Mortgage Underwriter

Waterstone Mortgage Careers•Brookfield, WI

About The Position

Join our team at Waterstone Mortgage as a Mortgage Underwriter where your expertise is valued and your contributions truly matter. In this role, you'll review and evaluate residential mortgage applications for 1–4 family first lien mortgages and lines of credit, helping our customers achieve their homeownership goals. If you’re passionate about ensuring loans meet guidelines while helping borrowers succeed, we’d love to welcome you aboard! ESSENTIAL DUTIES AND RESPONSIBILITIES: Review and evaluate residential mortgage applications and documentation to determine if borrower, property, and loan conditions meet investor, FNMA, FHLMC, and FHA or VA underwriting guidelines and render a loan decision ensuring completeness, accuracy and compliance. This includes but is not limited to full credit file submissions and pre-approvals. Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, Ability to Repay and risk mitigation. Calculate income and assets accurately and require sufficient documentation to support findings and decision. Follow AUS findings is a requirement with no exceptions. Adhere to overlays as dictated by the private investors, agencies and WMC. Make an underwriting decision on each loan file within determined underwriting service level agreements and effectively communicates all underwriting decisions to the appropriate parties. Effective communication with Loan Officer and/or Loan Processor/Partner to aid in resolving mortgage application conditions. Enter all underwriting conditions and all HMDA data specific to the underwriting decision into Encompass LOS system. Keep informed of current underwriting practices. Order PMI as per investor and program requirements through approved PMI companies. Make recommendations and assist in implementation of appropriate changes to WMC’s policies and procedures. Consistently meet or exceed established minimum productivity and quality goals. Stay within acceptable tolerance levels on pre-audit and post-closing findings and repurchases set forth by the underwriting parameters. Underwriters responsible for staying up to date with the product updates provided by WMC and all investor/agencies. ADDITIONAL DUTIES: Complete any additional duties assigned by management. Complete regulatory and compliance training, as required. Assist WMC employees and departments as needed.

Requirements

Ability to use and comprehend the findings from automated underwriting software (i.e. Desktop Underwriting and Loan Prospector) is required.
Current experience with conventional loans is required.
High School diploma or general education degree (GED) is required, college degree is preferred.
3-5 years’ experience as a Loan Underwriter is required.
Knowledge of basic lending and underwriting policies and procedures, including guidelines issued by FNMA, FHLMC and FHA or VA and investors is required.
Processing and underwriting knowledge of FHA loans is required.
Using excellent customer service skills which includes maintaining a good attitude, taking ownership of meeting customer needs, going above and beyond for customers, demonstrating a commitment to sharpening skills through education and training, using positive communication, and looking for opportunities to respect customers’ time and schedules is required.
Individuals in this position shall not engage in loan origination during the course of his/her employment with WMC. Loan origination is defined as (1) taking a residential mortgage loan application; or (2) offering or negotiating terms of a residential mortgage loan for compensation or gain; (3) advertising or communicating to the public that you can perform loan origination services.

Responsibilities

Review and evaluate residential mortgage applications and documentation to determine if borrower, property, and loan conditions meet investor, FNMA, FHLMC, and FHA or VA underwriting guidelines and render a loan decision ensuring completeness, accuracy and compliance.
Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, Ability to Repay and risk mitigation.
Calculate income and assets accurately and require sufficient documentation to support findings and decision.
Follow AUS findings is a requirement with no exceptions.
Adhere to overlays as dictated by the private investors, agencies and WMC.
Make an underwriting decision on each loan file within determined underwriting service level agreements and effectively communicates all underwriting decisions to the appropriate parties.
Effective communication with Loan Officer and/or Loan Processor/Partner to aid in resolving mortgage application conditions.
Enter all underwriting conditions and all HMDA data specific to the underwriting decision into Encompass LOS system.
Keep informed of current underwriting practices.
Order PMI as per investor and program requirements through approved PMI companies.
Make recommendations and assist in implementation of appropriate changes to WMC’s policies and procedures.
Consistently meet or exceed established minimum productivity and quality goals.
Stay within acceptable tolerance levels on pre-audit and post-closing findings and repurchases set forth by the underwriting parameters.
Underwriters responsible for staying up to date with the product updates provided by WMC and all investor/agencies.
Complete any additional duties assigned by management.
Complete regulatory and compliance training, as required.
Assist WMC employees and departments as needed.