PAT GOSSETT
Lynchburg,VA
Summary
Results-driven Collateral Risk Director with 20+ years of experience managing $3 Billion Dollar, optimizing risk assessment strategies, and ensuring compliance with Non-QM, FHA, VA, and GSE guidelines. Proven ability to lead high-performing remote underwriting teams, streamline loan origination processes, and reduce quality control errors by 90% through automation and process optimization. Successfully secured $600K+ in annual cost savings by refining underwriting workflows and mitigating risk exposure. Expert in credit and collateral risk analysis, alternative loan products, and repurchase defense strategies. Recognized for securing Chase Collateral Lending Authority of $2.5M and implementing validation tools to enhance accuracy and efficiency. Adept at developing specialized borrower solutions and aligning underwriting processes with evolving regulatory requirements. Committed to driving operational excellence and improving loan approval accuracy across diverse mortgage products.
Experienced with strategic planning and project management. Utilizes leadership skills to drive team performance and operational excellence. Track record of delivering high-impact results through innovative problem-solving and effective communication foe emphasis with Non-QM Mortgages.
Professional with robust background in directing and managing large-scale operations, consistently driving success through strategic planning and execution. Adept at implementing innovative solutions that enhance productivity and operational effectiveness. Known for fostering teamwork and adapting to evolving business needs, ensuring alignment with organizational goals.
Overview
18
18
years of professional experience
Work History
Collateral Risk Director
Mortgage Investors Group
02.2021 - 11.2024
- Reduced quality control errors by 90% (from 10% to 1%) by implementing advanced validation protocols, enhancing AUS utilization, and aligning processes with Non-QM Collateral requirements, ensuring higher underwriting accuracy using Encompass Operating System.
- Manage and grew Non-QM Collateral Requirements for a pipeline that grew from 10% to 40% on a monthly basis.
- Secured $600K in annual cost savings by streamlining LOS workflows, standardizing documentation protocols, and integrating automated validation tools to improve underwriting efficiency and cost-effectiveness.
- Increased underwriting accuracy and efficiency while managing 1000+ loan evaluations monthly by directing remote underwriting teams, setting quality benchmarks, and leveraging automation with emphasis on growing Non-QM Loans Conventional, Jumbo, USDA, Alternative Loan Products, and FHA/VA approvals.
- Enhanced loan volume and borrower accessibility by collaborating with loan officers across twenty-five offices to explore alternative qualification pathways, develop customized borrower solutions, and optimize growing Non-QM, Conventional, Non-Agency, and FHA/VA program utilization for first-time homebuyers.
- Underwrite Credit and Collateral Loan Files for Loan Programs such as Non-QM Loans, FHA Conventional, Jumbo, USDA, Non-Agency, and Helocs, and Non-QM Mortgage Lending
Senior Lead FHA Direct Endorsement Underwriter
JP Morgan Chase
03.2015 - 10.2021
- Secured Chase Collateral Lending Authority of $2.5M by demonstrating advanced valuation analysis expertise, maintaining top-tier quality metrics, and fulfilling certification requirements to enhance risk management and lending accuracy.
- Enhanced valuation accuracy by independently verifying broker price opinions (BPOs) and appraisals, implementing targeted validation protocols to ensure compliance with Non-QM, Fannie Mae, Freddie Mac, FHA, and VA collateral guidelines.
- I was one of the 1st Collateral Underwriters to review and underwrite Non-QM Loans for JP Morgan Chase Private Clients.
- Executed field collateral verification protocols by conducting onsite property inspections, performing detailed inventory assessments, and providing technical guidance to loan officers to maintain Chase's risk tolerance and compliance with USPAP.
- Optimized borrower qualification processes by leveraging alternative valuation methods, analyzing comparables data, and utilizing MLS databases and automated valuation models (AVMs) to improve loan decision efficiency and underwriting accuracy.
- Provided excellent customer service by addressing inquiries promptly and offering comprehensive explanations of underwriting decisions.
Officer –Capital Markets Forensic Underwriter
JP Morgan Chase
10.2012 - 03.2015
- Increased repurchase defense success rates by conducting in-depth forensic file reviews, evaluating origination documentation, and refining credit risk assessment processes to align with GSE and private investor standards, reducing unwarranted repurchase claims.
- Improved operational efficiency by 25% by restructuring risk assessment protocols, standardizing default evaluation criteria, and enhancing forensic underwriting procedures, leading to faster and more accurate risk assessments.
- Minimized Chase's risk exposure on contested loans by optimizing post-purchase quality control processes, identifying deficiency trends, ensuring compliance with underwriting requirements, and presenting comprehensive risk reports to key stakeholders.
- Enhanced loss mitigation strategies by implementing automated screening tools, establishing standardized evaluation frameworks, and designing structured workflows to systematically assess and challenge investor repurchase demands.
