Residential Mortgage Underwriter

SCU Credit Union•Brockton, MA

just now•$30 - $35•Onsite

About The Position

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.

Requirements

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

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.