Correspondent Purchaser

About the role

Assist in managing correspondent client ("Seller") relationships, analyze and compile data related to seller loan purchasing transactions with Acra Lending. The Purchaser will be responsible for purchasing closed loans in a timely manner in accordance with company and investor requirements.

Responsibilities

• Consistently complete/audit files review conditions and verifies loan closing package for accuracy and completeness according to our requirements.
• Receive and review any outstanding purchasing conditions prior to purchase.
• Complete a closed loan review to ensure documents were executed correctly.
• Ensure all prior to purchase conditions have been met and set file up for purchasing.
• Ensure all required documentation for Collateral Package is satisfactory prior to purchase.
• Works with appropriate parties to clear any outstanding conditions prior to loan purchase.
• Facilitate and task internal QC for closing loan compliance review for following:
  • Reviews signed loan documents for compliance with federal, state, and local law and company policies and procedures.
  • Reviews and approves CD settlement statement from closing agent.
  • Verifies and prepares wire transfer instructions.
  • Verifies loan amount, all fees, rates, discount points, broker rebates and other loan amounts.
  • Reviews signed loan documents for correct signatures, notary information, title reports and escrow instructions.
  • Prepare and retrieve approved purchase advice for Correspondent sellers.
  • Inputs loan information into the loan system(s).
  • Follows up with any post-closing issues that may arise.
• Maintains a thorough working knowledge of Company and regulatory changes that effect the closing process.
• Resolves loan purchase discrepancies with the Accounting Department and Shipping Department
• Aids departmental sales partners, support staff and management when necessary.
• Performs other related duties as assigned.

Qualifications

• Knowledge of mortgage industry and loan documents.
• Knowledge of RESPA, TILA, MDIA requirements.
• Must demonstrate thorough knowledge of all aspects of mortgage loan closing.
• Knowledge of underwriting procedures, creditor financial analysis techniques, investor requirements and escrow/title practices, as well as regulatory compliance laws as they apply to mortgage transactions.
• Required to be on camera for all team and colleague interactions, and team and department meetings.
• Superior customer service skills, responsive to client issues and concerns in a timely and/or by established service level agreements (“SLAs”).
• Extremely high level of organizational skills and ability to work on several tasks simultaneously with sense of urgency.
• Strong mathematical, verbal & written communications skills
• Strong computer skills (i.e., use of the Microsoft Office suite; Word, Excel, Outlook, etc.)
• Ability to communicate effectively both verbally and in writing
• Ability to organize and prioritize workload and meet deadlines
• Ability to be a team player and work constructively with fellow employees, sales partners, and management team.

Benefits

• Medical, dental, vision, wellness programs, EAP counseling services, FSA & HSA
• Company sponsored life insurance for employee, voluntary life insurance for employee, spouse and child, AD&D Insurance
• Voluntary short-term and long-term disability, critical illness insurance, accident insurance
• Legal assistance, pet insurance, living will and trust preparation discounts
• Commuter program, annual walking challenge, employee appreciation events and monthly sales awards.