Key Bank Mortgage Business Analyst II (QA Underwriter)

Location:

For Those Who Work At Home - Various, Ohio 44144

ABOUT THE JOB (JOB BRIEF)

The role of Loan Audit/Repurchase specialist is to reevaluate the original credit decision and solution for deficiencies identified by KeyBank’s investors (Fannie Mae, Freddie Mac & HUD) during their post-purchase quality control (QC) reviews. The Loan Audit/Repurchase Specialist is an expert in mortgage underwriting across all investor eligible products and possesses advanced analytical and critical thinking skills.  In addition, the Loan Audit/Repurchase Specialist will be accountable for the pipeline of investor QC file requests ensuring submission quality and deadlines are met.  This role will work in partnership with Home Lending’s loan officers, underwriters, processors, closers, post closers and management to mitigate the financial risk associated with repurchasing loans.

ESSENTIAL JOB FUNCTIONS

• Conduct a thorough evaluation and analysis of the borrower’s creditworthiness to determine if the original credit decision aligned with Agency/Investor guidelines.
• Review the Uniform Residential Loan Application (Form 1003) and the Underwriting Transmittal Summary (Form 1008) to ensure accuracy and completeness.  Verify that all fields are completed accurately and match the information in the automated underwriting system (AUS).
• Review the credit report of borrowers to assess their credit history and liabilities.  Verify that all the liabilities reported on the application (Form 1003) are accurately reported on the credit report. Identify any derogatory marks and omissions have been addressed and documented. 
• Analyze and interpret financial information to accurately calculate the borrower’s income and cashflow in accordance with documentation and methodologies required by the Agencies/Investors and Consumer Financial Protection Bureau (CFPB) regulations.
• Reevaluate the appraisal to ensure the report is accurate, complete, the value supported and recognize when additional field reviews may be necessary to support value.
• Communicates effectively and engages with mortgage loan officers, processor underwriters, closers, and post-closers regarding loan decisions, clarity of loan conditions and investor guidelines/documentation requirements.
• Manage the process of delivering loan files to satisfy all Agency, mortgage insurance and investor QC file requests.
• Maintain and update as needed a database that tracks all Agency, mortgage insurance and investor QC file requests, repurchase demands, Ginnie Mae buyouts, self-reports and indemnifications.
• Manage the fair value measurement process for repurchases and track losses associated with repurchasing loans.  This includes ordering and tracking Desktop Appraisals required on repurchased loans and factors into the fair value measurement.  
• Manage the process of executing and/or rebutting Indemnification Agreements or Recourse Agreements when required by the investor which may include engaging Legal to review.  Ensure Indemnifications and Recourse Agreements are accurately identified in the Mortgage Servicing Platform (MSP) application to track KeyBank’s exposure.
• Provide Senior Leadership with reporting on volumes of QC requests, repurchase demands, indemnification requests, overall losses due to repurchases, causes of repurchases (fraud, documentation, credit, regulatory, compliance or other) and corrective actions taken to prevent future repurchases.
• Review and understand individual investor Purchase and Sale Agreement’s Representation and Warranties.
• Maintain and update as needed all Investor QC procedures and job aids.  Ensure each procedure and job aids are reviewed and approved by our Risk Partners.
• Maintain up-to-date knowledge of Agency and Investor underwriting guidelines.
• Maintain up-to-date knowledge of Federal and State regulations including but not limited to RESPA, TILA, HOEPA, MDIA, QM and ATR regulations.
• Provide accurate and timely HMDA Reporting data elements on repurchased loans.  Work with the HMDA Reporting Team on year-end reconciliation of HMDA reporting on repurchased loans.
• Manage all self-reporting requirements to investors and insurers for underwriting defects, fraud, AML/BSA non-compliance, OFAC matches, suspicious activities, and privacy/data breaches.
• Work with KeyBank’s internal Fraud Investigation team on potential and confirmed mortgage fraud cases.  Effectively communicate the details of the confirmed fraud cases to senior leadership by compiling documentation outlining the findings, evidence, and any impacts to KeyBank due to the fraudulent activity.
• Support and train Loan Delivery personnel in preparing full loan packages for whole loan delivery of KeyBank’s jumbo loans to private investors and assist in