Home Loan Underwriting Officer

First Citizens Bank (Iowa)•Charles City, IA

About The Position

Under limited direction, examines, analyzes and evaluates mortgage loan applications, corresponding documents, records and other relevant data to determine loan quality and conformity with internal lending specifications and government regulations. This includes an analysis of debt and loan-to-value ratios, credit scores, property values and other data. Works closely with lending personnel and customers to assist in qualifying loans during the approval process. Approves or rejects residential loan applications within limits of authority and clearly communicates the reasons for decisions to lending personnel and customers.

Requirements

Bachelor degree in business/finance or related field or equivalent experience.
Bank lending experience preferred.
Basic understanding business banking principles.
Skill in performing basic mathematical principles.
Written and oral communication skills including the ability to make presentations.
Computer literacy including the knowledge of the basic layout and functions of a computer keyboard.
Understanding of basic word processing and spreadsheet applications.
Knowledge of and ability to cross-sell FCB products and services to customers-such as the ability to identify customers’ needs, communicate services, explain advantages, and close sales activity.
Interpersonal skills for working with the public and interacting with co-workers, presenting a professional image of the bank, and servicing prospective and current customer inquiries, requests, and complaints.

Responsibilities

Performs full review of mortgage loans in accordance with underwriting guidelines ensuring secondary market salability, investor salability, or recommending in-house portfolio financing.
Compute debt-to-income ratios
Compute loan-to-value ratios
Complete credit approval checklist, URAR appraisal review
Updates application
Update transmittal summary
Underwrites loan requests as the files are received.
Underwrites loan to conform with regulatory guidelines and loan product guidelines.
Prepares appropriate documentation pertaining to lending decisions.
Discusses lending decisions with originator and/or customer.
Reviews and recommends the approval of loans with loan amounts exceeding lending authority.
Determines and assigns the Private Mortgage insurance Company to a file requiring private mortgage insurance and ensures that file meets the company’s guidelines and coverage is sufficient to meet the minimum of the bank’s requirement for coverage.
Remains current on FHLMC, PMI, Investor, FMHA, USDA, FHA, VA requirements and industry trends.
Reviews and responds to management regarding quality control exceptions on a monthly basis.
Answers and resolves routine and non-routine inquiries and problems regarding applications and underwriting procedures from production personnel, originators, and customers.
Underwrites more complex files (i.e., self-employed borrowers, high LTV, investment properties).
Interprets and converts to policy all investor/secondary market/PMI guideline changes.
Analyzes financial information and references for the approval of builders, appraisers and condo/PUD projects.
Assists in research for preparation of manuals, memos, comparison charts, and other projects as assigned by supervisor.
Assists in loan closings with review of commitment conditions prior to closing.
Notifies customers with derogatory credit of the appropriate credit bureau to contact for assistance.
Becomes an approved Delegated Underwriter for Private Mortgage Insurance.
Registers annually with the National Registry Service providing the required information and authorization to bank management to complete fingerprinting and a background check, according to the requirements of the SAFE Act for all Mortgage Loan Originators (MLO).
Complies with the spirit and intent of this regulation by providing the resulting identifying number on all bank correspondence, loan documents, and communications with mortgage loan applicants.
Assumes additional responsibilities as directed.
Expands bank’s customer base, increases the bank’s visibility and enhances new business opportunities by prospecting potential customers, participating in the officer call program, fostering business relationships with realtors, and participating in community affairs.
Cross-sells bank products by answering inquiries; informing customers of new services and product promotions; ascertaining customers’ needs; directing customers to a branch representative.
Maintains customer confidence and protects bank operations by keeping information confidential.
Contributes to team effort, working with other bank officers, to accomplish related results related to the goals of the bank.
Participates in civic and community activities to generate visibility and contact for the bank.
Maintains professional and technical knowledge by attending educational workshops, reviewing professional publications, establishing personal networks, and participating in professional societies.
Attends mandatory compliance and security sessions.
Monitors daily work for adherence to compliance and security regulations, policies/procedures, and promptly corrects any deficiencies.