Senior Mortgage Specialist
PenFed is hiring a Senior Mortgage Specialist in Alexandria, Virginia. The primary purpose of this job is to act as a liason between PenFed and the Correspondent Lenders to ensure cohesive business flow of residential loan files..
Essential Functions Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
Acts as the liaison and account manager with Correspondent Lender; required to hold weekly meetings with assigned lenders to discuss pipeline, status updates, rush requests, and policy or guideline changes.
- Maintains high communication standards with correspondent lenders. Initiates and maintains contact with Correspondent Lenders throughout the processing period to ensure that all related parties are kept informed of loan status, conveying the appropriate level of urgency and professionalism to ensure that all expectations are exceeded.
- Originates, processes and pre-underwrites purchase and refinance mortgage transactions for residential mortgages. 80% of pipeline will consists of Jumbo and Super Jumbo, purchase transactions.
- Monitors loans in process to determine any deviation from standard processing time and to take appropriate actions including notifying the manager of alternative paths to approval to ensure Correspondent Lenders receive timely service.
- Responsible for pipeline management and ensuring that all conditions are met. Identify any issues which may impact ability to meet previously established conditions in a timely manner.
- Performs final reviews of the completed application packages and prepares the file for approval of loan purchase, specifying any applicable conditions to the approval and/or those instances in which approval is outside specified approval limits. Reviews desktop underwriter and satisfies conditions required by the automated loan orgination system, excercising discretion and judgement in the final decision making process for mortgages. Submits loan packages to PenFed underwriters for loan validation. Follows up on remaining conditions to meet closing deadlines. Satisfies desktop underwriting conditions and ensures documentation meets secondary market requirements, if appropriate. Ensures compliance with all PenFed policies and procedures as well as all regulatory requirements. Updates system and completes required paperwork for compliance. Applies working knowledge of secondary market requirements during origination, processing and underwriting mortgage transactions to ensure loans are eligible for sale, if applicable. Responsible for due diligence follow up of post purchase conditions, as well as QC and Credit Risk review conditions after loan is purchased.
- Requires a Baccalaureate degree or combination of education and experience that provides the necessary skills and knowledge to satisfactorily perform the essential job functions.
- Minimum 2 years work experience in residential mortgage lending required. Preferably in mortgage processing.
- Excellent analytical and math skills required.
- Excellent verbal and written communication skills required.
- This position will not supervise employees.
There are no additional certifications required.
Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 1.6 million members and over $23 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, Okinawa, and Portugal. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 703-838-1568.