|Whole Loan Delivery Underwriting Analyst
Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail, Strategic Alliances and Consumer Direct sectors throughout the United States where licenses are held. The company was ranked as the #3 Wholesale Lender nationwide by Inside Mortgage Finance in 2016.*
If you are interested in joining an exciting team where excellence and customer service are a fundamental part of the culture, Stearns Lending, LLC is the place for you!
At Stearns, we consider all employees an everyday hero and we are always looking for OUTRAGEOUSLY TALENTED® individuals to join our team.
The role of the Whole Loan Delivery Underwriting Analyst is to assist the team and leadership with issues and loan level questions pertaining to guidelines or compliance, research escalated loans, prepares reports, and provide operational support to clear investor flow or bulk sale file issues.
The Whole Loan Delivery Underwriting Analyst is a producing role expected to complete the tasks of sending completed credit and compliance packages to investors and Bond agencies, performing pre-purchase full loan file reviews on data and documents, identifying missing or incorrect information, and ensure all necessary documents have been received and are properly executed. Additionally, clear post funding conditions by obtain information to correct documentation discrepancies and communicating with investors and third parties.
The primary responsibility of the Whole Loan Delivery Underwriting Analyst is to function as a resource for the team on escalated loan issue, assist in reporting and documentation of trends, and prepare loans for investor purchase. This includes:
- Prepares and submits electronic loan packages for agency pool and cash deliveries, ensuring adequate documentation has been obtained for income, assets, credit, collateral, data integrity and program validations.
- Conducts full file review of delivery documents prior to shipping loans to the investors to prevent suspending of loans.
- Reviews loan deficiencies, collaborates with operations, secondary, and external business partners to respond to and resolve all loan-level exceptions, retrieve missing and incorrect items, providing documentation to investors, and ensure timely settlement in order to get loans purchased.
- Review trailing doc reports and e-mails daily to get information to correct missing and incorrect document information post purchase.
- Updates System of Record with notes and dates as needed.
- Reviews team’s exception loans, complex loans and loans that may require reallocation.
- Aid in administrative functions of loan delivery, including resolving exceptions, creating documentation, preparing reports, tracking and resolving investor exceptions.
- Prepares Challenged Loan Inventory (CLI), reallocated, PCCD, high curtailment, aged reports to provide to senior leadership and Capital Markets.
- Responds to various warehouse banks on dry/aging loans.
- Documents findings, including errors and defects in documentation and procedural requirements, in a structured database for reported loans.
- Collates findings and distributes reports of findings with status and responsible party, monitoring and following up on ROC responses to findings, documenting responses and remediation steps.
- Works with Processors/Underwriters/Funders/Managers in ROCs to develop an in-depth understanding of the potential trend that may occur from the post funding findings.
- Coordinates bulk trade efforts by managing daily workflow of bulk trade loans, assigning loans from each trade, working on escalated files, and ensures timely delivery of documents and clearing of conditions.
- Notify management of any trends or training opportunities.
- Contributes to a positive work environment by practicing Stearns iDream values, being a team player and demonstrate understanding of customer service and intrapersonal best practices on a daily basis.
- Performs other duties as assigned.
Essential Skills & Abilities:
Required Education and Experience:
- Self-starter with demonstrated ability to work without direct supervision, excellent attention to detail, multi-tasking, and working in a team atmosphere adhering to tight deadlines in a fast paced, high volume environment.
- Provides exceptional organization and time management in a highly sensitive environment with a proactive approach to achieving departmental and company goals.
- Excellent written and verbal communication skills and strong interpersonal skills are necessary.
- Demonstrated experience with MS Office software products.
- Ability to adapt to various systems and processes.
- Experience working in a paperless environment.
- High School diploma or equivalency degree.
- 3-5 years related mortgage experience, including experience in post-closing and mortgage file review preferred.
- Basic knowledge and understanding of loan shipping policies, procedures, and regulations.
- Solid knowledge and understanding of all types of supporting documents for mortgage loan files.
- Knowledge in area of processing, underwriting, closing, and TRID regulatory requirements
- Minimum 2 years’ experience in processing or underwriting with a strong knowledge base of conventional and government guidelines. Underwriting skills to include mortgage loan document identification, AUS analysis, income calculation methods, asset analysis, red flags, credit reports, and the ability to identify issues with each and how those issues affect the salability of the loan.
Work is performed in climate controlled indoor administrative office setting. The noise level in the work environment is usually quiet to moderate, depending upon office or meeting location.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Reasonable Accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854.
For more information, visit www.stearns.com.