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Underwriter, Loss Mitigation
PennyMac
Moorpark, CA, United States
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Job Description
Candidate performs multiple tasks related to mitigating losses related to fraud and repurchase claims. Position requires the candidate to communicate directly with investors and correspondent clients to obtain information to investigate and respond to repurchase claims. Candidate also performs investigative work on loans suspected of containing misrepresentation. Candidate will be required to develop reports on fraud investigations and draft rebuttals to repurchase claims.
• Repurchased Loans
◦ Utilizing company guidelines, research repurchase claims from investors to determine if the claim is valid and accurate
◦ Serve as the subject matter expert on external correspondence regarding the company’s position for repurchased loans
◦ Determine options and desired outcomes for repurchased loans based on facts and research findings
◦ Confer with management regarding the course of action on repurchased loans, then document decisions
◦ Develop procedures for a response strategy on repurchased loans
◦ Write rebuttal letters to Investors to refute cured and invalid claims
◦ Investigate cases of suspected fraud and draft reports on investigation results
• Fraud Investigation and Prevention
◦ Support management in development and maintenance of a fraud program including establishing procedural documentation
◦ Assist the unit manager in enhancing, developing and implementing fraud prevention tools and fraud mitigation resources; ensuring they are current with industry standards
◦ Maintain tracking system with claim/fraud information and loan data, and maintain up-to-date loan review status
◦ Process all reported fraud investigations in accordance with established procedures and to a satisfactory closure
• Non-Investment Quality Report
◦ Assist the unit manager in the administration of the Watch List Program including but not limited to:
◦ Processing the Non-Investment Quality Report (NIQ Report)
◦ Reviewing loans on the NIQ Report and making recommendations regarding the accuracy of the finding
◦ Performing loan level reviews of clients on Watch List
◦ Providing feedback to Underwriting and Audit Management regarding identification of defects, compliance with procedures related to stipulations and communication with clients and internal staff regarding stipulations.
◦ Maintenance of the Department Watch List
• Perform other related duties as required and assigned
• Demonstrate behaviors which are aligned with the organization’s desired culture and values
Preferred Qualifications
• 4 Year college degree (Bachelor or equivalent)
• Above average verbal and written communication skills with a demonstrated ability to succinctly write a business case for appropriate actions on repurchased loans
• 5+ years underwriting Conventional, high balance, and government loans. VA experience is a plus.
• In depth knowledge of Fannie Mae, Freddie Mac and FHA guidelines
• Self starter that is able to recognize and prioritize work load per deadlines
• Requires the ability to make sound judgment decisions
• Ability to work independently and assume responsibility with limited supervision
• Excellent critical thinking, problem solving, mathematical and sound judgment skills with a good forensic sense
• Financial Services and, if possible, mortgage industry experience preferred
• Ability to manage multiple priorities simultaneously in a deadline-driven environment
• Experience in creating and reengineering business processes; create controls to capture every detail
• Experience in a mortgage lending quality control role is a plus