Mortgage Purchase Agreement

US Residential Mortgage Loan Origination Specialist – Purchase Agreement, Title & Appraisal Review

Work Locations: Bangalore & Pune

Shift Schedule:

• Rotational Shifts (supporting US hours across EST/CST/PST)
• Rotational Week Offs
• Weekend/Month-end support as required

Function: US Residential Mortgage Operations – Purchase Loans

Employment Type: Full-time – Onsite

Role Summary

The US Residential Mortgage Loan Origination Specialist is responsible for reviewing Purchase Agreements, validating Title Commitments, coordinating Title Curatives, and conducting Appraisal Reviews for US residential purchase loans. The specialist works directly with processors, underwriters, title agents, appraisers, and settlement partners to ensure loans are compliant, accurate, and ready for Clear-to-Close (CTC).

Key Responsibilities

1. Purchase Agreement (PA) Review

• Review fully executed Purchase Agreements, amendments, seller concessions, and contracts.
• Verify:
• Buyer/seller names
• Property details & legal description
• Purchase price, EMD, seller credits
• Financing addenda (Conventional, FHA, VA)
• Appraisal & loan contingencies
• Identify red flags: personal property, missing initials, repair clauses, occupancy conflicts.
• Ensure PA details align with AUS (DU/LP) and underwriting requirements.

2. Title Review & Title Curatives

• Review Title Commitment (Schedule A & B) for ownership, liens, judgments, taxes, and easements.
• Coordinate with title/closing agents to clear:
• Liens, judgments, mortgage releases
• Subordinations
• Name affidavits, marital status docs
• Probate/divorce/trust documentation
• Validate required items:
• ALTA policies & endorsements
• CPL (Closing Protection Letter)
• Wire instructions
• Ensure title conditions meet lender/agency (Fannie Mae/Freddie Mac) guidelines.

3. Appraisal Review – US Residential Properties

• Review appraisal reports for:
• Property eligibility & marketability
• Comparable sales (comps) analysis
• Adjustments & valuation logic
• Appraiser licensing & certifications
• Property condition, quality, and neighborhood analysis
• Confirm compliance with:
• Fannie Mae Collateral Underwriter guidelines
• Freddie Mac ACE requirements
• FHA/VA appraisal standards (if applicable)
• Identify red flags:
• Over/under valuation
• Inadequate comps
• Missing photos, maps, market data
• Property condition issues (C5/C6 ratings)
• Request Revisions/Reconsideration of Value (ROV) when needed.

4. Insurance Review (HOI & Flood)

• Validate homeowners insurance coverage, policy terms, mortgagee clause, deductibles.
• Verify flood determination and NFIP requirements when applicable.
• For condos/PUDs: review master policy, HO‑6, liability coverage, and flood applicability.

5. Loan Conditions & Pre-Closing Support

• Clear PA, Title, Appraisal, and Insurance conditions in the LOS.
• Assist processors and underwriters in achieving a Clear-to-Close.
• Work with settlement agents on CD reviews, closing scheduling, escrow verification.
• Ensure compliance with TRID timelines and tolerance requirements.

Required Qualifications

Must-Have

• 1–3+ years in US Residential Mortgage Origination.
• Experience with Purchase Agreements, Title, and Appraisal Review.
• Strong understanding of appraisal rules (Fannie, Freddie, FHA/VA).
• Knowledge of DU/LP, TRID, and title insurance requirements.
• Hands-on experience with Encompass/Empower or other LOS.

Good-to-Have

• FHA/VA/USDA exposure.
• Background in Collateral/Valuation Ops.
• Experience in Title Ops/Pre-Closing.
• NAMU/ALTA/NAMB/NMLS exposure or certification.

Education

• Bachelor’s degree preferred (Finance/Commerce/Business).

Skills & Competencies

• Strong documentation analysis
• Title & appraisal risk identification
• Regulatory compliance knowledge
• Excellent communication with US stakeholders
• Analytical & problem-solving capability
• Ability to work rotational shifts effectively

Meenakshi Verma

Contact: 9596024539

Email: [email protected]