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Loan Audit/Repurchase Spec in Buffalo, NY at Key Bank- Corporate

Date Posted: 5/13/2019

Job Snapshot

  • Employee Type:
    Full-Time
  • Location:
    Buffalo, NY
  • Job Type:
  • Experience:
    Not Specified
  • Date Posted:
    5/13/2019

Job Description

ABOUT THE JOB (JOB BRIEF):
The Loan Audit/Repurchase Specialist reports to the Loan Delivery Team Lead and is responsible for responding to all QC file requests that come in from the Agencies (FNMA, FHMC & HUD and Investors (private investors and mortgage insurance companies). In addition, the Investor Loan Audit / Repurchase Specialist will be responsible for researching and responding to any Investor QC findings and preparing fact based rebuttals to repurchase demands to mitigate the risk of incurring repurchase losses.

ESSENTIAL JOB FUNCTIONS:
• Coordinate the preparation and delivery of loan files for all the Agency and Investor QC requests
• Work closely with all mortgage operations to promptly resolve documentation, underwriting and compliance issues found during the Agency and Investor QC reviews
• Develop and maintain contact with Agencies and Investors to ensure all QC file requests are submitted timely and by the due dates
• Prepare fact based rebuttals to repurchase demands
• Maintain a database that tracks all Agency and Investor QC file requests, repurchase demands and indemnifications and their status
• Coordinate the Fair Value Measurement process for repurchases and track losses
• Provide senior management with reporting including the volume of QC requests, number of repurchase demands including status of pending repurchases, overall loss amounts, cause of repurchase (fraud, documentation, credit, regulatory, compliance or other),corrective action taken to prevent future repurchases and aging of repurchase requests
• Coordinate the process of having Indemnification agreements reviewed by legal and ensure they are accurately identified at the loan level to track the indemnification exposure and are appropriately reported on the quarterly call report
• Understand and maintain up-to-date knowledge of Agency and Investor underwriting guidelines
• Review and understand individual investor agreement’s Representation and Warranties
• Thorough understanding of Federal and State regulations including but not limited to RESPA, TILA, HOEPA, MDIA, QM and ATR regulations

REQUIRED QUALIFICATIONS:
• Bachelor’s Degree or equivalent work experience
• 2-3 year residential mortgage underwriting experience
• In depth knowledge of FNMA, FHLMC, GNMA, FHA, VA, USDA and private investor product and guidelines
• Strong customer service, communication, organization and analytical problem resolution skills as well as detail oriented
• Ability to process and organize multiple tasks within deadlines and a high volume environment
• Ability to effectively communicate with team members and external business contacts while conveying a positive, service oriented attitude
• Working knowledge of PC (MS Windows and Office Products including Word, Excel and Access)



FLSA STATUS:Non-Exempt

KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.

35445BR

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