HOUSING & MORTGAGE COUNSELOR

Transcription

1 HOUSING & MORTGAGE COUNSELOR COMPENSATION: (based on substantial production incentives) Mortgage Counselor: $60,000 to $100,000+ Housing Counselor: $40,000 to $55,000+ CONTACT: HR Department: BENEFITS: Excellent single/family health and dental PPO, 70% employer contribution & 401K. Website: EXECUTIVE SUMMARY: With more than 25 years on the front lines of the battle for economic justice, the Neighborhood Assistance Corporation of America (NACA) fights on behalf of working people against predatory lending practices, and ensures that its Members are able to build strong, stable neighborhoods through affordable homeownership in urban and rural areas nationwide. NACA is a high-profile organization with over two million Members and a tremendous track record of success assisting hundreds of thousands of homeowners and homebuyers ( Members ). NACA has set the national standard for assisting low to moderate income people to achieve the dream of affordable homeownership. In keeping with its deep roots in advocacy, NACA now looks to grow its Boston-based headquarters team and become an even greater force in future years, both at the state and national political levels. NACA is also growing its local offices nationwide and adding additional ones to significantly increase the number of people and communities it serves with its extraordinary mortgage programs. This job description is for both a Housing Counselor ( HC ) and Mortgage Counselor ( MC ). Both the HC and MC ( NACA Counselor ) provide comprehensive, individual, face-to-face housing counseling services in a local NACA office to primarily homebuyers in NACA s Purchase Program. A NACA counselor must be an advocate who provides comprehensive counseling and affordable outcomes. The NACA Counselor helps homebuyers overcome the roadblocks that prevent them from purchasing a home. This consists of individual counseling to qualify for NACA s Best in America mortgage. NACA s Purchase Program attracts large numbers of homebuyers with what has been established as the Best Mortgage in America. The NACA mortgage requires no down payment (i.e., 100% loan-tovalue), no closing costs, no fees, no consideration of credit score, flexible credit requirements, and likely the lowest below-market 30-year or 15-year, fixed interest rate (for the current rate, go to our website at NACA provides the same interest rate and mortgage terms for all mortgage applicants without consideration of their credit score. Virtually all Purchase Program loan applications are approved by participating lenders who have committed over $13 billion to the NACA program. The NACA mortgage and program are so superior that they require minimal marketing efforts. NACA provides an instant pipeline of homebuyers without the need to generate leads. This allows the NACA Counselor to be dedicated to counseling Members, and, when Members decide to seek the NACA mortgage product, to assist them in securing a NACA mortgage. Except when a MLO involvement is required, the Mortgage Department is primarily responsible for processing and closing the loan including addressing all lender conditions and obtaining title, and homeowners insurance. NACA is the only job in the counseling and mortgage industry that allows counselors to provide primarily low and moderate income borrowers with an incredible mortgage, and make considerable income without engaging in abusive lending practices (i.e. increase the rate, charge points or fees, etc.). NACA provides a single mortgage product on the same terms to all its Members, whether a prime or sub-prime borrower. JOB RESPONSIBILITIES: An employee would usually begin their employment with NACA as a HC which does not require a Mortgage Loan Originator ( MLO ) license. It is expected that the employee will transition from a HC to a MC after successful performance as a HC. NACA, at its sole discretion, must approve the transition from Ver Housing & Mortgage Counselor Page: 1

