Correspondent Purchaser

Summary

Assist in managing correspondent client (“Seller”) relationships, analyze and compile data related to seller loan purchasing transactions with Acra Lending. The Purchaser will be responsible for purchasing closed loans in a timely manner in accordance with company and investor requirements. Perform all duties in accordance with the company’s policies and procedures, all U.S. state and federal laws and regulations, wherein the company operates.

• Consistently complete/audit files review conditions and verify loan closing package for accuracy and completeness according to our requirements. This includes loan documents, such as TRID, signatures, forms, specific dates, timing, etc.
• Receive and review any outstanding purchasing conditions prior to purchase.
• Complete a closed loan review to ensure documents were executed correctly.
• Ensure all prior to purchase conditions have been met and set file up for purchasing.
• Ensure all required documentation for Collateral Package is satisfactory prior to purchase.
• Work with appropriate parties to clear any outstanding conditions prior to loan purchase.
• Facilitate and task internal QC for closing loan compliance review.
• Review signed loan documents for compliance with federal, state, and local law and company policies and procedures.
• Review and approve CD settlement statement from closing agent.
• Verify and prepare wire transfer instructions.
• Verify loan amount, all fees, rates, discount points, broker rebates and other loan amounts.
• Review signed loan documents for correct signatures, notary information, title reports and escrow instructions.
• Prepare and retrieve approved purchase advice for Correspondent sellers.
• Input loan information into the loan system(s).
• Follow up with any post-closing issues that may arise.
• Maintain a thorough working knowledge of Company and regulatory changes that affect the closing process.
• Resolve loan purchase discrepancies with the Accounting Department and Shipping Department.
• Assist departmental sales partners, support staff and management when necessary.
• Perform other related duties as assigned.

• Knowledge of mortgage industry and loan documents.
• Knowledge of RESPA, TILA, MDIA requirements.
• Must demonstrate thorough knowledge of all aspects of mortgage loan closing.
• Knowledge of underwriting procedures, creditor financial analysis techniques, investor requirements and escrow/title practices, as well as regulatory compliance laws as they apply to mortgage transactions.
• Required to be on camera for all team and colleague interactions, and team and department meetings.
• Superior customer service skills, responsive to client issues and concerns in a timely and/or by established service level agreements (“SLAs”).
• Extremely high level of organizational skills and ability to work on several tasks simultaneously with sense of urgency.
• Strong mathematical, verbal & written communication skills.
• Strong computer skills (Microsoft Office suite; Word, Excel, Outlook, etc.) and use of office machines such as copiers, scanners, and fax machines.
• Ability to communicate effectively both verbally and in writing.
• Ability to organize and prioritize workload and meet deadlines.
• Must be a team player and work constructively with fellow employees, sales partners, and management team.

• High School graduate or equivalent.
• Three (3) to five (5) years purchasing closed Correspondent and/or Funding experience.
• Knowledge of TRID, RESPA, TILA and Compliance document review experience.
• Computer literate with experience using Microsoft Applications (Word, Excel) within mortgage industry standards.
• Ability to compile and analyze data.
• Experience working in a paperless environment.
• Knowledge of Doc Magic and other document vendors experience a plus.
• Document drawing experience a plus.

Ability to read and comprehend simple instructions, short correspondence, and memos. Ability to write simple correspondence. Ability to effectively present information in one‑on‑one and small group situations to customers, clients, and other employees of the organization.

Ability to add, subtract,…