Assistant Vice President –Risk Analyst II
JP Morgan Chase
07.2011 - 09.2012
- Achieved recognition as a Subject Matter Expert for Chase Collateral Policies by leveraging in-depth knowledge of Fannie Mae, Freddie Mac, Rural Housing, VA, and FHA collateral requirements to guide underwriters through complex loan scenarios, ensuring compliance and risk mitigation.
- Earned First Quarter 2012 Correspondent Channel Employee Recognition for Leadership Skills by directing comprehensive policy reviews, refining risk assessment strategies, and providing expert guidance to strengthen underwriting decisions.
- Enhanced collateral evaluation efficiency by identifying process inefficiencies, implementing standardized exception request protocols, and introducing targeted policy improvements, reducing repurchase risk exposure across multiple lending channels.
- Developed specialized guidelines for retail, correspondent, and consumer direct channels by analyzing potential policy impacts, refining risk assessment methodologies, and ensuring consistent collateral risk oversight to support sustainable lending practices.
Senior Lead Conventional and FHA Direct –Endorsement Underwriter Credit & Collateral
JP Morgan Chase
02.2009 - 02.2010
Assistant Vice President –Manager, Senior Risk Analyst for Credit and Collateral Due Diligence Capital Markets Conventional, Non-Agency, FHA and USDA Loans
JPM Chase
06.2008 - 02.2010
Analytics Manager –Capital Markets for Mortgage Based Securities Due Diligence based on Credit and Collateral Pool Loans
JP Morgan Chase
09.2006 - 06.2008
Education
Associate of Applied Business - Business Administration And Management
Golden West College
Huntington Beach, CA06.1984
Skills
- Mortgage Underwriting
- Automated Underwriting Systems (AUS) Encompass
- Non-QM, FHA, VA, USDA, and Conventional Collateral Reviews with scores of 1 to 5
- Experience with Non-QM Underwriting such has DSCR Business, DSCR Business Purpose, Full Document, Alt Ratio Bank Statements, Full Document, ITIN, Foreign National, and Super Jumbo,
- 2nd Level Collateral Reviews of Loan Amounts over one million dollars to two million five hundred thousand loans
- Repurchase Risk Management
- Team Leadership & Training
- Investor & GSE Guidelines (Non-QM, Fannie Mae & Freddie Mac Mortgages)
- Loan Origination System (LOS) Optimization
- Property Valuation & Appraisal Review
- Data Analytics & Reporting
- Customer Service Experience
- Relationship building
- People management
- Operations management
- Project management
- Team management
- Strategies and goals
- Project coordination
- Staff management
- Goal setting
- Budget control
- Change management
- Write Collateral Policy for all Non-QM, Agency, Jumbo, FHA, USDA, and VA Collateral Requirements
Software Training
- Microsoft Office - Word, Excel, PowerPoint, and Outlook
- Encompass
- SQL
- Black Knight
- Pivot Point
- Underwrite Complete Fike Credit and Collateral, DSAR Loans, Conventional, FHA, VA, Rural Housing, Heloc, 203K, Co-Op, Jumbo and Alt-A Loan Products.
Previous Roles
- Senior Lead Conventional and FHA Direct –Endorsement Underwriter Credit & Collateral, 02/01/09, 02/01/10, JP Morgan Chase, Florence, SC
- Assistant Vice President –Manager, Senior Risk Analyst for Credit and Collateral Due Diligence Capital Markets Conventional, Non-Agency, FHA and USDA Loans, 06/01/08, 02/01/10, JP Morgan Chase, Florence, SC
- Analytics Manager –Capital Markets for Mortgage Based Securities Due Diligence based on Credit and Collateral Pool Loans, 09/01/06, 06/01/08, JP Morgan Chase, Florence, SC
Timeline
Collateral Risk Director
Mortgage Investors Group
02.2021 - 11.2024
Senior Lead FHA Direct Endorsement Underwriter
JP Morgan Chase
03.2015 - 10.2021
Officer –Capital Markets Forensic Underwriter
JP Morgan Chase
10.2012 - 03.2015
Assistant Vice President –Risk Analyst II
JP Morgan Chase
07.2011 - 09.2012
Senior Lead Conventional and FHA Direct –Endorsement Underwriter Credit & Collateral
JP Morgan Chase
02.2009 - 02.2010
Assistant Vice President –Manager, Senior Risk Analyst for Credit and Collateral Due Diligence Capital Markets Conventional, Non-Agency, FHA and USDA Loans
JPM Chase
06.2008 - 02.2010
Analytics Manager –Capital Markets for Mortgage Based Securities Due Diligence based on Credit and Collateral Pool Loans
JP Morgan Chase
09.2006 - 06.2008
Associate of Applied Business - Business Administration And Management
Golden West College
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