2 HC to MC or may make it a condition of continued employment. In such a transition, NACA will reimburse a HC who becomes a MC the cost of a continuing education course, a federal and state test fee, and clearing a fingerprint and a background check to become licensed through NMLS. Both the MC and HC provide comprehensive housing counseling to pre-approve a homebuyer for the NACA Mortgage or other mortgages. This pre-approval or NACA Qualification requires full documentation based on NACA s policies and procedures. For some Members, this can be achieved quickly while for others it may take several months or more. Since a HC is not a licensed MLO, he/she must not take or submit a bank application or engage in other mortgage origination activities or issues regarding their mortgage application for a specific property. A successful HC could become a MLO and provide mortgage origination services. The MC compensation is significantly higher. The licensing requirements are described below. The HC or MC is the primary point of contact throughout the qualification process while the MC or Office Manager is the sole point of contact through the housing search period. The NACA Underwriting Department reviews and makes the final determination that the NACA Qualification is the result of comprehensive and effective counseling reviewing the Counselor s assessment of homeownership readiness with a realistic purchase price for their desired area. The HC and MC focus on getting Members NACA Qualified. All NACA Qualifications must be approved by a NACA underwriter who may require additional counseling or documentation. The specific job responsibilities include the following: Work with homebuyers to determine and document that the Member is ready for homeownership. Understand the Member s motivation to become a homeowner and provide clear direction. Work with the Member to develop an affordable budget and address budget issues. Work with the Member to improve their overall finances. Determine a maximum affordable mortgage payment and purchase price. Provide Action Plans to homebuyers on their next steps. Educate the Member about alternative mortgage products or solutions. Mortgage Origination (Mortgage Counselor): Review Member s application for NACA Credit Access (i.e. meets the underwriting criteria). Submit Member s mortgage application. Assist Members during the housing search to purchase a home in his/her desired community. Fulfill tasks that require origination licensing (discuss Change of Circumstance loan updates, etc.). Advocacy in support of NACA s Mission: Employment with NACA requires continued participation in NACA s advocacy, outreach, community organizing, and other activities as determined by NACA. Participation in NACA s confrontational advocacy campaigns and other activities is important in achieving NACA s mission of advocating for economic justice and expanding NACA s best in America homeownership programs. While these activities may impact a MC s or HC s Performance Pay compensation, they are crucial for NACA s continued success and for meeting NACA s mission. Support and enthusiastically engage in NACA s advocacy including community issues, actions and campaigns. Support and defend the organization s philosophy, tactics and advocacy. Educate Members on the NACA mission and its services. Assist in outreach focused on low/moderate income communities, churches and job sites. Other Activities: Present at Home Buyer and Purchase Workshops. Assist NACA outreach efforts as necessary. Ver Housing & Mortgage Counselor Page: 2

3 Other duties as assigned. TIME DEMANDS: Approximately 50 hours weekly and as necessary to meet the demands of the job. Typical working hours are: 8:30 a.m. to 6:00 p.m. weekdays, two late nights, plus approximately a half day two weekends every month for Home Buyer Workshops and/or counseling. COMPENSATION: Counselor compensation is results-based and tolerates no exploitation of Members to increase compensation. The compensation consists of the Base Pay and Performance Pay which is different for the HC and MC. Both the HC and MC receives an hourly wage rate of $12.00, greater if required by law, plus any overtime ( Base Pay ). This is a minimum cash-flow each pay period to compensate for outreach and service to NACA s advocacy campaigns and other activities that may reduce the time available for obtaining Performance Pay. It is expected that the overall compensation will significantly exceed the Base Pay with Performance Pay. Overtime is paid for all hours worked in excess of 40 hours in a week, or as otherwise required by state law. Performance Pay: There is additional pay for achieving performance standards, with no payment for items that are not in the best interest for the Members, such as additional fees or costly products. NACA compensates MCs and HCs for their results by providing Performance Pay as described below where the Counselor has counseled the Member according to NACA s Policies and Procedures. Performance Pay is significantly higher for Targeted Members. Targeted Members are low and moderate income individuals and communities. Low to moderate income Members need the NACA program the most since they are often overlooked, exploited or rejected by lenders. Priority areas are neighborhoods and communities with the greatest need for stabilization. NACA is committed to providing at least 70% of its mortgages to low and moderate income individuals and communities. Performance Pay is increased for overtime during the week the closing occurred. A Counselor must be actively employed at the time of the loan closing to receive Performance Pay as stated below. Targeted Members: Members whose income is less than 80% of the median income in the Metropolitan Statistical Areas ( MSA s ) or assessment area where the Member purchases and for self-employed Members whose self-employment income is needed and used for the home purchase. Targeted Areas: Properties in a census tract where the tract medium family income percentage is less than 80% of the MSA. Non-Targeted Members: Members who are not Targeted Members or purchasing in a Non-Targeted Area, cannot purchase a property which cost exceeds the Maximum Acquisition Cost for the area. Mortgage Counselor: The Performance Pay is structured so a MC can earn an overall compensation of $60,000+ per year with the opportunity to make over $100,000 per year. This expectation is based on the MC qualifying a minimum of ten (10) Members per month, the majority being Targeted Members, and closing between five (5) and ten (10) loans per month. The vast majority of Member bank applications result in a loan closing. The MCs receive Performance Pay as stated below: 1. NACA Qualification Targeted Member: $100 per NACA Qualified Member. At the Qualification stage, Targeted Members are those whose income is less than 80% of the median of the MSA of their verified address at the time of NACA Qualification or Members whose self-employment income is needed and used for NACA Qualification. Non-Targeted Member: $35 per NACA Non-Targeted Member (everyone not a Targeted Member). 2. Closed Member where MC also completed the Member s Qualification: Targeted Member: $300 per Closed Loan (total of $400 with NACA Qualification payment) Non-Targeted Member: $215 per Closed Loan (total of $250 with NACA Qualification payment) Ver Housing & Mortgage Counselor Page: 3

