Underwriter I

Municipal Credit Union•New York, NY

8h•Remote

About The Position

Overview: The Underwriter I will be responsible for underwriting secondary market eligible portfolio first mortgage and home equity loans in accordance with Credit Union and investor guidelines. The position requires that the candidate have requisite experience and skills to independently evaluate and analyze loan application information.

Requirements

High school diploma or equivalent required; 5 years’ experience or Associate’s degree, plus 4 years of relative experience or 7 years performing real estate loan servicing functions in a medium to large sized organization.
Ability to work in a fast-paced environment while interacting with loan officers, loan processors and management.
Ability to demonstrate knowledge of real estate lending practices including federal and state regulations as well as related real estate loan documentation.
Strong PC skills, with intermediate knowledge of Microsoft Word, Excel and PowerPoint.
Strong knowledge of institutional guidelines and the ability to analyze data and make appropriate on the spot decisions.
Full knowledge and understanding of RESPA, Regulation Z, CFPB, HMDA, TILA, ECOA, FCRA, Fair Lending, title insurance, title reports, notes, real estate lending, and related documentation.
Thorough knowledge of Fannie Mae, and secondary market guidelines.
Excellent problem-solving skills.
Strong written and verbal communication skills.
Ability to effectively prioritize tasks and meet deadlines.
Must be flexible and adaptable in a changing environment.
Ability to work overtime when required.
Self-motivated, ability to communicate within a team to
Ability to perform in a high-volume environment and meet deadlines while maintaining exceptional attention to detail.
Technologically proficient.

Responsibilities

Underwrite primarily Municipal Credit Union portfolio loans, agency loans, and Home Equity loans.
Review and evaluate loan documents to ensure accuracy, completeness, and compliance with company standards, as well as any applicable federal, state-specific and or local regulations, ordinances, etc.
Analyze pre-approvals, purchase, refinance and home equity/HELOC transactions while maintaining accuracy and quality of loan documentation.
Demonstrate effective pipeline management, including turn-times with management expectation.
Ability to successfully maintain productivity, achieve goals, and uphold quality standards while working in a remote environment.
Ability to review scenarios and develop alternative solutions.
Review residential mortgage and home equity applications including transaction type, occupancy, property, HMDA information to identify all sections are complete and accurate and meet program guidelines.
Required to calculate and analyze loan-to-value ratios, debt-to-income ratios by verifying credit, employment, income, assets, reserves, subject property info, properties owned, and funds needed to close. Determine borrower’s ability to repay is within safe harbor standards.
Ability to calculate various income sources including salaried/hourly employment, self-employment, retirement and rental income.
Evaluate borrower’s credit profile and assess risk in accordance with current and historical delinquency standards.
Review title work to ensure borrower, Credit Union and transaction information are accurate, as well as, assessing liens to be paid off and that clear title is passed.
Analyze condominium and co-op documentation to assess stability of projects.
Identify red flags and request supporting documentation to identify potential fraud or misrepresentation. Utilize system and tools to evaluate potential risks
Review appraisals to ensure that loans meet secondary market, investor, and Credit Union guidelines.
Work with Loan Processors and Loan Officers in identifying any additional information and/or documentation necessary to finalize incomplete loan packages.
Determine documentation or information needed to render a loan decision; request additional documentation or information accordingly, by adding the necessary conditions in the loan origination system and commitment letters.
Review and verify AUS Findings for accuracy and/or options/recommendations for suitable loan programs or counteroffers.
Stay abreast of current regulations and industry trends that affect compliance, decision-making and secondary market guidelines.
Prepare applications to be submitted to PMI (Private Mortgage Insurance) providers.
Generate and review related disclosures, notices and commitment letters.
Evaluate applications for exception review, counter offers and/or denials.
Use resources to trouble shoot and/or investigate issues.
Effectively communicate with sales, operation and quality assurance colleagues and borrowers, as required.
Review and respond to audit findings.
Generate and submit required reporting
Develop and help lead team training.
Participate in system testing.
Perform other duties as assigned within mortgage and home equity.