Key Bank Mortgage Business Analyst II (QA Underwriter)
About the position
The Loan Audit/Repurchase Specialist is responsible for reevaluating original credit decisions and addressing deficiencies identified by KeyBank's investors during post-purchase quality control reviews. This role requires expertise in mortgage underwriting and advanced analytical skills to ensure compliance with investor guidelines and mitigate financial risks associated with loan repurchases. The specialist collaborates with various stakeholders within Home Lending to manage the pipeline of investor QC file requests and ensure submission quality and deadlines are met.
Responsibilities
Conduct a thorough evaluation and analysis of the borrower's creditworthiness to determine if the original credit decision aligned with Agency/Investor guidelines.
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Review the Uniform Residential Loan Application (Form 1003) and the Underwriting Transmittal Summary (Form 1008) for accuracy and completeness.
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Verify that all fields in the application match the information in the automated underwriting system (AUS).
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Review the credit report of borrowers to assess their credit history and liabilities, ensuring all liabilities are accurately reported.
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Analyze and interpret financial information to calculate the borrower's income and cashflow according to required documentation and methodologies.
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Reevaluate appraisals to ensure accuracy and completeness, recognizing when additional field reviews are necessary.
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Communicate effectively with mortgage loan officers, processors, underwriters, and closers regarding loan decisions and investor guidelines.
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Manage the process of delivering loan files to satisfy all Agency, mortgage insurance, and investor QC file requests.
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Maintain a database tracking all Agency, mortgage insurance, and investor QC file requests, repurchase demands, and indemnifications.
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Manage the fair value measurement process for repurchases and track associated losses.
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Execute and/or rebut Indemnification Agreements or Recourse Agreements as required by the investor.
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Provide Senior Leadership with reporting on volumes of QC requests, repurchase demands, and overall losses due to repurchases.
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Review and understand individual investor Purchase and Sale Agreement's Representation and Warranties.
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Maintain up-to-date knowledge of Agency and Investor underwriting guidelines and Federal and State regulations.
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Provide accurate and timely HMDA Reporting data elements on repurchased loans.
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Manage self-reporting requirements to investors and insurers for underwriting defects and fraud cases.
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Support and train Loan Delivery personnel in preparing loan packages for whole loan delivery.
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Collaborate with the Quality Control Team to identify and communicate defect trends to the Underwriting Teams.
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Prepare and present materials for quarterly repurchase reserve meetings with senior leadership.
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Work with a cross-functional team on bulk portfolio sales.
Requirements
Bachelor's Degree or equivalent work experience
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2-3 years residential mortgage underwriting experience
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In-depth knowledge of FNMA, FHLMC, GNMA, FHA, VA, USDA and private investor products and guidelines
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Proven knowledge of compliance and disclosure requirements
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Proven knowledge of closing, post-closing and quality control responsibilities
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Proven knowledge of Mortgage Insurance guidelines
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Strong analytical skills with a focus on accuracy, consistency, and completeness
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Proficient written and verbal communication skills
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Strong organizational skills to manage multiple tasks in a high-volume environment
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Strong computer skills; proficient in Microsoft Word, Excel, and Access
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Working knowledge of Empower LOS is a plus
Nice-to-haves
Benefits
Base salary range of $65,000.00 to $78,000.00 annually
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Eligibility for short-term incentive compensation
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Deferred incentive compensation based on performance
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Flexible work options, including mobile or home-based work environment
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