Purpose and Scope: Audit retail and wholesale FHA , VA, and USDA loans for submission to the appropriate government agency for insurance or guaranty. Each Government Insuring Specialist is required to meet strict internal performance standards involving quality and quantity.
Functions of the team include a quality control audit review of every government loan that has funded and post closed, curing minor exceptions found during the review process, and curing deficiencies identified by the government agency after submission.
The audit process should be accurate and accomplished in a timely manner striving to submit loans within 30 days from funding and prior to the first payment date. Timely and accurate submission to the government agencies is crucial to keeping the financial risk to the Company at a minimum. Loans not audited and submitted within the required time frame pose the risk of delinquency, which could result in foreclosure. In addition, missing or incorrect documentation is difficult to retrieve causing the loan to remain uninsured for considerable lengths of time. Uninsured loans that go into default and subsequently into foreclosure represent a considerable financial loss to the Company, as the total remaining loan amount cannot be recouped. Therefore, this position requires efficient handling of time sensitive products, clearance of errors, omissions and deficiencies. Loan Specialist is accountable for the insurance of all loans allocated to their name.
All Government Insuring Specialists must be familiar with both FHA, VA, and USDA submission requirements. Government loans require a full file audit and creation of electronic case binders which include origination and closing documentation. Document deficiencies identified during the audit process must be resolved before the loan can be insured. Specialists must be able to obtain exceptions from third parties, including internal and external parties. All FHA loans are insured electronically (via the Lender Insuring program), while files selected for audit are printed and sent to the corresponding HUD Homeownership Center. Each Specialist must be able to address all Notice of Rejections issued by these Homeownership Centers immediately upon receipt, clear all exceptions and resubmit timely for insurance. VA Loans are guaranteed electronically, with a 10% request rate for audits. Audit packages must be uploaded electronically through the VA site within 15 days of the request. Any deficiencies received after submission must be addressed by Specialist, clear all exceptions, and re-upload requested documents within 30 days from receipt of deficiency. With this in mind, the essential functions for this position are listed below. While the job description is intended to be an accurate reflection of the daily requirements for the Government Insuring Specialist, Management reserves the right to modify, add, or remove duties from particular jobs and assign other duties as necessary.
1. Responsible for audit process on entire loan, which could include credit and collateral documents
2. Build loan in accordance with government agency requirements and internal guidelines. This process requires that the Specialist is fully knowledgeable of the particular agency requirements and all process changes as published by the Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), and United States Department of Agriculture Rural Development (USDA)
3. Review all required documentation to ensure that all pertinent, critical information is correct
4. Pursue all missing documentation and correction of any inaccurate documentation. This requires a proactive stance in pursuing said documents from within the Company, third parties, and borrowers.
5. Update internal Gov’t Insuring database to reflect the status of the loan and document deficiencies identified. This requires the entry of all exceptions, dates, and curative efforts
6. Follow-up must be completed on each loan at least every three days to ensure that the loan will be submitted within 60 days from funding
7. Specialists to complete all data input of key loan information into the FHA automated system – FHA Connection, for all FHA loans. During this process, all information in FHA Connection prior to Specialist input must be reviewed and updated if necessary
8. Specialists must review and update the VA Summary Sheet on all VA loans to ensure all information contained is accurate and complete as this document is crucial to the insurance of the loan. Specialists are also responsible to enter data from the loan summary sheet into VA’s webLGY application
9. Specialist must be knowledgeable with Bayview’s internal automated systems including but not limited to Encompass360, Papervision, and LPS and be able to utilize them to maximize their efforts to prepare a complete and accurate submission package
10. Specialist must be knowledgeable with Adobe Acrobat (Standard or Professional edition) in order to utilize it’s function to build and edit electronic loan binders
11. Specialist must update the Gov’t Insuring Database with pertinent loan information
12. Upon completion of an audit, electronic case binders are uploaded to Papervision to be maintained in records per government agency and Company policy
13. Specialist must utilize Gov’t Insuring database in conjunction with FHA Connection (on FHA loans) to determine if loans have been insured. Follow-up loans submitted more than one week must be initiated.
14. Specialist must follow-up on any VA loan with a submission date of over one week where the Loan Guaranty Certificate (LGC) has not been received. If the loan required manual submission to VA, follow-up is completed in 3 weeks.
15. Specialist must respond immediately to any notification that loan has errors/submissions and will not be insured as is by HUD or VA. All Notice of Rejections (NORs) from HUD or Deficiency Letters from VA are to be addressed and errors/omissions corrected and package resubmitted within 10 days of receipt
16. Follow-up on all delinquent loans must be done on a consistent basis in order to submit the loan immediately when payments become current.
17. Specialist must provide VA audit packages to the VA site within 1 day of request
18. Specialist must provide Team Leader or Manager with any and all information regarding issues that may be affecting productivity and ability to clear loan problems.
19. Specialist must respond positively to all special projects as dictated by management
Experience and Skills Required:
• Mortgage Banking experience strongly preferred
• Bachelor’s degree of College courses preferred
• Prior experience in Government Insuring is preferred
• Prior experience in Processing, Closing, or Post Closing is a plus
• Knowledge of mortgage documentation (FHA, VA, USDA) is required
Special Skills/Abilities/Competencies Required:
o Excellent organizational skills
o Excellent communication skills, both written and verbal
o Must be able to work independently
o Must possess good judgment and problem-solving skills
o Must have a working knowledge of computers and software (including but not limited to Microsoft Office applications and Adobe Acrobat Standard or Professional), and willing to learn new systems and programs
o Must be self-motivated
o Must be able to prioritize workload
o Must possess strong follow-up skills
o Must be able to work in a team environment
o Must be able to adapt to the continuously changing environment of the department priorities and guidelines provided by government agencies
o Must be detailed oriented
o Must be dedicated to producing quality work
o Must respond positively under pressure
o Must demonstrate a willingness to identify and implement changes to enhance the job process