Mortgage Assumption Specialist
A Fortune 50 financial services company is seeking a highly motivated Mortgage Assumption Specialist for our client in the McLean, VA area.
Overview:
- Examine, evaluate, and process tasks associated with assumption and release-of-liability requests in accordance with federal/state laws, investor guidelines, and company policies/procedures.
- Serve as the point person from origination through completion, ensuring timely review and coordination across Real Estate Lending (REL) teams to minimize portfolio risk.
- Provide detailed information to members regarding assumption/release-of-liability requests and related mortgage/equity servicing questions.
- Manage workflow to meet SLAs and maintain strong quality standards.
- Work under moderate supervision while performing routine tasks requiring moderate analysis.
Responsibilities:
- Research, respond to, and track moderately complex assumption/release-of-liability inquiries.
- Identify risk exposures and mitigate financial loss by conducting internal/external inquiries and performing preliminary document reviews.
- Obtain, review, and verify mortgage application documentation (title insurance, loan application, credit reports, income/asset documentation) for accuracy and timely submission to underwriting per company and investor guidelines.
- Communicate extensively with members, settlement attorneys, surveyors, title companies, survivors of deceased borrowers, and attorneys regarding documentation requirements and expectations as loans progress through multiple origination systems.
- Validate Successor in Interest status per CFPB regulations by reviewing documents and notes in the servicing system of record.
- Coordinate settlement dates with members, attorneys, and realtors.
- Reconcile changes, revisions, and corrections with closing agents and settlement attorneys to ensure accurate and efficient mortgage loan processing.
- Analyze, research, and resolve discrepancies or issues related to member accounts/loans; may require follow-up with members, internal staff, or external contacts.
- Perform other related duties as assigned.
Qualifications:
- Working knowledge of CFPB servicing rules, NCUA requirements, and company policies/procedures.
- Working knowledge of regulations and investor guidelines to provide options to Successors (e.g., assume the loan or refer to Mortgage Default).
- Ability to display tact, patience, sensitivity, and maintain confidentiality.
- Experience managing multiple priorities independently or within a team environment.
- Must register with the Nationwide Mortgage Licensing System and Registry (NMLS), including fingerprinting and background checks, prior to performing job duties.
- Skill in interpreting and communicating complex written legal documents.
- Basic ability to interpret/apply guidelines, procedures, and regulations.
- Basic decision-making skills with sound judgment.
- Effective organizational, planning, and time management skills.
- Basic research, analytical, and problem-solving skills.
- Proficient word-processing and spreadsheet skills.
- Basic verbal and written communication skills.
Desired:
- Associate degree in Business Administration, Finance, or related field.
- Working knowledge of credit union operations/processes.
- Working knowledge of NCUA regulations related to the business unit.
- Working knowledge of products, services, processes, and systems within the business unit.
