Renovation Coordinator - REMOTE
- Job Reference: 269657855-2
- Date Posted: 24 April 2021
- Recruiter: Stearns Lending
- Location: Lewisville, Texas
- Salary: On Application
- Sector: Banking & Financial Services
- Job Type: Permanent
This role can sit anywhere in the US.
The Renovation Specialist's primary result of their position is to ensure the renovation side of the file is 100% compliant with all guidelines and the customer understands the process. They also assist the Mortgage Loan Originators, underwriters, and mortgage servicing departments. This position will be responsible for all renovation added activities and requirements. The Renovation Specialist will be involved from initial application - prior to disclosure, through completion of the renovation project. This will include assisting with renovation document completion and accuracy at application with the borrower and MLO. The Renovation Specialist will coordinate the HUD Consultant / inspectors, contractors, suppliers and appraiser to assure complete congruence of all figures, documents and agreements and are in full accordance with lender guidelines and local codes. After closing, the Renovation Specialist will manage all draw requests, inspections, change orders and close out of the renovation escrow fund once the project is complete.
By having a renovation specialist within the organization, the MLO's, appraisers, underwriters and any other interested party will have an expert to consult with regarding this program. The risk is better managed because one person is responsible for the renovation from application through the renovation process and close out of the renovation escrow fund. This person will know and understand every aspect of the renovation. It will be less likely for a borrower or contractor to commit any type of fraud when one person understands the cost structure and original intent of the entire project. The Renovation Specialist will also be responsible to resolve all disputes between the borrower and contractor through the Renovation Dispute Resolution procedure.
The renovation specialist is not a DE underwriter or conventional underwriter. This position does not require a Mortgage Loan Origination license. As a consequence, a Renovation Specialist is prohibited from taking loan applications, and discussing loan programs, rates and terms with customers.
Specific Job Duties:
1. Complete understanding of the entire organization's Renovation products, renovation process and the typical loan application through funding process.
2. Interview customer and loan officer to gain complete understanding of what the renovation needs are and determining which renovation program is best suited.
3. Ensure LOS is set up accurately and renovation disclosures are properly completed and signed.
4. Assist customer with the completion of the scope of work and contractor selection
5. Interview contractor and complete contractor validation and disclosures
6. Order appraisal and review appraisal when complete
7. Complete renovation document package and upload into system prior to underwrite
8. Assist with closing figures and preparation of the CD
9. Manages draw process and close out renovation account when renovation is complete.
10. Prepare and submit draw requests to accounting for payment
11. Cure renovation related post-closing conditions.
12. Create an experience worth bragging about with customers, MLOs, contractors and any other interested Third party service provider.
Measurable Results for Quality Bonus:
* Loan closed as scheduled, no delays caused by the renovation team
* Loan is sold with zero Renovation post-closing conditions
* MLO and processors do not feel additional burden caused by renovation team
* Can handle a pipeline of 30 files
Reports to: Renovation Manager