Job description:
We’re growing our team and seeking a Correspondent Loan Purchaser who is responsible for evaluating, purchasing, and managing closed loans from correspondent lenders, ensuring compliance with company guidelines and investor requirements. This role will collaborate with internal teams to evaluate loan quality, resolve issues, and manage the loan purchase process.
Duties/Responsibilities:
- Review and purchase closed mortgage loans from approved correspondent lenders.
- Analyze loan files for compliance with investor guidelines, credit policy, and regulatory requirements.
- Identify and clear purchase conditions, exceptions, and defects.
- Coordinate with correspondents to resolve documentation or compliance issues.
- Ensure timely funding and purchase of loans in accordance with service-level agreements (SLAs).
- Monitor loan quality and flag trends or recurring issues with correspondent partners.
- Work closely with Underwriting, Secondary, and Account Executives.
- Maintain accurate records in loan purchase and tracking systems.
- Stay current on investor updates, agency guidelines, and regulatory changes.
- Maintain current knowledge of policies and procedures as they relate to documents and funding.
- Perform other duties as assigned by your supervisor.
· Report to Human Relations any change in personal circumstances that would have an effect on your employment and your ability to complete your job duties.
Qualifications:
· High School graduate or equivalent.
· 3 – 5 years of experience in mortgage operations, underwriting, correspondent lending, or loan purchasing.
· Strong knowledge of agency guidelines (Fannie Mae, Freddie Mac, FHA, VA).
· Understanding of mortgage compliance and regulatory requirements.
· High attention to detail and strong analytical skills
· Ability to manage multiple loans and deadlines simultaneously.
· Knowledge of IDS, DocMagic, and other document vendors' experience is a plus.
· Proficiency in Microsoft Office (Word, Excel, Outlook).
· Ability to compile and analyze data.
Preferred Qualifications:
- A college degree is preferred.
Job Type: Full-time
Work Location: In-Person, Cypress, CA 90630
Pay: $60,000.00 - $70,000.00 per year
Benefits:
- 401(k)
- Employee assistance program
- Flexible spending account
- Health insurance
- Life insurance
- Paid time off
- Vision insurance
Experience:
- mortgage operations, underwriting, or correspondent lending: 3 years (Preferred)
- loan purchasing: 3 years (Preferred)
Ability to Commute:
- Cypress, CA 90630 (Preferred)
Work Location: In person
