Loan Purchase Specialist

New York State Homes and Community Renewal (HCR) is the State’s affordable housing agency, with a mission to build, preserve, and protect affordable housing and increase homeownership throughout New York State.

Under the leadership of Governor Kathy Hochul and Commissioner RuthAnne Visnauskas, HCR is a vibrant, innovative agency that integrates and leverages New York State’s housing resources. We have offices in New York City, Albany, Buffalo and Syracuse, and employ a diverse workforce of professionals who are hard-working and committed to serving low and moderate income families. Our mission is far reaching, encompassing single and multifamily housing finance, home improvement, rent regulation, housing subsidies, and community development. We partner regularly with a variety of public and private stakeholders.

Achieving this mission requires a wide range of skills and backgrounds in public policy, administration, real estate, architecture, finance, law and many other areas of expertise. We seek to provide a workplace environment that is productive, flexible, accountable, ethical and caring. Our employees are empowered to make a difference where they live and work. We offer competitive pay and a comprehensive benefits package, including paid leave, health, dental, vision, retirement and family-friendly policies.

The State of New York Mortgage Agency (SONYMA) is one of several HCR agencies. SONYMA’s programs provide mortgage financing to assist low- to moderate-income, first-time homebuyers in the purchase of a one-to-four unit residences that are required to meet eligibility criteria established by the Agency and by applicable Federal law. This position will report to the Single Family Programs unit of SONYMA. The Single Family unit reports to HCR’s Homeownership and Community Development.

Job Summary:

Member of team responsible for purchasing loans from over 70 participating lenders. Team verifies and reconciles all funds, including loan amounts, escrow funds, paid points and others against closing documents.

Essential Duties / Responsibilities:

The primary responsibilities of the position will be to:

• Support the day-to-day functions of employees in the department who are responsible for reserving new mortgage application, maintaining filing system, handling incoming and outgoing mail and faxes, setting up and inputting new loans, updating the Agency’s database with loan information and status information, and responding to loan status inquiries.
• Co-handle the department’s Loan Purchase functions including:
  • Produce and review all preliminary purchase reports. Reconcile any discrepancies between the lender, pool insurer and SONYMA. Verify loan data such as interest rate, insurance codes, property address, etc. prior to the purchase of the loan.
  • Input data changes/updates on the Emphasys system. Enter drawdown date and transfer loans to the appropriate purchase bond series number.
  • Confirm loan balances with mortgage servicers of each loan to be purchased and reconcile any differences between the servicer’s records and SONYMA records; making the necessary entries into the Emphasys database.
  • Prepare impound escrow report for approval of Team Lead.
  • Perform the process of purchasing the loans on Emphasys system.
  • Prepare all correspondence and reports to be sent to bond trustees and participating lenders; and working with the Treasury unit so that funds are wired accurately and on a timely basis.

• Review and process Lender’s requests for loan commitment extensions, enter extension information on system, and return decision to lender.
• Answer lender phone calls regarding loan status and closing interest rate.
• Communicate with lenders to resolve issues relative to review/document process.
• Assist lender by explaining Agency guidelines and procedures to facilitate ease in loan file submission.
• Maintain systematic follow-up of post-closing loan pipeline for incomplete or returned status loans.
• Provide production reports on loans reviewed to superiors.
• Assist in providing support and additional training to Loan Analysts.
• Complete other duties as requested by supervisor.

Qualifications:

• Complete and thorough knowledge of mortgage documents, procedures, Agency’s policies, programs and guidelines.
• Accounting background a plus.
• Good oral and written communication skills.
• Minimum 2 years college education or equivalent preferred.

This job description is not intended to be all inclusive and employee will be expected to perform other reasonably related duties as assigned.

WHAT WE OFFER:

• Extensive benefits package including paid leave, excellent health, dental, vision and retirement benefits;
• Promotional opportunities for dedicated professionals.