents or products, or operate machinery.
PHYSICAL STRENGTH: Sedentary work; sitting most of the time. Exerts up to 10 lbs. of force occasionally. (Almost all office jobs.)
WORKING CONDITIONS
NONE: No hazardous or significantly unpleasant conditions (such as in a typical office).
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
REASONING ABILITY: Ability to apply logical or scientific thinking to define problems, collect data, establish facts, and draw conclusions. Able to interpret a variety of technical instructions and can deal with multiple variables.
MATHEMATICS ABILITY: Ability to compute various mortgage related formulas; determine ratios, proportions, and percentages. Able to perform very simple algebra.
LANGUAGE ABILITY: Ability to read a variety of books, magazines, instruction manuals, atlases, and encyclopedias. Ability to prepare memos, reports, and essays using proper punctuation, spelling, and grammar. Ability to communicate distinctly with appropriate pauses and emphasis, correct pronunciation (or sign equivalent), and variation in word order, using present, perfect, and future tenses.
INTENT AND FUNCTION OF JOB DESCRIPTIONS
Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff, and termination decisions. Well constructed job descriptions are an integral part of any effective compensation system.
All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.
In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.
Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.