Correspondent Purchaser

Description:

We are seeking an experienced and detail-oriented Correspondent Purchaser to join our team within the growing non-QM (Non-Qualified Mortgage) market. As a Correspondent Purchaser, you will be responsible for purchasing loans from correspondent lenders, ensuring the loans meet investor guidelines and are aligned with the company's credit and underwriting standards. The ideal candidate will possess a strong understanding of non-QM loan products, be able to assess loan quality, and have experience working with correspondent relationships in a fast-paced, high-volume environment.

Responsibilities:

• Loan Purchase & Quality Assurance: Review and purchase non-QM loans from correspondent lenders, ensuring all loans meet internal and investor guidelines and are fully documented, complete, and accurate.
• Correspondent Relationship Management: Build and maintain strong relationships with correspondent lenders, providing them with guidance and support to ensure smooth loan purchase transactions.
• Due Diligence: Conduct thorough due diligence on all loans being purchased, ensuring compliance with regulatory requirements and internal policies. Identify and resolve any discrepancies or issues that may arise during the purchase process.
• Investor Guidelines Compliance: Stay updated on investor and company guidelines for non-QM loans and ensure that purchased loans meet all criteria. Ensure loans are structured properly and identify any credit or underwriting risks.
• Transaction Coordination: Work closely with internal teams (e.g., Underwriting, Operations, and Secondary Marketing) to facilitate the seamless purchase of loans, ensuring that all necessary documents are submitted promptly.
• Pipeline Management: Manage a pipeline of loans to ensure timely purchasing and closing. Meet or exceed performance goals for loan purchase volume, quality, and turnaround times.
• Pricing and Negotiation: Ensure loan pricing and terms align with market conditions and company policies. Negotiate terms and conditions with correspondent lenders when necessary to resolve issues or discrepancies.
• Reporting and Documentation: Maintain accurate records of all purchased loans and transactions. Provide regular reports to management on loan purchase activity, trends, and performance metrics.
• Problem Resolution: Address issues or challenges that arise with loans or correspondents, working to find solutions that align with both company standards and client expectations.
• Continuous Improvement: Contribute to process improvements within the correspondent purchase function, identifying areas for increased efficiency and risk mitigation.

Requirements:

• Experience: A minimum of 3-5 years of experience in correspondent lending, loan purchasing, or mortgage operations, with a focus on non-QM loan products.
• Knowledge of Non-QM Products: Strong understanding of non-QM loan products, guidelines, and underwriting criteria, including bank statement loans, DSCR loans, and other alternative lending solutions.
• Attention to Detail: Exceptional attention to detail and accuracy in reviewing loan files and documentation, ensuring compliance with investor and company guidelines.
• Analytical Skills: Strong ability to assess risk, identify issues, and make informed decisions based on the review of loan files.
• Communication Skills: Excellent verbal and written communication skills, with the ability to clearly explain requirements and resolve issues with correspondent lenders and internal teams.
• Problem-Solving Ability: Ability to resolve issues quickly and efficiently while maintaining strong relationships with correspondents and internal teams.
• Technical Proficiency: Familiarity with loan origination systems (LOS), mortgage software, and Microsoft Office Suite. Experience with Encompass, MLM, or similar platforms is a plus.