The Mortgage Loan Underwriter is primarily responsible for underwriting residential loans ensuring compliance with lender and investor guidelines. Examines loan documentation for accuracy, completeness and overall credit risk. Works with loan originator or production staff to secure all required documents. May respond to individual and investor audits or requests. Underwrite conventional, FHA and VA residential loans ensuring compliance with lender and investor requirements.
Major Duties and Responsibilities:
- Underwrites FHA/VA, USDA, CDA, and Conventional loan applications ensuring adherence to Company, Agency and investor guidelines and policies and procedures.
- Analyzes mortgage loan files, including customer’s application, income documentation, appraisal and credit reports, to ensure compliance with the company's policies, as well as, state and federal regulations – including QM, Safe Harbor, Ability to Repay and TRID.
- Analyzes loan attributes and documentation for completeness and accuracy.
- Analyzes loan applications to identify any risk issues and/or potential misrepresentation.
- Evaluates overall income, credit and quality of each loan application.
- Ensures all required documentation has been received and completed required for loan approval.
- Determines the amount of loan to be approved when all criteria for underwriting have been met.
- Makes recommendation for loan approval and clears the loan to close upon loan meeting all conditions.
- Supports Loan Officers during the qualification process and the entire loan approval process.
- Provides support to Loan Officers and Processors regarding questions and/or clarification of inquiries, loan files, and underwriting guidelines and will contact investor if necessary.
- Ensures timely review and follow-up steps in order to meet and exceed customer’s expectations.
- Keeps up-to-date on investor and regulatory guidelines, policies, procedures and changes that affect mortgage underwriting.
- Communicates with customers, team members and management on outstanding requirements and conditions, as well as, the status of each loan application.
- Other projects or duties as assigned.
Physical Demands and Work Environment:
- High school degree or equivalent with 6 years in mortgage lending experience.
- Self-motivated, ability to work in a fast-paced, high volume environment, while practicing sound lending judgment.
- Three years' experience with Microsoft Office suite of products; demonstrate ability with Excel and Word in addition to Adobe pdf.
- Three years of experience in front line mortgage underwriting, Proficiency with DU and LP
- Ability to work in fast paced operations center meeting all production based performance criteria for Quality of Workmanship and Quantity of Production Volume.
- Ability to calculate income, including tax return analysis and to properly catalog findings into a concise effective written summary.
- Ability to communicate effectively in written and verbal communications.
- Thorough understanding of credit and an ability to review complex financial documents.
- Ability to assess an individual's creditworthiness while adhering to all regulatory and compliance requirements
- Direct Endorsement Certification for HUD & VA LAPP preferred
The physical demands and work environment characteristics described here are representative of those that must be met by an associate to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
Presidential Bank, FSB is an equal opportunity/affirmative action employer. We consider applicants without regard to race, color, religion, creed, gender, national origin, age, disability, genetic information, marital or veteran status, or any other category protected by federal, state or local law.
- While performing the duties of this job, the ability to stand and/or sit for long periods of time is regularly required. Ability to talk, listen and see. The associate must occasionally reach with hands and arms; stoop, kneel, or crouch
- The associate must occasionally lift and/or move up to 25 pounds, may also include lifting overhead
- Ability to accurately interpret sounds and associated meanings at a volume consistent with interpersonal conversation
- Regularly required to accurately perceive, distinguish and interpret information received visually and through audio; e.g., words, numbers and other data broadcasted aloud/viewed on a screen, as well as print and other media
- Moderate sound as in business office with office machines, computers, and people traffic