Quality Assurance and Compliance (Residential Real Estate Lending)

The primary purpose of this position is to assist First Commerce in fulfilling our Vision to Be Our Member's Financial Partner for Life. This is achieved through delivering Remarkable Member Service as defined by our Service Standards as well as building and maintaining strong memberships through identification of the members' financial needs and effectively recommending appropriate products and services to meet those needs.

The RRE Post-Closer/Quality Assurance position is primarily responsible for assisting in meeting regulatory and investor quality control requirements and mitigating risk related to residential mortgage lending and servicing. Completes comprehensive examinations of channels and servicing data to ensure collateral integrity, documentation accuracy and completeness and credit quality. Research compliance issues and produces comprehensive reports outlining the scope, sample size, audit findings and recommendations for corrective action based on internal guidelines.

RESPONSIBILITIES

• This position will be responsible for performing compliance reviews as a 1st Line of Defense supporting Residential Mortgage Credit and Servicing to ensure adherence to regulatory, policy and procedural requirements. This includes, but isn't limited to, HMDA, Reg B, Reg Z, Reg X, TRID, Flood and Hazard Insurance.
• Performs detailed residential underwriting and compliance analysis post-closing for credit, compliance and documentation deficiencies. Reviews loan documents for compliance, completeness and accuracy prior to sale. Obtains missing information, prepares notes for remittance to FHLMC, and ensures processes are followed according to policies and procedures.
• Validates need for and obtain accurate correction of critical documents working with settlement agents, FCCU departments, investors, members third party vendors or service providers, and governmental agencies to ensure saleable, insurable and/or portfolio loans in accordance with FCCU policies, practices and procedures.
• Performs thorough audit/validation and subsequent quality control (QC) of home equity and mortgage loans.
• Analyzes data and assists in production of scheduled quality control reports and effectively communicates autonomously and concisely with the Mortgage Operations/Compliance Manager regarding the testing results and strength of controls.
• Identifies areas that require targeted reviews, recommends further testing to the Mortgage Operations/Compliance Manager and performs targeted reviews in accordance with the Quality Control Policy. Understands and comprehends Loan Origination policies, processes and technologies to effectively identify testing population and sample requirements.
• Attends regular meetings with peers and manager to review findings, discusses and agrees on procedures and arrives at mutually agreed upon recommendations that will result in best practices within the production area.
• Pursues opportunities for professional growth and knowledge through training, education and self-study.

Other Responsibilities:

• Performs job duties in accordance with policies established by the Board of Directors under the rules and regulations set by the National Credit Union Administration, the State of Florida and any applicable State laws for financial centers located in other States.
• Complies with Reg E, BSA, OFAC and CIP requirements such as reporting suspicious or unusual activity to manager.
• Fully supports in actions and words First Commerce's Vision, Mission, Core Values and Service Standards.
• Performs other duties as assigned.

REQUIREMENTS:

• This position combines knowledge of and experience with federal banking laws/regulations and mortgage investor requirements (including but not limited to HUD, FNMA, FHLMC, VA, FHLB, and USDA).
• Demonstrates specific knowledge of documents required of Conventional, FHA, VA, and USDA mortgage loan programs.
• Applies review of underwriting guidelines including conventional, FHA, VA and USDA when completing files for secondary market sales.
• General knowledge of financial institution operations, procedures, policies and products.
• Operates Windows based computer and other office equipment with an Intermediate level of skill and knowledge.
• Prior experience with ENCOMPASS and mortgage processing software preferred.
• Successful at providing consistent, courteous and remarkable member service.

EDUCATION AND EXPERIENCE:

• Minimum of a high school diploma, GED or equivalent certification; 2 years of college-level courses in finance, accounting or business and/or CUNA courses on lending, including mortgage lending or equivalent AIB courses preferred.
• Practical experience in conventional mortgage underwriting and/or quality assurance required.
• Minimum of 2+ years' prior experience in processing and/or preparing closing documents for residential real estate loans. Experience with construction lending, Fannie Mae, Freddie Mac, USDA, FHA or VA loans preferred.