4 months ago
Type
Regular Full-Time
ID
2015-1036

Overview

The purpose of the Underwriter position is to clear home mortgage loans for closing once a thorough analysis and underwrite of the submission is completed and meets industry, company and product requirements. Underwriters must have an in-depth and current knowledge of federal and other regulatory standards needed to analyze a borrower’s financial position and other property related risks associated with the loan in order to make an appropriate decision. Underwriters are supervised by the Underwriting Team Lead and/or Underwriting Manager, and ultimately report to the head of Operations.

Responsibilities

Review Loan Submissions

  • Thoroughly evaluate borrower income relative to financial obligations, adequacy of credit quality and history, the source of funds, the security of the subject property, the loan terms, and ratios
  • Ensure that all required items are provided, validated/verified, and meet the program guidelines
  • Ensure accuracy of loan disclosures and documentation
  • Calculate Loan to Value (LTV) and other ratios accordingly
  • Run the file through Automated Underwriting Systems (AUS), such as DU/LP, when applicable
  • Review the application and information in the Loan Origination Software (LOS) for accuracy

Communicate and Review Conditions as Needed

  • Request items necessary to complete the submission or to qualify for the program
  • Review and clear conditions as received
  • Provide explanation to the Mortgage Loan Originator and/or Branch Manager in the case where a loan requires restructuring

Update LOS Appropriately

  • Ensure that all relevant and necessary information needed is communicated and provided properly through the LOS including, but not limited to: Loan approval date, conversation logs, appraisal information, HMDA and Credit information, conditions, worksheets, MI, FHA, and VA when applicable, suspense, denial, and incomplete dates and milestones as appropriate, etc

Provide Decision on Submissions

  • Approve loans in accordance with appropriate terms, conditions, counter-offers if the term does not meet company lending standards and guidelines, and industry standards used by investors
  • Or, deny loans not meeting the terms, conditions, standards and guidelines previously referenced
  • Notify Processor and Mortgage Loan Originators of decision made

Qualifications

  • Strong analytical and mathematical skills
  • Strong communication skills (verbal and written)
  • Self-starting, self-reliant, highly motivated and dependable
  • Efficient in time-management and ability to organize and prioritize tasks
  • Technological savvy and comfort in learning new computer systems and programs
  • High school diploma required, college degree preferred
  • Minimum of 5 years underwriting experience and 10 years of mortgage industry experience
  • Thorough understanding of secondary market guidelines (FNMA/FHLMC/GNMA)
  • Strong understanding of the mortgage process from origination through closing
  • Experience with AUS and knowledge of Mortgage Insurance expected
  • Experience with Encompass LOS preferred
  • DE / LAPP certifications preferred

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