BMO Financial Group Mortgage, Repurchase Analyst in Naperville, Illinois
Under the direction of the Specialized Credit, Community Operations Leader, this role is responsible for review; research and decision of third party investor repurchase demands. This role is accountable to monitor investor/mortgage insurance loan file requests and ensure all necessary documentation is delivered in a timely manner, including any follow up responses, appeal, and/or rebuttals.
This role is also accountable for the review, research and analysis of all first mortgage partial release requests.
(80%) Operational Effectiveness
Receive and process monthly loan file request from third party investors and all BMO Harris approved mortgage insurance vendors.
Properly track and report to the Credit Risk Management Committee (CRMC)
Conduct detailed reviews of loan files that require a rebuttal as a result a repurchase request or a mortgage insurance rescission requests searching for information that allows a written appeal to be submitted to the investor or MI company
Prepare written rebuttal of repurchase request and mortgage insurance rescission requests
Coordinate and communicate with the Harris Servicing department in the event that a loan is required to be repurchased or if mortgage insurance has been rescinded
Receive, review, analyze and respond to partial collateral release requests for residential first mortgage loans serviced by BMO Harris
As needed, participate on special projects that would require knowledge of the Mortgage Operations Underwriting process
Escalates areas of concern to manager for further review and possible further escalation.
(20%) Risk Management
Acts in full compliance with all Bank policies, directives/procedures and external regulations to protect the Bank’s assets.
Identifies risks associated with mortgage loan files, escalating issues to Sr. Investor Quality Control Specialist.
Adheres to all Service Level Agreements and performance guidelines with Retail Lending and with third party Investors and Mortgage Insurance Companies.
Ensures all necessary documentation is completed for all transactions.
Handles all customer information with highest level of confidentiality and security.
Project a professional and consistent image by adhering to organization’s brand, corporate identity and standards at all times.
Other: Provide back-up support to Subordination Specialist role
Minimum of 5 years of residential mortgage underwriting or related experience
Undergraduate degree or equivalent work experience
Working knowledge of real estate lending products, regulatory compliance and secondary market guidelines (FNMA/FHLMC).
Working knowledge of BMO Harris and industry product offerings
The position requires a working knowledge of consumer credit transactions with regard to underwriting, loan structure, documentation, and origination channel.
Understanding of Residential Real Estate Mortgage appraisal requirements.
Knowledge of residential first mortgage loan documentation requirements
Working knowledge of compliance requirements of residential first mortgage loans.
Ability to work independently using the knowledge set to review, research, analyze and respond to all third party investor repurchase requests.
Excellent judgment, logic and reasoning
Computer literate and strong familiarity with credit financial analysis techniques/tools
Working retail lending underwriting skills
Excellent verbal/written communication skills
Solid problem solving skills
Proven planning and organizing skills and ability to manage multiple priorities
Ability to work effectively across multiple lines of business
This position requires Credit Qualification. The incumbent must possess a Working level of Credit knowledge and skills and a Working level of Portfolio Management knowledge and skills according to the standards established within the Credit Qualification Process Policies & Procedures.
At BMO Harris Bank, we have been helping our customers and communities for over 130 years. Working with us means being part of a team of talented, passionate individuals with a shared focus on working together to deliver great customer experiences. We stand behind your success with the support you need to turn your potential into performance.
To find out more visit our website at www.bmoharris.com/careers .
BMO Harris Bank is committed to an inclusive, equitable and accessible workplace. We are an Equal Opportunity Employer. By embracing diversity, we gain strength through our people and our perspectives. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.
Retail Lending & Mortgages