4 3. Closed Member where MC did NOT complete the Member s Qualification (only if no Office Manager in the local office, who would be responsible for originating the mortgage): Targeted Member: $200 per Closed Loan Non-Targeted Member: $150 per Closed Loan 4. Monthly Bonus Payment (apply to MCs who exceed the expected five closings and ten NACA Qualifications per month): Eligibility for the bonus are the following minimum requirements: 1. 70% of the total Closed Loans, who the MC Qualified, are Targeted Closed Loans; 2. Ten or more NACA Qualifications; and 3. Adhere to NACA s policies. 6 closings per month: $150 for each Closed Loan 7 closings per month: $200 for each Closed Loan 8 closings per month: $250 for each Closed Loan 9 closings and more per month: $300 for each Closed Loan Housing Counselor: The compensation is structured so a HC can earn an overall compensation from $40,000 to $50,000+. This expectation is based on the HC qualifying at least three (3) Members per week. 1. NACA Qualifications (the HC is responsible for re-qualifications at no additional compensation): Qualification of a Targeted Member: $100 per NACA Qualified Member. Qualification of a Non-Targeted Member: $35 per NACA Qualified Member. 2. Purchase Contract: Members who execute a purchase and sales contract on a property within the first 90 days from his/her initial NACA Qualification date and closes on the mortgage: $50 per such Closed Loan. 3. Monthly Bonus Payment: 1. NACA Qualify at least 16 NACA Members; 2. Ten or more are Targeted Members; and 3. Adhere to NACA s policies. $15 for each NACA Qualified Member. Performance: The HC & MC is required to NACA Qualify a minimum of ten (10) Members a month with the expectation of significantly more. At least seven (7) of the NACA Qualifications must be Targeted Members since this is the primary purpose of this position to achieve NACA s mission. If this requirement is not met, the HC or MC would be subject to performance or disciplinary including but not limited to termination. The HC & MC are required to provide comprehensive counseling that improves a Member s financial Management. This includes: Members increase savings, decrease debt, improve credit score, improve payment history, make rent payments on time after history of missing payments (thereby stabilizing current housing situation), or stop over drafting after a history of NSF fees. These metrics are some of the basis of good counseling that NACA monitors. Performance Pay may be adjusted or shared as determined by NACA management, in its sole discretion, due to: shared work; poor/ineffective counseling, poor origination, or lack of follow-up. NACA management, at its sole discretion, may also decide to decrease or eliminate the Performance Pay if a MC s or HC s counseling or submissions were inaccurate, incomplete, or did not adhere to NACA s policies and procedures or other requirements. CORE COMPETENCIES: S/he is expected to have all of the following personal characteristics and professional experiences: Communication: work effectively with members and NACA staff with ability to communicate effectively and productively in both speaking and writing. Ver Housing & Mortgage Counselor Page: 4

