Under the direct guidance of the Director of Mortgage Operations the Mortgage Audit Specialist is responsible for completing pre-funding and post closing quality control reviews of residential mortgage files including all investor audits adhere with Company, regulatory and investor guidelines. This includes but is not limited to Conventional, FHA, VA, and other portfolio loans. Research existing and incoming regulation which directly impacts the mortgage process and provide input on best practice to implement changes to ensure compliance.
The Mortgage Audit Specialist is responsible for maintaining up to date knowledge on all state and federal regulatory compliance policies, guidelines, and investor changes to ensure that UW Credit Union remains in compliance with federal and state laws and regulations.
The Mortgage Audit Specialist is expected to be a contributing member of the Systems and Projects group which is comprised of Mortgage Lending Management staff.
Must effectively carry out the essential duties of this position, in a positive manner, that consistently demonstrates the core values of the Organization.
1) Compliance Audits - 25%
a. Work closely with the Director of Mortgage Operations in the preparation and gathering of the required documentation needed for all monthly, quarterly, and yearly audits. This includes but is not limited to internal & external audit request, all Private Mortgage Insurance Companies, Fannie Mae, FHLB of Chicago, NCUA, DFI, WHEDA, FHA and VA and other third parties. Annual review of the Credit Union written pre-funding/post closing quality control plan.
b. Schedule and Review audits received from the internal audit department from external auditors.
c. Assist Audit Manager with the external auditors and regulatory authorities in the performance of their examinations of the Mortgage Lending Department.
d. Prepare responses to audit reports and review with the Director of Mortgage Operations and present finding and or action plans to Associate Vice President of Mortgage Lending to be submitted as management’s response to audit findings report.
e. Complete monthly pre-funding audit of loans and identify any training opportunities needed to mitigate errors by position.
f. Communicate loan defects to staff and management for the purpose of remedying loans issues and to provide training. Assist in preparation of communication with Mortgage Lending staff on any trending issues uncovered as a result of completed audits.
g. Complete quarterly review meetings with Mortgage Lending Management to review pre-funding and post closing loan defects and recommend process/procedural changes.
h. Work with the Director of Mortgage Operations on submitting rebuttals to investors on loans earmarked for possible repurchase.
i. Work with the Director of Mortgage Operations on communication to Associate Vice President on loans needing to be repurchased.
j. Ensure that UW Credit Union is complaint with Credit Union’s desired pre-funding, post closing and combined defect ratio.
k. Maintain open communication with Mortgage Lending Management and Audit Manager.
l. Prepare and present a comprehensive and accurate quarterly and annual report notifying management of defect trends.
m. Engage continuously in knowledge development regarding audit trends, regulations, best practices, tools, techniques, and performance standards
2) Lender Pre-funding Quality Control review - 25%
a. Responsible for loan selection process and the timing of the file review on a monthly basis.
b. Verification of file data and documentation.
c. Inform staff and management of individual loan defects for corrections and training purposes.
d. Ensure any needed corrections are completed.
e. Prepare monthly report to Director of Mortgage Operations.
f. Meet with Director of Mortgage Operations to review monthly findings and recommendations.
3) External quality control management (QMS) - 25%
a. Work with Audit Manager on the submission on loans on a monthly basis with our external quality control team.
b. Review 4506T forms and order tax transcripts for the purpose of providing to vendor for review.
c. Order post closing credit report for the purpose of providing to vendor for review.
d. Electronically upload all needed documentation to the quality control portal.
e. Review initial report and submit any additional documentation as needed.
f. Prepare document including notes on any comments made by vendor within initial report for Audit Manager.
g. Inform staff and management of individual loan defects for corrections and training purposes.
h. Review loan defects with Audit Manager monthly.
i. Review field review appraisals for any discrepancies in comparison to original appraisal utilized for loan approval.
j. Report any issues with field review appraisals to Underwriter and Underwriting Manager, as well as keeping a log of issues on Field Review Appraisal document.
k. Maintain history of loan defects via report to identify recurring themes and potential recommendations for process/procedural improvements.
4) Investor and PMI Quality Control Reviews GSE(FNMA/FHLB/Private Audits) - 10%
a. Serve as primary contact with investors for audits.
b. Review all noted deficiencies against file documentation.
c. Electronically upload all needed documentation to the applicable quality control portal.
d. Work with the responsible parties on resolving any deficiencies and report back to the investor the findings.
e. Maintain history of file deficiencies via report to identify recurring themes and potential recommendations for process/procedural improvements.
5) HMDA/Tolerance Monitoring and Reporting - 15%
a. Perform monthly HMDA data compliance check on all closed loans.
b. Perform appropriate corrective action on incorrect data entry, if necessary.
c. Review and submit UW Credit Union’s HMDA data quarterly to complete data listing report.
d. Prepare, review data and submit our HMDA report annually to the Feds.
e. Prepare monthly tolerance cure report for Mortgage Lending Department Management.
f. Provide recommendations for process improvements based on report findings for the purpose of minimizing loan losses.
g. Monitoring, reviewing, updating and preparing monthly HMDA reports and submitting reports on a quarterly and annual basis.
h. Providing reporting and analysis of tolerance cures to assist with minimizing loan losses.
i. Responsible for preparing, maintain, and updating reports including pipeline, service level, and production statistics on the Loan Origination Software for the Mortgage Lending Department.
j. Prepare, maintain and update a vast number of reports including pipelines, service levels, and production statistics on Loan Origination Software for Mortgage Operations Department.
- Strong knowledge of secondary market guidelines, state and federal regulatory compliance guidelines with the ability to review all types of documentation for acceptability, not limited to underwriting, but including investor, compliance and HMDA guidelines.
- Demonstrated understanding of the overall mortgage lending processes.
- Must have strong oral and written communication skills.
- Demonstrated analytical and problem-solving skills.
- Knowledge of fundamental mortgage loan programs, concepts and practices.
- Knowledge of internal controls procedures.
- Knowledge of personal computers including word processing, spreadsheet and database programs.
- Ability to understand comprehensive and detailed policies and procedures.