Loan Purchasing Specialist

Job Description

Job Description

GENERAL SUMMARY

The Loan Purchasing Specialist is responsible for reviewing mortgage loan files submitted by participating lenders to determine eligibility for purchase by Housing New Mexico |MFA. The loan purchasing specialist will conduct a comprehensive review of loan documents to ensure compliance with agency guidelines, investor requirements, program policies, and applicable federal and state regulations. The position requires sound judgement in approving, suspending, or declining loans for purchase; while maintaining production standards and delivering excellent customer service to internal and external partners.

ESSENTIAL DUTIES & RESPONSIBILITIES

The intent of this job description is to provide a representative summary of the major duties and responsibilities performed by incumbents of this job. Employees may be requested to perform job-related tasks other than those specifically presented in this description.

• Review mortgage loan files to determine eligibility for purchase by Housing New Mexico.
• Verify compliance with program guidelines, underwriting requirements, investor guidelines, and applicable federal and state regulations.
• Review underwriting findings and closing documents for completeness and accuracy.
• Ensure compliance with first-time homebuyer, income, purchase price, and program eligibility requirements, where applicable.
• Identify deficiencies, document findings, and communicate required corrections to participating lenders.
• Maintain accurate documentation of purchase decisions and support analysis.
• Create wire requests to accounting department for loan principal, interest and other costs to the participating lender for loans to be purchased.
• Monitor pipeline status to ensure timely loan purchases and meet established service-level standards.
• Interpret and apply Housing New Mexico policies, investor guidelines and regulatory requirements consistently,
• Participate in quality control initiatives and assist with internal and external audits.
• Recommend process improvements to enhance efficiency, compliance and customer service.
• Maintain confidentiality of borrower information in accordance with privacy laws.
• Identify and escalate denied files to upper management for a second review.
• Change status of loan to approved, suspended or denied.
• Pull daily report for loans available to purchase.
• Pull daily report for loans available to pool.
• Review and approve daily TBA Rate Lock Confirmations.
• Interact with accounting department to ensure payments are created, approved, and sent in a timely manner
• Employees are required to comply with safety regulations, procedures, and protocols.
• Ensure timely purchase decisions within agency service standards.
• Demonstrate sound judgment and consistency in purchase determinations.
• Provide responsive and professional service to participating lenders.
• Perform other various duties as assigned.

MINIMUM QUALIFICATIONS

Education and Experience

• Bachelor’s degree in Finance, Business Administration, Accounting, or a related field preferred. Seven years’ experience will be accepted in lieu of education
• Five years’ experience in mortgage underwriting, post-closing, quality control, loan purchase, origination, processing, or mortgage operations experience.
• Desk top underwriting or Loan Prospector experience is preferred.
• Knowledge of HFA’s and specifically Housing New Mexico programs preferred..
• Strong understanding of mortgage loan documentation, underwriting guidelines, and investor requirements.
• Knowledge of federal, state, and local housing programs is helpful.
• Underwriting experience is required.

Conditions of Employment

N/A

KNOWLEDGE, SKILLS, and ABILITIES

• The ability to analyze tax returns..
• Proficiency with Microsoft Office (Excel, Word, Outlook) and document management systems.
• Strong organizational skills and attention to detail are required.
• Excellent analytical and decision-making skills.
• Ability to manage multiple priorities while meeting production and quality expectations.
• Basic knowledge of mortgage underwriting processes and practices is preferred.
• Detail oriented
• Ability to troubleshoot and solve problems.
• Ability to keep accurate records and meet deadlines.
• Ability to work with Housing New Mexico staff and partners to provide support for the purchasing of loans..
• Ability to provide outstanding customer service
• Relate to and interact with a non-traditional and diverse customer and employee population.
• Excellent interpersonal skills (tactfulness, cooperation, courteousness, and customer friendliness).
• Excellent written communication skills with demonstrated ability to write clearly, concisely, and effectively, with attention to detail for visually appealing output.
• Ability to maintain confidentiality and handle sensitive information.
• Knowledge of basic accounting procedures.
• Ability to keyboard information efficiently and accurately, both computer and calculator.
• Ability to manage multiple priorities simultaneously
• Work independently
• Exercise good judgment and focus on detail as required by the job
• Operate standard office equipment, such as computer keyboards and monitors, copiers, scanners, and telephone
• Use (or learn to use) computer software and systems applicable to the position
• Follow oral and written instructions and procedures
• Collect, organize, and interpret data and prepare accurate records
• Meet schedules and deadlines of the work unit
• Maintain well-organized materials, files, systems, and tools
• Adapt to changes in work situations and priorities

CORE EXPECTATIONS

• Provide Exceptional Customer Service to internal and external customers 100% of the time.
• Demonstrate a positive attitude
• Demonstrate respectful behavior
• Foster teamwork and collaboration
• Exhibit honesty and integrity in communications and actions
• Take initiative
• Dependable, Reliable, Adaptable and Productive
• Strive to become the subject matter expert in your position

WORK ENVIRONMENT

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Work is performed in a standard office or indoor environment. Essential functions are regularly performed without exposure to adverse environmental conditions; however, employees may be exposed to minor inconveniences such as occasional noise, exposure to computer screens, crowded working conditions, and/or minor heating, cooling or ventilation problems.

Employees in the position may be exposed to rude/irate customers, or other individuals.

PHYSICAL DEMANDS

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Performing the essential functions typically requires exerting up to 10 pounds of force occasionally, and/or a negligible amount of force frequently. The work involves sitting most of the time.

The work typically involves talking, hearing, and seeing; keyboarding, typing and use of a computer monitor; moving and organizing papers and other light office materials; filing and retrieving documents; and similar sedentary office work.

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Housing New Mexico | MFA is an Equal Opportunity Employer.