Post-Closing QC 203(k) Auditor
Job Description
About Guaranteed Rate:
Guaranteed Rate is the 5th largest retail mortgage lender in the U.S. By offering industry-leading tools, low-rate mortgages and unparalleled customer service, we’ve become the Home Purchase Experts®. At Guaranteed Rate, we think big—pushing beyond what most people believe is possible. We strive to work with the best of the best, building business with the best referral partners and hiring the best employees—allowing us to deliver world-class customer service. Our goal is to make sure every customer has a great experience. Headquartered in Chicago with 5,000+ employees in 300+ offices across the U.S. and licensed in all 50 states, we’ve helped thousands of homeowners with more than $37 billion in home purchase loans and refinances in just the past year alone.
Post-Closing QC 203(k) Auditor Job Description:
The Post-Closing Renovation QC Auditor’s primary responsibility is to complete a full re-underwrite of FHA 203(k) and VA Renovation loans to ensure each loan was underwritten and managed in accordance with investor and/or agency guidelines.
Re-underwrite/audit closed loan files by completing new income /asset calculation and reviewing all credit reports and appraisals and program specific documentation to ensure borrowers qualify for specific Investor loan program.
- Audit all origination, processing, underwriting and closing documents for accuracy and compliance adherence
- Demonstrate the ability to clearly relay findings
- Specific knowledge of 203(k) and Reno programs from FHA and VA, including:
- Property eligibility
- Review for repair costs and fees limitations and improvements/repairs eligibility
- Evaluate maximum mortgage amount is correct
- All required documentation specific to reno program is in file: licenses, agreements, etc.
- Review Closing and escrow documents
- Review of draws and disbursements
- Review of Project management and Final release
- Understand and stay informed on all changes to federal and state laws, as well as specific investor program requirements and guidelines
- Ability to research independently applicable Investor guidelines and Compliance regulations from the company’s internal intranet site and/or AllRegs
- Participate in Continuing Education webinars, seminars and training on a monthly basis as required by the QC Manager
- Audit re-verifications received by the QC Re-verifications Department
- Other duties and responsibilities as may be assigned by the QC Manager
Requirements:
- 10 years’ recent underwriting experience with minimum 5 years’ FHA Direct Endorsement and VA LAPP/SAR
- Recent 203 (k) experience required
- Recent VA Renovation experience required
- Ability to navigate all investor policies, including specific GRI and Investor overlays
- Proven ability to research issues with loan files and to determine whether loans satisfy investor’s credit requirements with complete knowledge government renovation underwriting guidelines
- Proven ability to research issues with loan files and to determine whether loans satisfy legal compliance requirement with all federal and state regulations including but not limited to: Truth-in-Lending Act, Real Estate Settlement Procedures Act, Equal Credit Opportunity Act, Home Mortgage Disclosure Act, Fair Lending, etc.
- Ability to communicate audit results in a clear, professional manner
- Ability to review complex tax returns and asset statements with confidence
- Strong knowledge of FHA/VA appraisal requirements
- Ability to meet department quota expectations without sacrificing quality reviews
- Strong verbal and written communication skills and knowledge of MS Excel
- Excellent customer service skills with strong attention to detail
- Ability to work flexible hours as needed
- Strong project and time management skills
- Strong analytical skills and attention to detail
Guaranteed Rate is an Equal Opportunity Employer that welcomes and encourages all applicants to apply regardless of age, race, sex, religion, color, national origin, disability, veteran status, sexual orientation, gender identity and/or expression, marital or parental status, ancestry, citizenship status, pregnancy or other reason protected by law. #LI-AC1