What are the responsibilities and job description for the Mortgage Compliance Officer position at Maine State Housing Authority?
Primary Purpose of Position: The Mortgage Compliance Officer will work with MaineHousing lenders and partners to perform comprehensive loan purchase reviews to ensure loans comply with program regulatory requirements.
Education and Experience: Education and two years of experience in residential mortgage lending, underwriting or post-closing compliance, or a combination of six years of experience, training, and independent study preferred.
Core Functions:
- File Compliance Review (Home Mortgage Purchase Loans):
- Conduct pre-closing underwriting risk assessments by analyzing borrower debt ratios, credit history, loan-to-value and compensating factors.
- Perform residential mortgage compliance reviews for assigned lenders to ensure loans comply with agency policy, bond regulations, government (FHA, RD, VA) and private mortgage insurer requirements and credit quality standards.
- Identify areas of non-compliance and work with Lenders to resolve deficiencies.
- Identify and evaluate waiver requests.
- Monitor pipeline and work with partners to facilitate electronic loan delivery utilizing MaineHousing’s Lender Online Portal from reservation through clearing post-closing conditions.
- Review and discuss common areas of concern, repeated errors or issues with lender partners and internal MaineHousing’s staff
- Serve as technical resource to lenders, real estate professionals and potential home buyers.
- Monitor receipt of final documents for assigned lenders and work with partners to facilitate delivery.
- Independently research and navigate loan file issues and identify and communicate solutions or alternatives directly with assigned lenders.
- Conduct training for lenders, real estate professionals and non-profit agencies. Represent MaineHousing at outreach events.
- Other duties as assigned.
Working Conditions: Fast paced environment with multiple priorities, interruptions & deadlines. MaineHousing business hours are Monday – Friday from 8:00am to 5:00pm. Telework may be available.
Reports To: Homeownership Manager
Supervises: no one
The starting hourly rate for the position is $22.1716 ($46,117 annually), plus a comprehensive benefits package, including, but not limited to, health, dental and vision, retirement options with employer match, life insurance, short and long-term disability, employee assistance, generous earned time and all major federal holidays. Employment is eligible for the Public Service Loan Forgiveness Program.
**Position will remain open until a suitable candidate is found**
Requirements:Skills and Knowledge:
- Experience in residential mortgage loan industry
- Experience in interpreting government regulations and mortgage regulatory compliance and quality control.
- Proficient computer skills using a variety of software applications, document imaging and database management skills.
- Strong project management, time management, and organizational skills.
- Excellent written and oral communications skills.
- Experience preparing reports, memos, letters and agreements.
- Ability to establish and maintain good working relationships with business partners.
- Ability to take initiative, work independently, and utilize creative and analytical skills to resolve issues.
Salary : $46,117