What is a Mortgage Examiner?
A Mortgage examiner analyzes loans to identify deficiencies, unsupported charges, and risk levels. A Mortgage Examiner establishes authenticity and correctness of all records including transactions and other forms of documentation.
To obtain a CME "Certified Mortgage Examiner" designation, a candidate must provide evidence of:
- Completion of a minimum of one year of on-the-job service and training related to mortgage provider examination.
- Satisfactory completion of the one day CSBS Mortgage Examiner Training or an equivalent training, i.e basic AARMR Examiner school, Apllicable portions of AARMR/NACCA Examiner School, FDIC Introduction to compliance Examinations, CFPB Lending Principles Course.
- Attestation of successful job performance and mastery of appropriate job-related skills by a supervisor within the candidate's organization.
A Mortgage Examiner Effectively follows established examination procedures to collect and analyze data, and develops correct conclusions from the collected data.
A Mortgage Examiner must effectively demonstrate knowledge of policies, procedures, laws, rules and regulations. Must follow established examination procedures for presenting violations and recommend corrective action or enforcement powers.
A Mortgage Examiner must effectively and clearly communicate with the mortgage provider personnel to obtain information, clearly communicate examination findings to supervisory personnel and/or owners/directors, prepare written comments that are accurate, grammatically correct, logically arranged, and all conclusions drawn are factually supported.
Related Topics: What is SAFE Act and CSBS/ARRMR Model State Law ? What are the Limitations on broker fees? What is the Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002 (Regulation B)? What is the Gramm-Leach Bailey Act? What are Prohibited Acts? Explain the consequences of Violations of Gramm-Leach Bliley Act What are the Facts about Suspicious Activity Reports (SARs) ? What are the Required ESIGN disclosures? What are General permissible acts under the Equal Credit Opportunity Act? Explain Information provided by the borrower regarding the right of refusal • Fair Credit Reporting Act (FCRA)/Fair and Accurate Credit Transactions Act (FACTA) 15 USC § 1681 et seq. Explain Permissible acts of MLOs regarding the appraisal of a client’s property, Scenarios surrounding situations with borrower’s undisclosed income, Permissible acts after discovering deposits inconsistent with borrower’s income included on application, Scenarios involving a gift received by the borrower, What is Real Estate Settlement Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X) What Documents must be provided to a borrower at loan consummation • Dodd-Frank Act ? What are the Ways to verify a borrower’s identity • USA PATRIOT Act? What is the core concepts of the Truth-in-Lending Act? What is the Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002 (Regulation B)? What is the Enforcement authority for “red flag” rules • Bank Secrecy Act/Anti-Money Laundering (BSA/AML) ? What are the Duties a loan processor may/may not perform? What acts are Allowable by underwriters ? Clerical/support duties, Loan processors ? Documents to be signed at closing
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