Condo Approval Analyst

New American Funding

5d•Remote

About The Position

The Condo/Co-op Project Review Analyst will be responsible for approval and or decline of Condominium and Co-op Projects for various investors including Fannie Mae, Freddie Mac, FHA, and Jumbo.

Requirements

Demonstrate advanced product knowledge of Condominium project standards for FHA, both SUA and Delrap; Conventional and other loan programs such Jumbo investors.
Attention to detail, highly organized and is able to meet SLA’s set by company.
Advanced ability to analyze complex condominium project documents such as CC&Rs, public offering, reserve studies, condominium insurance, and condominium plans; inspection reports including SB326 and other State mandated inspections.
Ability to maintain an elevated level of professionalism, customer service, and communication with all parties involved in the loan cycle.
Proficient with Encompass, or other paperless mortgage loan origination systems.
Minium of 5 years’ experience of Condominium and Co-op Project underwriting
Minium of 5 years' experience underwriting Condominium Projects using the Delrap method
Extensive knowledge of the September 18, 2023, guidelines regarding Critical Repairs from Fannie Mae – Freddie Mac
Knowledge of Local 11 Law for NYC
Must be able to verify identity and employment eligibility to work in the U.S.

Nice To Haves

High School diploma or equivalent
Experience with Encompass 360

Responsibilities

Follows and complies with current Agency and Investor project guidelines to ensure standards are met for mortgages sold and delivered, secured by units within Condominium Projects for various investors; Fannie Mae, Freddie Mac, FHA, VA, and various Jumbo investors as well as Co-op Projects for Fannie Mae and Freddie Mac.
Detail review of condominium; questionnaires, financials, insurance, recorded legal documents, as well as review of litigation, ground leases, affordable housing, resale deed restrictions, and private transfer fees.
Analyze and review Co-op questionnaire; 2 yrs. most recent Audited Financials or Corporate Tax Returns
Analyze and approve condominium projects per loan program parameters, such as Limited Review, Full Review of Established, New Construction for conventional, FHA and VA reviews.
Communicates to direct supervisor for any decline or ineligible projects.
Communicates to sales of all conditions reviewed/cleared or conditions still outstanding.
Provides detail comments in New American Funding condominium database, enters appropriate programs/phases for each project, and presale.
Organizes and uploads all condominium documents in specified format to internal (conventional) and external database (FHA and VA) systems.