What are the responsibilities and job description for the Loan Purchasing Specialist position at New Jersey Housing and Mortgage Finance Agency?
THE EXECUTIVE DIRECTOR OF THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY INVITES APPLICATIONS FROM QUALIFIED CANDIDATES FOR THE FOLLOWING:
Under the supervision of the Manager, Loan Purchasing Specialist will review files for purchase; ensure proper documentation are submitted and loans are in compliance with TRID/CFPB, FHA, FNMA, FHLMC, bond or other investor guidelines; work with lenders to clear outstanding items and rectify any problems so loans can be purchased; assist with the maintenance and review of post-closing pipeline in order to achieve timely authorization to purchase on mortgage loan files scheduled for Securitization. Assist with management input on new work processes and training of new staff; Perform related duties as required
- Review loan files for completeness and accuracy. Assist others with questions on files submitted for purchase and provide any assistance they may need to complete their assigned duties.
- Coordinate with Post Closing Review Vendor and Participating Lenders on resolution of outstanding issues in order to obtain purchase authorization.
- Coordinate with underwriters where necessary on clearing conditions for accompanying second lien files; resolve purchase conditions and complete purchase of second lien files in conjunction with first lien files where applicable.
- Complete required Loan Purchase documentation and update necessary systems and platforms to ensure all files reflect the same information.
- Complete daily/weekly purchase of loans and other projects within the Purchasing Unit.
- Generate correspondence required to obtain additional information for compliance; coordinate the return of rejected loans to Lenders and answer questions from Lenders and Vendors regarding pipeline and loan file status.
- Participate in vendor pipeline calls with Management to resolve issues and update pipeline conditions.
- Assist in the preparation of reports for Management and other staff as needed.
- Answer questions from lenders about loan packages as required.
- Perform related duties as required.
Education and Experience Requirements
Two (2) year degree; and five (5) years of business experience; or an equivalent combination of education and experience that meets the required knowledge, skills and abilities.
Physical Demands
Non physical
Working Conditions
General office environment. Some travel is required to attend meetings away from the office.
Certificates & Licenses Required
A valid driver's license in the state in which the person resides is required only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
- Knowledge of HMFA statutes and regulations.
- Knowledge of real estate documents.
- Knowledge of NJHMFA Single Family Participating Lender’s Guide and Seller’s Guide.
- Knowledge of Single Family Program parameters.
- Knowledge of Quality Control Procedures.
- Knowledge of Single Family program guidelines.
- Knowledge of RESPA/TILA disclosure requirements
- Ability to accurately enter and retrieve computer data
- Ability to perform math calculations related to real estate transactions
- Ability to organize and accomplish multiple assignments simultaneously
- Ability to communicate effectively both orally and in writing and to listen actively.
- Ability to establish and maintain effective working relationships with staff and general public.
- Ability to maintain positive work atmosphere in an appropriate manner of behavior which ensures cooperation and effective communication with customers, clients, peers and management.
HMFA provides a comprehensive benefit program which includes the following: health, dental and prescription drug plans; vision care; deferred compensation plans; Public Employees' Retirement System (PERS); personal, sick and vacation days; tuition reimbursement and paid holidays.
Residency in the State of New Jersey is required of all employees with an agency of the State in accordance with the New Jersey First Act, N.J.S.A. 52:14-7 (L. 2011, Chapter 70). Employees must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011 to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
The NJHMFA is an Equal Opportunity Employer in compliance with all Federal, State and Local Regulations. NJHMFA provides equal employment opportunity to both individuals with veteran status and individuals with disabilities.
Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
Salary : $50,079 - $70,473
