This position supports the lending Operations staff in reviewing and overseeing the appraisal and collateral review process to ensure an extra level of oversight for home values. The Appraisal Reviewer evaluates 3rd party appraisals in accordance with established policies and procedures, appropriate guidelines and USPAP requirements and examines all supporting documentation for accuracy and completeness.
Job Functions and Responsibilities:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.
- Review and analyze loan appraisals for accuracy, completeness, and compliance with internal and regulatory guidelines to minimize property risk factors
- Evaluation of the appraisal includes but is not limited to the review of the appraisal to ensure FHA/lender/investor guideline compliance, determining property eligibility, evaluation of property condition and necessary repairs, validating data integrity of the appraisal, identifying significant discrepancies in valuation, sales comparison approach analysis, review of the comparable sales and market data, and determining acceptability of the appraisal’s value conclusions
- Make calls to appraisers, brokers and real estate agents for missing data/documents
- Review all required loan data, reports, and inspections to ensure the collateral is acceptable to investor, company, and FHA guidelines
- Able to maintain daily production requirements and SLAs
- Responsible for making independent decisions regarding acceptance and risk of appraisals according to HUD, company, USPAP and investor guidelines
- Provides final approval/denial underwriting of FHA HECM appraisals
- Completes all required paperwork and forms in a timely and accurate manner; prepares required forms
- Signs off appraisal conditions in a timely manner set by management
- Work with staff and management to find solutions on escalated appraisals
- Effectively communicate appraisal underwriting decisions with processors, underwriters and loan officers as appropriate
- Maintain high level of customer service and communication with other departments
To perform this job successfully, an individual must have the following education and/or experience:
- Certified Residential Appraiser license preferred, minimum requirements as an appraisal trainee required.
- One or more year related appraisal experience.
- Thorough working knowledge of real estate documentation, policies, compliance, and procedures
- High level of proficiency with mortgage loan appraisal processing and underwriting systems
- Commitment to excellence and high standards
- Excellent written and oral communication skills
- Strong organizational, problem-solving, and analytical skills
- Ability to manage priorities and workflow
- Versatility, flexibility, and a willingness to work within constantly changing priorities with enthusiasm
- Acute attention to detail
- Proficient on computer programs required for position
- Excellent customer service skills
- Proven ability to handle multiple projects and meet deadlines
- Strong interpersonal skills
- Good judgment with the ability to make timely and sound decisions
- Ability to effectively present information and respond to questions
- Ability to effectively communicate with people at all levels and from various backgrounds
Company: PHH Mortgage
PHH Mortgage, a wholly owned subsidiary of Ocwen Financial Corporation, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing solutions to companies who own mortgage servicing rights and offers portfolio retention services to extend and enhance customer relationships.
Located in Mount Laurel, New Jersey, PHH has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. We strictly focus on subservicing and portfolio retention allowing our diverse professional clients – representing some of the largest and most recognizable financial and wealth management institutions, investors of MSRs, regional and community banks, and credit unions – to concentrate on their core businesses, while providing borrowers with exceptional customer service throughout the life of their loans.
Adhering to the highest levels of risk and compliance, built to bank-like standards, we build relationships with our clients and their customers to promote a philosophy of retaining “customers for life.” We strive to be a natural extension of each client’s team, helping them to keep their expenses down, borrowers satisfied and service levels up while meeting today’s regulatory demands and changing market conditions.
Ocwen is proud to be an equal opportunity workplace and is an affirmative action employer. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. If you have a disability or special need that requires accommodation, please let us know.