Mortgage Equity Underwriter
About The Position
The Equity Underwriter evaluates and underwrites home equity loan (HEL) and home equity line of credit (HELOC) applications, ensuring compliance with lending policies, regulatory requirements, and risk management standards. The role assesses borrower risk, reviews financial and collateral documentation, makes sound credit decisions, and supports members throughout the lending process. The position is described as an open-ended contract and as a contract-to-hire role based out of Vienna, Virginia. It is hybrid in Vienna; the posting also says work may be hybrid or remote depending on location, and that the hybrid requirement does not apply to candidates who are not within 60 miles of a training facility. Training facilities are listed in Vienna and Winchester, Virginia; Pensacola, Florida; and Coppell, Texas. The stated schedule is 8:00 a.m. to 4:30 p.m. in the worker's respective time zone. Overtime may be available when there is a business need. No time off is allowed during the training period. The pay range is $24.00–$41.90 per hour. Individual compensation depends on factors including qualifications, skills, relevant experience, job knowledge, geographic location, and internal equity. The role requires prior underwriting experience; home equity underwriting experience is beneficial and may be trainable for candidates with underwriting experience. The client is described as an equal opportunity employer committed to an inclusive workplace and members' financial success.
Requirements
- Bachelor's degree in Finance, Business Administration, Economics, or a related field, or an equivalent combination of education and experience.
- At least 1 year of residential mortgage underwriting or home equity underwriting experience.
- Strong knowledge of consumer lending principles and credit risk assessment.
- Experience analyzing tax returns, W-2s, pay stubs, bank statements, and self-employed borrower documentation.
- Working knowledge of automated underwriting systems and mortgage underwriting guidelines.
- Understanding of Fannie Mae, Freddie Mac, FHA, VA, and portfolio lending concepts.
- Knowledge of federal and state lending regulations.
- Strong analytical, problem-solving, and decision-making skills.
- Excellent verbal and written communication skills.
- Ability to manage multiple priorities in a fast-paced environment.
- Proficiency with loan origination systems and Microsoft Office applications.
Nice To Haves
- At least 1 year of home equity or mortgage underwriting experience.
- Experience underwriting HELOC and HEL products within a financial institution or credit union.
- DE, SAR, VA LAPP, or other relevant underwriting certifications.
- Familiarity with automated valuation models (AVMs) and collateral risk assessment.
- Experience in a highly regulated financial services environment.
Responsibilities
- Review, analyze, and underwrite home equity loan and home equity line of credit applications according to company lending guidelines and regulatory requirements.
- Evaluate borrower creditworthiness using credit reports, income documentation, employment verification, assets, liabilities, and property information.
- Assess loan-to-value, combined loan-to-value, debt-to-income, and other risk metrics.
- Make independent lending decisions within delegated authority and recommend exceptions when appropriate.
- Ensure compliance with federal and state lending regulations, including Fair Lending, RESPA, TILA, ECOA, and HMDA requirements.
- Review appraisals, title reports, and collateral documentation to determine property eligibility.
- Clearly communicate underwriting decisions, conditions, and requirements to loan processors, loan officers, and other stakeholders.
- Identify and mitigate credit, operational, and fraud risks.
- Manage a high-volume pipeline while meeting quality, productivity, and service-level standards.
- Participate in audits, quality assurance reviews, and compliance examinations as required.
- Collaborate with cross-functional teams to improve processes and the member experience.
- Stay informed about industry trends, regulatory changes, and best practices in mortgage and home equity lending.
Benefits
- Medical, dental, and vision coverage, if eligible.
- Critical illness, accident, and hospital coverage, if eligible.
- 401(k) retirement plan with pre-tax and Roth post-tax contributions available, if eligible.
- Voluntary life and AD&D insurance for employees and dependents, if eligible.
- Short- and long-term disability coverage, if eligible.
- Health Spending Account (HSA), if eligible.
- Transportation benefits, if eligible.
- Employee Assistance Program, if eligible.
- Time off or leave, including PTO, vacation, or sick leave, if eligible and subject to applicable terms.
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What This Job Offers
Career Level
Mid Level
