Responsible for providing quality and consistent underwriting of mortgage loans, focusing on difficult/complex loans, to ensure compliance with appropriate company standards. Responsible for ascertaining the needs of borrowers and assisting them in selecting the appropriate loan type which best matches their long-term objectives, and ensuring compliance with FHLMC/FHA/VA/FNMA guidelines. Also assesses the potential risk of loan applicants, including current and past credit and job history, ensures that all mortgage applications are complete, accurate, and fall within acceptable BOW guidelines, and attains direct endorsement approvals. Provides high quality customer service, including underwriting in a competitive time frame. Provides direction and guidance to other less experienced underwriters.
Essential Job Functions
- Utilizes Fannie Mae's Desktop Underwriter to determine loan eligibility for sale to Fannie Mae, HUD and Veterans Administration (VA)..
- Ensures all file documentation requirements are met for Fannie Mae, HUD and VA eligible loans.
- Underwrites loan files for designated processing center through a review process of analyzing and evaluating income, assets, liabilities, and property, while maintaining designated time frames as determined by management Assimilates new government regulations and applies this knowledge to improve and maintain quality and consistent underwriting. Reviews self-employed, corporate and partnership tax returns, profit and loss, as well as financial statements to ascertain borrowers' income.
- Provides written letters of commitment for each loan decision detailing required documentation, loan interest rate, as well as the fees and mortgage amount approved.
- Works with the loan originators and processors to create solutions for problems that arise during processing.
- Identify common errors and report via comment 60 in loan origination system- UNIFI which compiles data for trainers and Regional and Area Sales Managers.
- Secures relevant information and documentation needed to render lending decisions on SIDs, PUDs, and Condominium Associations Seeks formal legal opinions if needed.
- Reviews and corrects potential problems in loan processing files (credit history, nonconforming appraisals, files not adhering to guidelines, etc.).
- Applicants with government lending authority will need to provide evidence delegated lending authority is active and in good standing with HUD and VA.
- Requires advanced knowledge within a specific discipline typically gained through extensive work experience and/or education.
- Requires 7 years minimum mortgage underwriting experience.
- May require vocational or technical education in addition to prior work experience
- Bachelor's Degree Business Administration or related area or equivalent combination of education and experience.
- High School Diploma or GED Required
Complete knowledge of mortgage credit processing and underwriting.
Complete knowledge of loan documents and real estate terminology, FHLMC/FHA/VA.FNMA guidelines
Knowledge of Bank’s lending policies and procedures.