5 Professional Skills: detail oriented and well organized, ability to work under pressure, ability to work independently with only general supervision, and strong problem-solving skills. Knowledge: comprehensive knowledge of mortgage lending and real estate. Professionalism: demonstrates professionalism internally and externally. Creates and supports a positive work environment. Customer Service: provide effective solutions and follow-up with members and others. Computer Skills: strong data entry and typing skills with ability to work with NACA s software to accurately complete documentation and data entry for efficient and paperless mortgage qualification, processing and underwriting. Mission Driven: energy and enthusiasm for NACA s mission of community advocacy, neighborhood stabilization and addressing mortgage discrimination. Willing and able to participate in NACA s aggressive advocacy campaigns and activities. JOB QUALIFICATIONS: Education: B.A. or B.S. Preferred High School Graduate or Equivalency Required Mortgage, real estate, education, or finance courses Highly Preferred Experience: At least two years demonstrating some or all of the following: Mortgage brokerage, origination and/or processing Counseling or social work, such as school guidance Relevant experience: education; customer service; mortgage loss mitigation Real estate brokerage experience and/or knowledge Financial counseling or advisory role License An applicant who is a licensed MLO, would begin employment at NACA as a MC. A HC can request NACA approval to become a licensed MLO. This would usually occur after 90 days as a HC where he/she demonstrates effectiveness as a HC. A strong indication would be a significant number of NACA Qualifications after the initial training and transition, averaging three or more NACA Qualifications a week. If NACA approves such a transition to a MC, NACA will provide assistance and coordination through the Compliance Department. To become licensed one must prepare for the state and/or federal exam(s), pass the state and/or federal exam(s), and meet state licensing criteria. California applicants can be a MC without becoming a MLO. A MC must keep his/her individual license active and in good standing with the NMLS system and the respective states in which the MC is authorized to conduct business and cooperate with the NACA Compliance Department at all times. HISTORY AND OVERVIEW: NACA (naca.com), is one of the most exciting organizations in the country. NACA is a national nonprofit homeownership, HUD-certified housing counseling and community advocacy organization. We are a high-profile organization whose affordable mortgage programs and community advocacy are frequently featured in the national, international and local media. NACA is the largest and most effective housing services organization in the country and is rapidly growing with 40+ offices nationwide and a counseling center in Charlotte. We are hiring many additional staff for existing and new offices nationwide, local organizers, and directors based in the Boston corporate office. NACA is the premier homeownership and advocacy organization that is both respected and feared. As a result of NACA s large and growing membership nationwide, NACA is now increasingly focused on harnessing its power to demand economic justice for all. Ver Housing & Mortgage Counselor Page: 5

6 Started in 1988, NACA has a strong track-record of successful advocacy against predatory and discriminatory lenders. NACA s success is a result of its aggressive, confrontational advocacy. We have taken on campaigns against some of the country s most powerful companies and individuals and won. NACA has revolutionized mortgage lending with its mortgage programs and advocacy. NACA continues its aggressive advocacy for working people and communities in the fight for economic justice and affordable homeownership for all. In addition to affordable homeownership, this includes taking on issues such as student debt, tax equity, voter access and other economic justice issues. In addition to its advocacy efforts, NACA has established the national standard for homeownership programs. NACA s industry-leading programs include: Purchase For homebuyers who will be owner-occupants, the Purchase Program makes the right to affordable homeownership a reality for homebuyers. By basing its mortgage underwriting criteria on homebuyers overall circumstances and not on traditional risk-based pricing or credit scores, NACA provides broad access to its best-in-class mortgage a mortgage with no down payment, no closing costs, no fees, no requirement for perfect credit and always at a below-market, fixed interest rate. NACA has $13 billion in mortgage commitments from the country s largest lenders to support this program. Renovations For Purchase Program homebuyers whose property is in need of repairs, NACA s Home and Neighborhood Development ( HAND ) department assists them throughout the repair and renovation process. Homeowner Assistance For Purchase Program homeowners who experience financial difficulties, NACA s Membership Assistance Program ( MAP ) provides services including mortgage modifications, payment agreements and financial assistance to help avoid foreclosure. Home Save For homeowners with an unaffordable mortgage, NACA is the largest and most effective program in providing affordable solutions to over 250,000 at-risk homeowners nationwide. NACA has been able to restructure unaffordable mortgages by permanently reducing interest rates and reducing outstanding principle balances to achieve affordable mortgage payments. For more information about NACA and its history and programs, visit APPLICATION PROCESS: Applicants must complete the application at and follow-up at jobs@naca.com. NACA is an equal opportunity employer with minority & bilingual individuals strongly encouraged to apply. This job description is solely for descriptive purposes with NACA reserving the right to make unilateral changes to this job description including the compensation for all staff or on an individual basis as permitted by law. NACA may also change the compensation during campaigns, activities and events at its discretion and as permitted by law. This does not constitute a contract for employment. Nothing herein shall limit NACA in its sole discretion from terminating an MC or HC for any reason or no reason with employment is at-will. ACCEPTANCE: I have read and understand the document as outlined above, and I agree that I am able to perform the duties and adhere to the requirements described above. Print Name Signature Date Ver Housing & Mortgage Counselor Page: 6