TOPIC: Mortgage

Bringing Mortgages in house

Manager at a credit_union ($141MUSA)
We previously used a 3rd party originator/underwriter for our Mortgage program and I am in the process of bringing it in house.  Was hoping that someone would be willing to share their mortgage origination process/procedures and also a job description for a Mortgage Originator/Underwriter. Also if anyone has insight on a starting salary for an originator that would be helpful.   Basically am building it from scratch so anything is helpful.

    Mortgage loan closed for borrower who changed jobs

    Employee at a bank ($326MUSA)
    Secondary Market Mortgage Loan was set to close and closing got postponed for a few weeks.  Bank did not get updated verbal VOE within 10 days of closing.  Borrower did not mention change of job.  VVOE returned after closing indicated she had left the job weeks ago.  Borrower signed closing documents verifying previous job was accurate and no changes in her employment, which was false.  Would you suggest the borrower to rescind this loan and start a new loan?  Or does this become an in-house loan and it has to remain on the books until it can be refinanced to the secondary market?  Or any other options?

      Appraisal Field Reviews - 10% requirement -

      Employee at a bank ($667MUSA)
      Hello - looking for clarification regarding the quantity of required Field Reviews.  While reading thru the Fannie Mae QC section - states an appraisal field review is needed for 10% of mortgage loans selected for QC?  - Is this for all loan programs or just the FHA loans? We have been completing 10% field reviews - based off total FHA loans - not all loan programs?  - Please advise

        Mortgage Loan Title Review

        Employee at a bank ($7.1BUSA)
        I'm looking for some feedback on a few items surrounding Title Review.
        1. Where does this live within your mortgage department?  For example, do the underwriters review this prior to final approval?
        2. What is your process to research existing liens appearing on the title?
        3. What is the process if you are unable to validate an existing lien?  For example, if the title shows 1st lien to Wells Fargo, but on your refinance transaction you are paying off PNC.  If you cannot validate that the original loan from Wells Fargo was sold to PNC, what is your process?