Prefunding Quality Assurance Underwriter

Overview

PREFUNDING QUALITY ASSURANCE UNDERWRITER

This role reports directly to the Prefunding Quality Assurance Manager and focuses on performing thorough PFQA underwriting to ensure loan quality, detect defects early, and maintain compliance with Fannie Mae's Selling Guide (Part D, Subpart D1: Lender Prefunding Quality Control) and best practices from Fannie Mae's Beyond the Guide publications. The position involves collaboration with QA team members, origination, underwriting, and compliance staff to mitigate risks such as fraud, errors, and ineligibility before loan closing.

• Conduct full prefunding QA underwriting reviews on selected loans post-conditional approval but pre-closing, including analysis of credit, capacity, collateral, compliance, and legal documents to verify accuracy, completeness, and eligibility per Fannie Mae Selling Guide D1-2-01 and D1-2-02 requirements.
• Perform reverifications of borrower data (e.g., employment via verbal verification, income, assets, occupancy, sources of funds) using independent third-party sources to identify material misrepresentations, fraud, or risks, in line with Fannie Mae guidelines for early detection.
• Review appraisals and collateral using Fannie Mae tools like Collateral Underwriter (CU) and Form 1033 to assess property valuation risks and integrate findings into defect evaluations.
• Identify and classify defects according to the organization's defect taxonomy and severity levels, documenting findings with clear evidence and recommendations for immediate corrective actions before funding.
• Participate in the QA cycle, including initial reviews, management rebuttals, and final determinations, ensuring timely completion to allow for pre-closing resolutions as recommended by Fannie Mae.
• Analyze loans from various channels, including third-party originations (TPOs), with targeted focus on high-risk attributes (e.g., complex income, high LTV/DTI ratios, low credit scores, or fraud indicators).
• Utilize QA tools such as Fannie Mae's Loan Quality Connect (LQC), Desktop Underwriter (DU) for underwriting validation, Quality Insider for defect insights, and Ask Poli for policy research, alongside vendor tools like ACES Quality Management or Loan Logics for automated reviews and analytics.
• Contribute to root cause analysis for identified defects, supporting the development of corrective action plans and process improvements.
• Maintain accurate documentation of all reviews, findings, and reverifications, ensuring records are retained for at least three years and available for Fannie Mae or regulatory audits.
• Collaborate with the QA Manager and team to track defect trends, report findings, and promote a culture of quality through calibration sessions and training.

• Bachelor's degree in Finance, Business Administration, or a related field preferred; relevant certifications (e.g., DE Underwriter certification) a plus
• 5-7 years of experience in mortgage underwriting or quality assurance, with a focus on prefunding reviews

• Strong knowledge of Fannie Mae's Selling Guide (Part
  
  D) and Beyond the Guide, including prefunding QA review processes, sampling, reverifications, defect classification, and reporting.
• Expertise in mortgage loan origination guidelines, regulatory compliance (e.g., federal lending laws, anti-fraud measures), and risk assessment.
• Proficiency in QA and underwriting tools, including Fannie Mae's Loan Quality Connect (LQC), Collateral Underwriter (CU), Desktop Underwriter (DU), Quality Insider, and Ask Poli; experience with vendor tools such as ACES Quality Management, Loan Logics, or equivalent.
• Excellent analytical and problem-solving skills, with attention to detail for identifying defects and trends.
• Effective communication skills for documenting findings and collaborating with teams.
• Ability to work in a fast-paced environment while maintaining accuracy and meeting deadlines.

Compensation

Starting base salary: $87,027 - $138,965 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.