Analyze documents and information and make decisions for common interest developments such as condominiums, co-operatives and leasehold estates to assure the project and related documents meet BAC policy and secondary market investor requirements. May also perform workflow coordination, initial file set up/system maintenance and other related support work. Will work with internal sales, fulfillment and other credit risk associates to gather necessary information: may, communicate with external agents of the development or property management companies. Will also update a shared data base with project analysis results and post project status. Refers more complex or out of policy issues to senior specialists and/or managers for final determination.
Job Description and Responsibilities/Additional Information
The Condo/Co-op Specialist will work within the Project Review Office (PRO) within Bank of America Home Loans. The candidate will be responsible for completing detailed reviews of Condominium and Cooperative project documentation received from the Retail, and Private Banking channels which includes, but is not limited to - Appraisals, Budgets and Financial Statements/1120s, By-Laws, Covenants, Conditions & Restrictions (CC&Rs), Insurance Declarations, Leasehold Agreements, Offering Plans (& Amendments) and Project Questionnaires. Accurate analysis and data entry of key project information in the Condo/Co-op Project databases is required. Training is provided and goals for success are established for full transparency.
The Condo/Co-op Specialist will consult with internal and external business partners to assist in determining if a project or individual loan requests meet eligible Condo/Co-op classifications and product specifications. The Condo/co-op Specialist will contact Condo/Co-op Management companies, Developers, Sponsors, and Condo/Co-op Boards to obtain additional information, as required. In addition, you will communicate project status (approval, suspense, denial) to appropriate individuals and uphold fair lending practices of Bank of America, while meeting targets for productivity, quality and customer satisfaction.
Validated experience or in lieu of experience, a recent college degree to demonstrate abilities in the following areas;
Background in Real Estate, Finance/Banking, Legal/Paralegal, Insurance or Research Analyst
Follow an end to end process to meet critical deadlines
Use judgment within customer satisfaction and risk mitigation framework
Ability to work with critical deadlines and turn-time expectations
Attention to detail
Computer/data entry proficiency
Excellent written and verbal communication/interpersonal skills.
Must have excellent teamwork/success orientation and the ability to work independently in a fast moving environment.
Ability to communicate well in difficult situations
Ability to adapt and learn in an environment of changing processes, guidelines and systems
Knowledge of Bank of America mortgage policies
Condo/co-op project review or related experience
Processing or underwriting Condo or Co-op loan transactions
Analyzing Corporate tax returns and/or Financial Statements
Familiarity with Fannie Mae and Freddie Mac credit policy
Experience in the mortgage lending business
College degree in related fields such as; Real Estate, Finance/Banking, Legal/Paralegal, Insurance
Helpful additions; certifications or licenses in Real Estate or Real Estate Appraisals
1st shift (United States of America)
Hours Per Week: