Qualification Specialist

NEIGHBORHOOD ASSISTANCE CORP. OF AMERICA•Chicago, IL

14h•$65,000 - $80,000•Hybrid

About The Position

NACA makes the dream of affordable homeownership a reality for many who have been subject to systemic racism and other factors. This includes access to NACA’s Best Mortgage in America and a streamlined mortgage process. NACA works with Members (i.e., homebuyers) from the initial educational workshop, individual counseling, purchase process and mortgage process. The Qualification Specialist provides quality control to ensure that submissions meet NACA’s underwriting policies and criteria. NACA’s underwriting criteria are character-based, which is significantly different from lenders' traditional underwriting guidelines. The Qualification Specialist must approve Members for NACA Qualification. The Qualification Specialist’s review is based on NACA's comprehensive policies and procedures as outlined in NACA’s policies (i.e., NACApedia). The Qualification Specialist makes approval decisions by determining whether the Member is ready for homeownership with an affordable mortgage payment after reviewing a complete document and information package. This position requires effective communication with NACA Counselors to help them understand how to achieve NACA Qualification. The NACA Counselor must submit complete and well documented files and advocate for Members who are ready for homeownership. The Qualification Specialist reviews the NACA Counselor’s file ensuring that NACA policies are being adhered to. The Qualification Specialist educates and provides instructions about the NACA polices for the NACA Counselor in completing compete and well documented qualification submissions. The comprehensive review may reject and/or require additional information or and/or documentation. Detailed narratives assist in the NACA Qualification review. Narratives are essential for documenting conversations with the NACA Counselor, detailing the steps the NACA Counselor and Members need to take to become NACA Qualified. The Qualification Specialist is responsible for ensuring adherence to the NACA criteria, not to do the work the NACA Counselor should be doing. They are also a good resource for the NACA Counselor to answer questions. The vast majority of files submitted to the Qualification Specialist should be NACA Qualified without any conditions. The Qualification Specialist grades each file submitted for NACA Qualification for completeness and accuracy. The grading is to evaluate and provide constructive feedback to the NACA Counselor and to encourage more and better complete submissions. The scores may be used to reduce performance pay. If poor patterns and lack of improvement continue, it may be used for disciplinary action, and other uses as determined by NACA Management.

Requirements

3+ years of mortgage underwriting or similar experience – required
Bachelor’s degree or offsetting work experience
Training, and licenses that demonstrate important knowledge and credentials
Mortgage or real estate courses
HUD-certified housing counselor
Completed 20-hour course required by the SAFE Act
Passage of the NMLS National portion of the Mortgage Loan Originator exam

Nice To Haves

Effective NACA Counselor — Preferred
Underwriting using character-based criteria and compensating factors – Preferred
Education, training, or teaching experience - Preferred
Work with low- to moderate-income individuals and communities.

Responsibilities

Review and underwrite files per the guidelines and requirements set forth in NACA's Policies and Procedures as documented in the NACApedia
Comprehensive understanding of NACA's Best in America Mortgage; character-based underwriting and compensating factors; NACA eligibility requirements, including income and area limitations; and NACA's priority interest rate eligibility and priority area designations; NACA's homeownership programs including Purchase & Rehab Mortgage, HOT-PHA (Housing Choice Voucher and One-Dollar Purchase.
Understanding and operationalizing of NACA's mission of fighting for economic justice and neighborhood stabilization, and how this mission informs qualification decisions.
Review and decision at least ten files per day, ensuring efficient processing while maintaining quality standards.
Decision files within two days of submission.
Require a NACA Counselor to resubmit a file where necessary documents or information is not provided to make a qualification.
Recommend reductions in NACA Counselor’s file compensation based on incomplete files.
Examine and verify the full document package and data entry to ensure accuracy and completeness in accordance with NACApedia guidelines.
Manually calculate income and assess Members’ readiness for homeownership with an affordable mortgage payment.
Examine and verify documents and data to ensure accuracy and completeness.
Calculate the Members’ maximum affordable mortgage payment (“MAMP”) including adherence to the limits of the housing and debt ratios.
Review files under contract that are under the Maximum Affordable Mortgage Payment (“MAMP”) and decide if the MAMP can be increased.
Review and approve Payment Shock Savings Pattern requirement when Members qualify for a monthly mortgage payment higher than their current rent.
Grade the submitted files providing an explanation if the category is not given full credit.
Review the Member's payment history and explanations to determine if the Member is ready for homeownership based on payments they control, without consideration of credit score, consistent with NACA's character-based lending philosophy
Provide clear guidance and detailed lists of conditions to the NACA Counselor for next steps for NACA Qualification at both NACA Qualification (prior to housing search) and Credit Access.
Accurately calculate Member's income using NACA's approved methodologies.
Verify Member's liabilities (debt) and ensure all obligations are properly documented.
Ensure Member eligibility requirements are met, including verification that Members do not have ownership interest in other properties, income and area limitations, and residency requirements.
Verify Members compliance with NACA's owner-occupancy requirement and understanding of the $25,000 NACA Security Agreement and Neighborhood Stabilization Payment (NSP).
Assess and approve interest rate buy-down options and principal reduction requests in accordance with NACA guidelines.
Write comprehensive, detailed narratives documenting all file reviews, decisions, and communications with NACA Counselors in accordance with NACA documentation standards.
Other responsibilities as determined by NACA management.