Prefund/Post-Close Renovation QC Auditor at Guaranteed Rate

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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.

Pre-Fund/Post Close Renovation QC Auditor

The Pre-Fund/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 in accordance with investor and/or agency guidelines.

Pre-Funding QC Auditor Job Description:

Review loan files to ensure complete and accurate documentation, adherence to Guaranteed Rate and investor standards and to test for data integrity including a full re-underwrite of sampled loans including but not limited to:

  • Re-calculation of income
  • Re-calculation of assets
  • Re-calculation of liabilities
  • Credit review, including ensuring that the borrowers have demonstrated the ability and willingness to repay
  • Collateral review, including ensuring the subject property appraisal adequately supports the estimate of value
  • Review off all agency/investor required renovation documents and process adherence
  • Review of compliance with all relevant guidelines of all applicable investors
  • Review of compliance with all relevant state and federal regulations
  • Review and confirmation that all loan approval conditions required by the underwriter were satisfied prior to review

Post-Closing QC Auditor Job Description:

Re-underwrite/audit closed loan files by completing new income /asset calculation and reviewing all credit reports and appraisals 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 to QC Manager and other parties on a daily basis.
  • Understand and stay informed on all changes to federal and state laws, as well as specific investor requirements and guidelines.
  • Have the ability to research independently different Investor guidelines and Compliance regulations from the company’s internal intranet site and/or AllRegs.
  • Have the knowledge and understanding of how to conduct manual underwrites as well as re-running DU or LP on an "as needed" basis.
  • 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-MT1

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