Mortgage Lending Production Quality Monitoring Risk Underwriter

Eldersburg, MD, USA | BB&T Capital Markets

  • Industry:
    Financial Services
  • Position Type:
    Full-Time
  • Functions:
    Financial Services Professional
    Risk Management
  • Experience:
    10-12 years
Job Description:
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Perform comprehensive quality monitoring underwriting of Retail, Home Mortgage Direct (HMD) and Correspondent Lending (CL) operations for all investors, insurers, and regulators.Ensure quality monitoring of Retail, HMD and CL are performed with adherence to investor/insurer guidelines (e.g. Freddie Mac (FHLMC), Fannie Mae (FNMA), Federal Housing Administration (FHA), Veterans Administration (VA), and United States Department of Agriculture (USDA)) and BB&T, to federal regulation (e.g. Appraisals, Bank Secrecy Act (BSA)/Anti Money Laundering (AML), USA Patriot Act, Fair Lending, flood determinations and insurance requirements, loan disclosures and terms in the closing process, loan disclosures and terms in the application process, loan officer rules and compensation, loans to executive officers, directors, and principal shareholders, product offering, transactions with affiliates, and underwriting).Prepare and discuss underwriting results with the Mortgage Loan Originator, Processor, Underwriter, Closer and Post-Closer to evaluate the root cause and mitigate the identified defect.Contribute to comprehensive management reporting and ensure all identified defects are included in the monthly Quality Monitoring Reporting with the line of business agreement to the identified defect.Review early payment defaults as defined in the BB&T Quality Control program, including root-cause analysis to determine whether sound practices were followed and adherence to investor/insurer and/or regulatory compliance with federal regulations.Self-report loans to HUD that have material ratings due to deficiencies identified in the re-underwriting of the loan file.

Essential Duties and Responsibilities:


The following is a summary of the essential functions for this job.Other duties may be performed, both major and minor, which are not mentioned below.Specific activities may change from time to time.


1. Validate/re-underwrite loans by performing a comprehensive loan level underwrite, systems risk and compliance analyses of mortgage loan origination operations (Retail, HMD and CL) for adherence to all investors, insurers, federal regulations and BB&T.


2. Review income tax returns with all schedules and communicate calculations verbally and in writing.


3. Determine credit worthiness of a borrower to include knowing how to read a credit report, identify red flags and question items that are suspicious in nature.


4. Review bank statements or quarterly financials to determine the borrower’s account activity including determining large deposits as defined in the investor/insurer guidelines.


5. Review an appraisal report in adherence to investors and insurer guidelines to determine if the opinion of value stated by the appraiser was supported with the comparables provided.


6. Complete HUD Branch Office reviews to make sure the branch is setup properly and complies with all requirements set forth by HUD.Reviews will be completed on and offsite.


7. Review non-originated loans for regulatory compliance with Equal Credit Opportunity Act, Fair Lending, Regulation B and Regulation C (HMDA).


8. Identify, create, and ensure follow-up of action plans identified during quality monitoring ensuring to escalate any issues that are not being remediated promptly by proactively partnering with the appropriate line of business (LOB) to resolve.


9. Perform scheduled testing of various mortgage loan origination operations policies and procedures.


10. Analyze data and produce scheduled quality control reports and make recommendations as to appropriate corrective action or gap-related solutions.


11. Report to Mortgage Lending Production Quality Monitoring Investor and Insurer Risk Manager material findings with respect to violations of federal regulation, investor/insurer guidelines, or suspicious loan activity.


12. Assist with the development and updating of departmental procedures.


13. Act as an alternate information security liaison for Retail, HMD and CL.


14. Assist with monitoring of internal control records and business recovery plans for Mortgage Lending Administration (MLA).


15. Assist in management and coordination of audits performed by internal/external auditors with respect to mortgage Retail, HMD and CL.


16. Assist with research and analyses of emerging loan origination related industry actions and concerns.


17. Embrace change, acting as a role model and promoting a mindset of continuous improvement.


18. Promote effective communication with business partners to achieve optimum feedback and improve the value of the recommended actions to the LOB.Ability to discuss findings and support decisions rendered.


19. Ensure all actions are aligned with BB&T Mission, Vision, and Values.


Required Skills and Competencies:


The requirements listed below are representative of the knowledge, skill and/or ability required.Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.


1. Bachelor’s degree or equivalent education and related training


2. Ten years of recent mortgage underwriting experience, quality monitoring/assurance/control, mortgage loan origination operations (Retail, HMD and CL), risk management, and/or regulatory compliance


3. Significant experience underwriting FHA/VA/USDA/FNMA/FHLMC loans


4. Direct Endorsement (DE) Underwriter certification


5. Strong knowledge of investor/insurer guidelines, applicable laws, regulations, and company audit policies and procedures and the ability to effectively interact with all levels of senior management, Federal Deposit Insurance Corporation (FDIC), and Consumer Financial Protection Bureau (CFPB)


6. Strong understanding of mortgage documentation and regulatory compliance requirements (e.g. allowable fees, Good Faith Estimate (GFE) to Housing and Urban Development (HUD-1) comparisons, exception tolerances, and completing self-employed analysis)


7. Ability to support multiple tasks, with varying levels of complexity, importance and involvement


8. Excellent interpersonal, leadership, analytical and problem-solving skills


9. Excellent verbal and written communication skills


10. Detail-oriented, motivated and function well in a team environment


11. Must exhibit a keen attention to detail and the ability to quickly comprehend information


12. Demonstrated proficiency in basic computer applications, such as Microsoft Office software products


13. Ability to travel, occasionally overnight


Desired Skills:


1. Master’s in Business Administration (MBA) supplemental education and/or experience in mortgage loan origination operations (Retail, HMD and CL), including audit, quality control, underwriting or regulatory compliance


2. Strong knowledge of the Unifi mortgage loan origination systems and overall mortgage production processes (e.g. origination, processing, underwriting, closing, and government insuring)


3. Veterans Affair – Staff Appraisal Reviewer (VA SAR)


4. Experience with identifying operational risks and developing mitigating controls