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Business Accountability Associate - Home Loan Underwriting

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Wells Fargo

2mo ago

  • Job
    Full-time
    Entry & Junior Level
  • Business, Operations & Strategy
    Banking & Finance

AI generated summary

  • You need 6+ months in risk management or related fields, US mortgage processing/underwriting experience, basic MS Office skills, strong communication and analytical skills, and the ability to work under pressure.
  • You will review mortgage loan files, assess borrower eligibility, analyze risks, document findings, collaborate on compliance, and support risk-mitigation initiatives.

Requirements

  • 6+ months of risk management, business controls, quality assurance, business operations, compliance, or process experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education.
  • US residential mortgage processing and underwriting experience with experience in income calculation, credit and assets review
  • Basic Microsoft Office skills
  • Excellent verbal, written, and interpersonal communication skills
  • Strong analytical skills with high attention to detail and accuracy
  • Ability to take initiative and drive for results with minimal supervision
  • Ability to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex fast paced environment

Responsibilities

  • Participate in and provide support for low-complexity matters pertaining to the business' policy and regulatory adherence, risk mitigation, or control efforts
  • Research, review, document, and present findings related to issues, records, policies, and procedures for which answers can be quickly obtained
  • Receive direction from supervisors and exercise judgment within defined parameters while developing understanding of function, policies, procedures, records, and other business information
  • Collaborate and consult with peers, colleagues, and managers to implement actions in support of risk-mitigation and control initiatives
  • Perform in-depth review of mortgage loan file including Credit, Capacity, Capital and Collateral documents
  • Detailed review of Credit related documents such as Credit Report from Experian/Transunion/Equifax, Credit Supplements, Mortgage Statement, and Letter of Explanation etc.
  • Detailed review of Capacity related documents such as Paystub, W2, VOE, Award letters and Bank Statements etc.
  • Detailed review of Capital related documents such as Bank Statements, Gift letter, Stocks and Bonds etc.
  • Detailed review of Collateral related documents such as Property Appraisal Report, Flood Report, and Purchase Agreement etc.
  • Recommend borrower's eligibility in accordance with internal policies and procedures, agency guidelines and overlays utilizing Automated Underwriting System (AUS)
  • Ability to identify potential red flags relating to customer information, income, assets, property, all parties to the transaction, etc.
  • Analyze risks and offsets related to performing in-depth, prefund loan reviews. Present recommendations for resolving various issues related to reviews and loan files
  • Utilize current knowledge of credit policy guidelines and procedures, use available tools and resources to recommend credit decision
  • Ability to clearly document the loan rationale findings in loan notes
  • Review stipulations/conditions for compliance and completion of loan file specific to the borrower profile, loan program and product
  • Receive direction from more experienced managers and exercise judgment on relevant reviews within rules and regulations while developing an understanding of internal company requirements
  • Provide communication regarding overall process and transaction quality to appropriate parties
  • Research, review, document, and present findings related to issues, records, policies, and procedures for which answers can be quickly obtained
  • Receive direction from supervisors and exercise judgment within defined parameters while developing understanding of function, policies, procedures, records, and other business information
  • Collaborate and consult with peers, colleagues, and managers to implement actions in support of risk-mitigation and control initiatives.

FAQs

What are the primary responsibilities of a Business Accountability Associate in Home Loan Underwriting?

The primary responsibilities include participating in policy and regulatory adherence, conducting research and documentation, collaborating with colleagues for risk-mitigation initiatives, and reviewing mortgage loan files for compliance and eligibility.

What qualifications are required for this position?

The required qualifications include 6+ months of experience in risk management, business controls, or related fields, which can be demonstrated through work experience, training, military experience, or education.

Is prior mortgage processing and underwriting experience necessary?

While not mandatory, US residential mortgage processing and underwriting experience is highly desired and will be beneficial for this role.

What skills are essential for this position?

Essential skills include proficiency in Microsoft Office, excellent communication skills, strong analytical abilities, attention to detail, initiative, and the capacity to prioritize and work under pressure.

What are the expected working hours for this position?

The candidate must be willing to work in US hours, typically between 6:30 PM to 3:30 AM Indian Standard Time for the first 6 months, and then 1:30 PM to 10:30 PM Indian Standard Time thereafter.

Will I receive training for this role?

Yes, you will receive training and direction from supervisors, allowing you to develop an understanding of function, policies, procedures, and business information.

How does Wells Fargo view diversity in the workplace?

Wells Fargo values diversity, equity, and inclusion, welcoming applications from all qualified candidates regardless of various protected characteristics.

Are there opportunities for advancement in this role?

Yes, there may be opportunities for advancement as employees develop their skills and gain experience within the company.

Is a background check required for this position?

Yes, Wells Fargo conducts background checks as part of the hiring process to ensure compliance with company policies and regulatory requirements.

Does Wells Fargo have a drug-free workplace policy?

Yes, Wells Fargo maintains a drug-free workplace and enforces a strict drug and alcohol policy.

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Wells Fargo

Finance
Industry
10,001+
Employees
1929
Founded Year

Mission & Purpose

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with approximately $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through more than 7,300 locations, 12,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in over 40 countries and territories to support customers who conduct business in the global economy. With approximately 250,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Relevant military experience is considered for veterans and transitioning service men and women. Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation. © 2016 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.