Residential/Consumer Loan Underwriter

Exchange Bank•Santa Rosa, CA

About The Position

Render credit decisions or recommendations based upon approved lending guidelines and lending limits. Maintain current working knowledge of all mortgage and consumer loan products. Ensure strict adherence to all lending compliance guidelines and regulations. Prioritize daily workflow pertaining to loan fundings, rate locks, new loans, etc. Communicate with Loan Processors, Mortgage Loan Consultants, and bank loan officers regarding conditions and loan status. Review initial credit file and issue Conditional Loan Approval Notice to Loan Processor, Loan Consultant, and loan officers. Seek Management approval when loan limit exceeds the underwriter’s authority. Calculate debt/income ratios by analyzing credit reports, personal and business tax returns, employment verifications, paystubs, divorce decrees and related data to determine “Ability to Repay” (ATR) and adherence to bank underwriting guidelines. Calculate Loan to Value ratio to determine adherence to bank underwriting guidelines for appropriate product and loan purpose. Review credit reports, letters of explanation (LOE), bankruptcy filings and any other documentation to assess the applicant’s prior repayment history. Evaluate bank statements, investment statements, assets and liabilities to determine adequacy of cash reserves and financial capacity in relation to loan request. Review collateral related documentation such as appraisals, title reports, sales contracts, environmental reports, flood zone certificates, hazard insurance coverage, inspection reports and other real estate related reports, to assess the merits of the collateral and assign any additional conditions. Write a concise summary memo to support the decision recommendation to approve, decline or counter-offer. Review loan disclosures and documentation to ensure accuracy and compliance with regulations; review rate lock request and issued rate lock confirmation to Loan Processor and Loan Consultant. Prepare final 1008. Issue Funding Conditions Notice to Loan Processor and Loan Consultant. Prepare the Closing Disclosure based on info. provided by the Loan Processor. Clear all applicable conditions of loan. Complete Notice of Action Taken form for declined loans after obtaining second review for decline decision and notify Loan Processor and Loan Consultant. Assist with internal and external audits as needed. Prioritize daily workflow to successfully meet service level agreements: self-assigning new loans by determining capacity for various product types, underwriting new loan requests, requesting necessary documentation needed for approvals, analyzing documentation, reviewing files for conditions related to documentation and funding status.

Requirements

Knowledge of bank application management and processing systems.
Thorough knowledge of loan documentation requirements.
Knowledge of state and federal consumer lending regulations.
Skills operating a personal computer including word processing, spreadsheet and presentation software.
Basic mathematical calculation skills.
Ability to analyze and thoroughly understand various types of financial statements, tax returns, and cash flow.
Ability to attend early morning and evening meetings.
Ability to work in a demanding and fast paced environment.
Bachelor's degree in finance or closely related field; or equivalent combination of education and experience AND at least (4) four years' experience in mortgage and consumer underwriting.

Nice To Haves

A background in loan processing is highly desirable.

Responsibilities

Render credit decisions or recommendations based upon approved lending guidelines and lending limits.
Maintain current working knowledge of all mortgage and consumer loan products.
Ensure strict adherence to all lending compliance guidelines and regulations.
Prioritize daily workflow pertaining to loan fundings, rate locks, new loans, etc.
Communicate with Loan Processors, Mortgage Loan Consultants, and bank loan officers regarding conditions and loan status.
Review initial credit file and issue Conditional Loan Approval Notice to Loan Processor, Loan Consultant, and loan officers.
Seek Management approval when loan limit exceeds the underwriter’s authority.
Calculate debt/income ratios by analyzing credit reports, personal and business tax returns, employment verifications, paystubs, divorce decrees and related data to determine “Ability to Repay” (ATR) and adherence to bank underwriting guidelines.
Calculate Loan to Value ratio to determine adherence to bank underwriting guidelines for appropriate product and loan purpose.
Review credit reports, letters of explanation (LOE), bankruptcy filings and any other documentation to assess the applicant’s prior repayment history.
Evaluate bank statements, investment statements, assets and liabilities to determine adequacy of cash reserves and financial capacity in relation to loan request.
Review collateral related documentation such as appraisals, title reports, sales contracts, environmental reports, flood zone certificates, hazard insurance coverage, inspection reports and other real estate related reports, to assess the merits of the collateral and assign any additional conditions.
Write a concise summary memo to support the decision recommendation to approve, decline or counter-offer.
Review loan disclosures and documentation to ensure accuracy and compliance with regulations; review rate lock request and issued rate lock confirmation to Loan Processor and Loan Consultant.
Prepare final 1008.
Issue Funding Conditions Notice to Loan Processor and Loan Consultant.
Prepare the Closing Disclosure based on info. provided by the Loan Processor.
Clear all applicable conditions of loan.
Complete Notice of Action Taken form for declined loans after obtaining second review for decline decision and notify Loan Processor and Loan Consultant.
Assist with internal and external audits as needed.
Prioritize daily workflow to successfully meet service level agreements: self-assigning new loans by determining capacity for various product types, underwriting new loan requests, requesting necessary documentation needed for approvals, analyzing documentation, reviewing files for conditions related to documentation and funding status.