The Assumption Processor is responsible for evaluating initial assumption applications for eligibility based on investor guidelines, including VA, FHA, Fannie Mae, Freddie Mac and private investors. The processor works primarily with borrowers and applicants to receive and review loan applications, send/receive disclosures, pull credit, calculate debt-to-income ratios, obtain conditions, and submits complete packages to underwriting for a credit-qualifying review.
Responsibilities:
Responsible for Customer, Client, Third Party Interaction, including phone, email, and paper communication
Performs reviews and processing with comprehensive understanding of agency and other investor guidelines, all mortgage legal documents and compliance issues
Reviews assumption requests for eligibility based on client and investor guidelines
Prepares and sends new assumption applications to eligible parties
Serves as point of contact for all assumption questions; walks borrower/applicant through assumption process and set expectations around processing, underwriting and closing timelines
Reviews incoming applications to determine completeness; works with borrowers/applicants to obtain missing documentation, such as bank statements, pay stubs, processing fees, property tax bills, etc.
Ensures NMLS certification is completed annually to maintain active LO status
Prepares various TRID disclosures, including Loan Estimates, at the onset of the assumption process to ensure compliance with investor and regulatory requirements
Submits complete applications to underwriting
Works with applicant to obtain any conditions as determined by the underwriter
Maintains knowledge of investor assumption guidelines; i.e. - required credit score, DTI, ratios
Provides direct contact for applicant, borrower and client status inquiries
Pulls credit reports, property reports and verification of employment for review, as needed
Monitors changes in investor guidelines and update policies and procedures accordingly.
Assists in creating policies and procedures for Special Products management
Identifies opportunities for process improvement, and works with Special Products management to implement.
Assists with other projects as assigned by Special Products Management
Provide training for incoming processors
Appropriately assess risk when business decisions are made, include but not limited to compliance and operational risk. Demonstrate consideration for Cenlar's reputation as well as our clients, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.
Qualifications:
Bachelor's degree or equivalent experience
5+ years of prior processing or origination experience
Strong compliance background
Self-motivated - directed/work independently
Superior leadership skills and the ability to work with management peers on common goals
Working knowledge of all GSE guidelines (FHA, VA, Fannie Mae and Freddie Mac)
