Purchasing - Procurement
4 Year Degree
At least 5 year(s)
Supervises the Correspondent Purchase Review Audit department include supervising a team of Purchase Review Auditors who review, analyze and evaluate documentation received from Correspondent customers for purchase and ensures document accuracy, compliance and credit quality of residential mortgage loans (conventional conforming, conventional high balance, FHA, VA and Jumbo). Supervisor will ensure the accurate and timely audit of residential mortgage loans. Continually identifies and facilitates implementation of improved polices, procedures, tools and systems changes to reduce audit cycle time, ensure zero errors/defects in auditing loans and deliver excellent customer service to external clients as well as internal departments.
Purchase Audit Management
- Defines policies and procedures for funders so that they can cost-effectively assess the quality of the loan files using pre-determined funding and collateral
- Monitors adherence to defined policies and procedures and implements any corrective actions to ensure ongoing adherence.
- Interacts with external clients and document custodian to ensure timely delivery and review of the collateral documents so as to ascertain proper and timely transfer of collateral from Sellers to PennyMac.
- Acts as Correspondent Channel’s Liaison with company’s servicing department in order to stay on top of their documents and data requirements so that purchased loans can be readily serviced by the servicing department.
- Manage the policies, procedures and process to ensure smooth hand-off of outstanding document issues to the Post Closing department so that the Post-Closing department can efficiently manage the collection of the outstanding documents from company’s external clients.
- Continually provides outstanding customer service, monitors… surveys customers.
- Interacts with PennyMac’s compliance department to keep abreast with various Federal, State and local laws and defines procedures to review loan files to manage compliance with all relevant rules and regulations
- Interacts with PennyMac’s Treasury department and Seller’s Warehouse Lender(s) to ensure that funds are wired to the authorized bank accounts.
- Co-ordinates with the Treasury department to ensure timely availability of cash to enable timely purchase of loans.
- Co-ordinates with accounting to deliver data necessary for accurate accounting of purchased loans.
- Co-ordinates Post-Funding adjustment function with Treasury, Accounting and Servicing for accurate recordation of post-funding adjustments.
Secondary Marketing Liaison
- Ensures that all loans are purchased in accordance with PennyMac’s rate lock and commitment policies.
- Actively manages the funding pipeline to shorten the funding/purchase cycle time and thus to maximize company’s interest spread income.
- Manages the completeness of the data and documents for shipping department in order to enable faster turnover of mortgage loans.
- Recruits, hires, retains and motivates subordinate supervisors and staff.
- Manages team and time effectively to manage the ebb and flow of the monthly funding cycle.
- Complete special assignments necessary to support business strategy.
- Demonstrate behaviors which are aligned with the organization’s desired culture and values.
Bachelor’s degree or higher in Business Administration, Finance or related field
Minimum of 5 years of mortgage funding experience
Contemporary knowledge of mortgage industry and operational practices
Functional understanding of applicable Federal, state and local lending regulations.
Demonstrates expertise in a variety of the field's concepts, practices & procedures.
Relies on experience & judgment to plan and accomplish goals.
Knowledge of basic computer software programs, including Internet, Windows and Microsoft Office Suite.
Communication – Excellent communication skills with the ability to interact with all levels of external clients and internal leadership and think in a strategic manner. Speaks and writes clearly and persuasively in positive or negative situations, demonstrates group presentation skills and conducts meetings.
Interpersonal Effectiveness – Maintains a positive attitude and provides exemplary internal and external customer service.
Judgment - Displays willingness to make decisions, exhibits sound and accurate judgment and makes timely decisions.
Planning/Organizing - Prioritizes and plans work activities, uses time efficiently and develops realistic action plans.
Problem Solving - Identifies and resolves problems in a timely manner and gathers and analyzes information skillfully.
Quality Management - Looks for ways to improve and promote quality and demonstrates accuracy and thoroughness
Task Management/Execution - Demonstrates ability to advance multiple priority assignments independently, concurrently and within established deadlines.
PennyMac is an Equal Opportunity Employer