Key Bank Mortgage Business Analyst II (QA Underwriter)

Location:

The role of Loan Audit/Repurchase specialist is to reevaluate the original credit decision and solution for deficiencies identified by KeyBank’s investors (Fannie Mae, Freddie Mac & HUD) during their post-purchase quality control (QC) reviews. The Loan Audit/Repurchase Specialist is an expert in mortgage underwriting across all investor eligible products and possesses advanced analytical and critical thinking skills.  In addition, the Loan Audit/Repurchase Specialist will be accountable for the pipeline of investor QC file requests ensuring submission quality and deadlines are met.  This role will work in partnership with Home Lending’s loan officers, underwriters, processors, closers, post closers and management to mitigate the financial risk associated with repurchasing loans.

• Conduct a thorough evaluation and analysis of the borrower’s creditworthiness to determine if the original credit decision aligned with Agency/Investor guidelines.
• Review the Uniform Residential Loan Application (Form 1003) and the Underwriting Transmittal Summary (Form 1008) to ensure accuracy and completeness.  Verify that all fields are completed accurately and match the information in the automated underwriting system (AUS).
• Review the credit report of borrowers to assess their credit history and liabilities.  Verify that all the liabilities reported on the application (Form 1003) are accurately reported on the credit report. Identify any derogatory marks and omissions have been addressed and documented. 
• Analyze and interpret financial information to accurately calculate the borrower’s income and cashflow in accordance with documentation and methodologies required by the Agencies/Investors and Consumer Financial Protection Bureau (CFPB) regulations.
• Reevaluate the appraisal to ensure the report is accurate, complete, the value supported and recognize when additional field reviews may be necessary to support value.
• Communicates effectively and engages with mortgage loan officers, processor underwriters, closers, and post-closers regarding loan decisions, clarity of loan conditions and investor guidelines/documentation requirements.
• Manage the process of delivering loan files to satisfy all Agency, mortgage insurance and investor QC file requests.
• Maintain and update as needed a database that tracks all Agency, mortgage insurance and investor QC file requests, repurchase demands, Ginnie Mae buyouts, self-reports and indemnifications.
• Manage the fair value measurement process for repurchases and track losses associated with repurchasing loans.  This includes ordering and tracking Desktop Appraisals required on repurchased loans and factors into the fair value measurement.  
• Manage the process of executing and/or rebutting Indemnification Agreements or Recourse Agreements when required by the investor which may include engaging Legal to review.  Ensure Indemnifications and Recourse Agreements are accurately identified in the Mortgage Servicing Platform (MSP) application to track KeyBank’s exposure.
• Provide Senior Leadership with reporting on volumes of QC requests, repurchase demands, indemnification requests, overall losses due to repurchases, causes of repurchases (fraud, documentation, credit, regulatory, compliance or other) and corrective actions taken to prevent future repurchases.
• Review and understand individual investor Purchase and Sale Agreement’s Representation and Warranties.
• Maintain and update as needed all Investor QC procedures and job aids.  Ensure each procedure and job aids are reviewed and approved by our Risk Partners.
• Maintain up-to-date knowledge of Agency and Investor underwriting guidelines.
• Maintain up-to-date knowledge of Federal and State regulations including but not limited to RESPA, TILA, HOEPA, MDIA, QM and ATR regulations.
• Provide accurate and timely HMDA Reporting data elements on repurchased loans.  Work with the HMDA Reporting Team on year-end reconciliation of HMDA reporting on repurchased loans.
• Manage all self-reporting requirements to investors and insurers for underwriting defects, fraud, AML/BSA non-compliance, OFAC matches, suspicious activities, and privacy/data breaches.
• Work with KeyBank’s internal Fraud Investigation team on potential and confirmed mortgage fraud cases.  Effectively communicate the details of the confirmed fraud cases to senior leadership by compiling documentation outlining the findings, evidence, and any impacts to KeyBank due to the fraudulent activity.
• Support and train Loan Delivery personnel in preparing full loan packages for whole loan delivery of KeyBank’s jumbo loans to private investors and assist in resolving outstanding conditions cited by the investor.
• Collaborate with the Quality Control Team to identify and communicate defect trends to the Underwriting Teams for root cause analysis and remediation planning. 
• Prepare and present the materials for the quarterly repurchase reserve meetings with Home Lending’s senior leadership, Finance and Credit Risk.  Accurately calculate the unpaid principal balance at risk, historical repurchase rate and loss severities.  Lead a discussion on the qualitative factors such as economic conditions (e.g. Home Price Index and unemployment rates), portfolio concentration, and portfolio trends.  Encourage dialogue among participants to identify areas of concerns or improvement that will ultimately drive the level of repurchase reserve we carry. 
• When needed, work with a cross functional team on bulk portfolio sales.  Which includes leading a team to work with the due diligence firm(s) to provide comprehensive credit decision documentation, identify and address exceptions or discrepancies promptly to ensure timely resolution.

• Bachelor’s Degree or equivalent work experience
• 2-3 years residential mortgage underwriting experience
• In depth knowledge of FNMA, FHLMC, GNMA, FHA, VA, USDA and private investor products and guidelines
• Proven knowledge of compliance and disclosure requirements
• Proven knowledge of closing, post-closing and quality control responsibilities
• Proven knowledge of Mortgage Insurance guidelines
• Strong analytical skills: accuracy, consistency and completeness are critical
• Must have proficient written and verbal communication skills to effectively communicate across all levels of the Home Lending organization
• Strong organizational skills are required to perform multiple tasks simultaneously to meet deadlines in a high-volume environment
• Strong computer skills; proficient in Microsoft Word, Excel and Access
• Working knowledge of Empower LOS a plus

COMPENSATION AND BENEFITS

This position is eligible to earn a base salary in the range of $65,000.00 to $78,000.00 annually depending on location and job-related factors such as level of experience. Compensation for this role also includes eligibility for short-term incentive compensation and deferred incentive compensation subject to individual and company performance.

Please click here for a list of benefits for which this position is eligible.

Key has implemented a role-based Mobile by Design approach to our employee workspaces, dedicating space to those whose roles require specific workspaces, while providing flexible options for roles which are less dependent on assigned workspaces and can be performed effectively in a mobile environment. As a result, this role may be Mobile or Home-based, which means you may work primarily either at a home office or in a Key facility to perform your job duties.

KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to building a diverse, equitable and inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or other protected category.

Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.

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