Qualification Specialist

Qualification Specialist

Salary Range: $70,000 - $80,000+

Location: Charlotte, NC, Houston TX, Chicago IL, Atlanta GA, Boston MA

Benefits: Excellent single/family health, vision and dental PPO, 70% employer contribution and 401(k)

NACA makes the dream of affordable homeownership a reality for many who have been subject to systemic racism and other factors. This includes access to NACA's Best Mortgage in America and a streamlined mortgage process. NACA works with Members (i.e., homebuyers) from the initial educational workshop, individual counseling, purchase process and mortgage process.

The Qualification Specialist provides quality control to ensure that submissions meet NACA's underwriting policies and criteria. NACA's underwriting criteria are character-based, which is significantly different from lenders' traditional underwriting guidelines. The Qualification Specialist must approve Members for NACA Qualification. The Qualification Specialist's review is based on NACA's comprehensive policies and procedures as outlined in NACA's policies (i.e., NACApedia). The Qualification Specialist makes approval decisions by determining whether the Member is ready for homeownership with an affordable mortgage payment after reviewing a complete document and information package. This position requires effective communication with NACA Counselors to help them understand how to achieve NACA Qualification.

The NACA Counselor must submit complete and well documented files and advocate for Members who are ready for homeownership. The Qualification Specialist reviews the NACA Counselor's file ensuring that NACA policies are being adhered to. The Qualification Specialist educates and provides instructions about the NACA polices for the NACA Counselor in completing compete and well documented qualification submissions. The comprehensive review may reject and/or require additional information or and/or documentation. Detailed narratives assist in the NACA Qualification review. Narratives are essential for documenting conversations with the NACA Counselor, detailing the steps the NACA Counselor and Members need to take to become NACA Qualified.

The Qualification Specialist is responsible for ensuring adherence to the NACA criteria, not to do the work the NACA Counselor should be doing. They are also a good resource for the NACA Counselor to answer questions. The vast majority of files submitted to the Qualification Specialist should be NACA Qualified without any conditions. The Qualification Specialist grades each file submitted for NACA Qualification for completeness and accuracy. The grading is to evaluate and provide constructive feedback to the NACA Counselor and to encourage more and better complete submissions. The scores may be used to reduce performance pay. If poor patterns and lack of improvement continue, it may be used for disciplinary action, and other uses as determined by NACA Management.

Responsibilities:

Each Qualification Specialist is responsible for reviewing 12+ files each day in completing the below.

• Review and underwrite files per the guidelines and requirements set forth in NACA's Policies and Procedures as documented in the NACApedia
• Comprehensive understanding of NACA's Best in America Mortgage; character-based underwriting and compensating factors; NACA eligibility requirements, including income and area limitations; and NACA's priority interest rate eligibility and priority area designations; NACA's homeownership programs including Purchase & Rehab Mortgage, HOT-PHA (Housing Choice Voucher and One-Dollar Purchase.
• Understanding and operationalizing of NACA's mission of fighting for economic justice and neighborhood stabilization, and how this mission informs qualification decisions.
• Review and decision at least ten files per day, ensuring efficient processing while maintaining quality standards.
• Decision files within two days of submission.
• Require a NACA Counselor to resubmit a file where necessary documents or information is not provided to make a qualification.
• Recommend reductions in NACA Counselor's file compensation based on incomplete files.
• Examine and verify the full document package and data entry to ensure accuracy and completeness in accordance with NACApedia guidelines.
• Manually calculate income and assess Members' readiness for homeownership with an affordable mortgage payment.
• Examine and verify documents and data to ensure accuracy and completeness.
• Calculate the Members' maximum affordable mortgage payment ("MAMP") including adherence to the limits of the housing and debt ratios.
• Review files under contract that are under the Maximum Affordable Mortgage Payment ("MAMP") and decide if the MAMP can be increased.
• Review and approve Payment Shock Savings Pattern requirement when Members qualify for a monthly mortgage payment higher than their current rent.
• Grade the submitted files providing an explanation if the category is not given full credit.
• Review the Member's payment history and explanations to determine if the Member is ready for homeownership based on payments they control, without consideration of credit score, consistent with NACA's character-based lending philosophy
• Provide clear guidance and detailed lists of conditions to the NACA Counselor for Members to be NACA Qualified.
• Accurately calculate Member's income using NACA's approved methodologies.
• Verify Member's liabilities (debt) and ensure all obligations are properly documented.
• Ensure Member eligibility requirements are met, including verification that Members do not have ownership interest in other properties, income and area limitations, and residency requirements.
• Verify Members compliance with NACA's owner-occupancy requirement and understanding of the $25,000 NACA Security Agreement and Neighborhood Stabilization Payment (NSP).
• Assess and approve interest rate buy-down options and principal reduction requests in accordance with NACA guidelines.
• Write comprehensive, detailed narratives documenting all file reviews, decisions, and communications with NACA Counselors in accordance with NACA documentation standards.
• Other responsibilities as determined by NACA management.

Time Demands:

The Qualification Specialist must be willing and able to meet the demands of the job that typically consists of 50+ hours per week. The typical working hours are 8:30 a.m. to 6:00 p.m. weekdays with additional time as NACA determines necessary on evenings, weekends, events and other activities with overtime as permitted and necessary. The compensation has been set to reflect this expectation.

Compensation:

The compensation is based on experience, skills, performance and certifications. The annual salary is between $60,000 and $70,000 with overtime and any bonus as stated below with total annual compensation between $65,000 to $80,000+. The candidate's performance evaluation and future compensation is largely based on meeting the job responsibilities, competencies and skills stated herein.

This is a non-exempt position, with eligibility for overtime pay for hours worked over 40 in a work week. The fixed weekly salary covers all hours worked each week even though the hours may vary from week to week. Overtime is computed based on the fluctuating work week ("FWW") method, subject to any local law requirements.

• Fixed Weekly Salary for All Hours Worked: The fixed salary is intended to compensate for all hours worked during the work week regardless of variations in the hours.
• Overtime: For all hours worked over 40 in a work week, payment will be additional overtime compensation. When overtime is owed, it will be computed by dividing the weekly salary by the number of hours worked that week, to determine the "Regular Rate" for the week. Additional overtime pay will then be calculated and paid by taking half of the your Regular Rate and applying it to all hours worked over 40 in the week.
• Accurate Timekeeping Required: You must accurately record and timely submit all hours worked each day and each workweek.
• No Guarantee of Hours: NACA does not guarantee any minimum or maximum number of hours. The fixed salary is compensation for the total hours worked each work week regardless of the number of hours.

Bonus

Management would determine any bonus based on the following.

• Qualification Underwriting effective underwriting according to NACApedia.
• Qualification Production meeting and exceeding number of qualifications reviewed.
• NACA Counselor Communication - timely and effective communication and education with NACA Counsels.
• Pipeline Management managing a large number of files.
• Other Criteria determined by management.

Core Competencies:

NACA seeks staff with a positive and open attitude, a strong work ethic and relentless commitment to success with attention to detail and ability to meet aggressive deadlines and ambitious goals. S/he is expected to have a high level of core competencies and skills as stated below and described in detail at

NACA - Neighborhood Assistance Corporation of America