Mortgage Underwriter

Description SUMMARY: Under general supervision, but in accordance with established policies and procedures, is responsible for analyzing the credit worthiness of applicants. Loan files consisting of first and second mortgage lien products, conventional, jumbo, adjustable and 1-4 family investment properties. Based on lending authority, underwrites, and approves real estate loans. Presents loans to Manager or Chief Lending Officer for approvals exceeding authority levels. ESSENTIAL DUTIES AND RESPONSIBILITIES: Thorough knowledge of the Credit Union’s loan products, loan policies, procedures, interest rate changes, rate lock policies and state and federal regulations for residential lending as they apply to any particular product Reconcile income, appraisal value, credit history, or other discrepancies, determining and recommending the terms and conditions of the loan. Analyze borrower’s credit profile by reviewing credit reports, current liabilities, collections and outstanding judgments to determine credit worthiness of borrowers and calculate income and debt-to-income ratios Proficient at reading and interpreting automated underwriting decision results Reviews mortgage file after documentation has been received, requests further documentation as needed, and underwrites the file to arrive at a credit decision Approves loans up to lending authority. Recommend loans exceeding lending authority to designated staff with higher lending authority. Prepares the commitment letter, forwards to borrower for signature or MLO for routing to borrower. Prepare appropriate Memos to the loan Committee for denials or counter offers as outlined in the Credit Union’s lending policy. Status’ a file for missing documentation to be compliant with regulatory guidelines. Explain different financing and mortgage programs and products and their respective requirements to Borrowers if needed during the underwriting process. Analyzes the applicant’s financial posture to determine if it meets the Credit Union’s loan criteria. Reviews appraisals for other underwriters for accuracy and analyzes the valuation techniques utilized. Provide appraisal to borrower. Review the loan file for completeness and accuracy. Explain figures and charges to appropriate parties. Uploads documents as received into the LOS system(s), update status, label and place in designated efolders . Keeps up to date on secondary market guidelines, implementing required changes in workflow and underwriting process. Answers phone calls and emails from members and borrowers. Prepares file and documentation and submits to mortgage insurance companies for coverage approval. Prepares file and documentation for investors. Follows up on missing documentation as requested by the Secondary market investor. Update LOS with require data fields for export to investor. Credit enhancing the loan with Vendor, (if applicable). Underwrites subordination requests from other Financial Institutions. Underwrites modification requests for existing members Assists with updating the various mortgage department logs. Reviews file prior to closing. Ascertains that the file is complete and authorizes the attorney, or Loan Closer to close the loan. Requests and acquires additional documentation if necessary. Prepares clear to close instructions. Performs other duties as requested. In the absence of the Processors or Closers or when volume increases, may assist with the processing or closing of first and second mortgage loan products in the absence of the Processor / Closer or during high volume times. Disclaimer: The job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee. Duties, responsibilities and activities may change, or new ones may be assigned at any time with or without notice. SUPERVISORY RESPONSIBILITIES: NONE Requirements QUALIFICATIONS: A thorough understanding of the requirements of the Credit Union’s loan products. Analytical ability to conduct analysis of an applicant’s financial posture and recommend alternatives in cases where there is insufficient financial posture. Two to four years’ experience underwriting for the secondary market, FHLMC/FNMA, MHFA, VA, FHA, Jumbo Mortgages. Organizational and interpersonal skills to conduct effective evaluations EDUCATION: Bachelor's degree and a minimum of 5 years of experience in Residential or Consumer Lending; or an equivalent combination of education and experience. WORK ENVIRONMENT The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate. PHYSICAL DEMANDS: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle or feel, reach with hands and arms; and talk or hear. The employee is occasionally required to stand and walk. The employee must regularly lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision, peripheral vision, and ability to adjust focus. The pay range for this position is $30.00 - $35.00 per hour and is the lowest to highest salary we in good faith believe we would pay for this role at the time of this posting. The range may be modified in the future. An employee’s pay within the salary range will be based on several factors including, but not limited to, relevant education, qualifications, certifications, experience, sales or revenue-based metrics, and business or organizational needs and affordability. SCU Credit Union is an equal employment opportunity employer. #J-18808-Ljbffr