Underwriter II

Servion•New Brighton, MN

About The Position

This position completes underwriting reviews of residential first mortgages in accordance with HUD/VA Credit and Appraisal Guidelines and special investor overlays in a timely manner, ensuring compliance, quality and meeting closing schedules. This position counsels production and processing staff as related to current and proposed loan submissions. Contacts are primarily with outside partner credit unions and community banks.

Requirements

Current knowledge of and ability to apply mortgage industry and quality control standards, laws, and regulations.
Working knowledge of underwriting and quality control software.
Ability to work under stress; monitoring and reviewing details of loans and loan packages in a high-volume and fast paced environment.
Knowledge of Fannie Mae/DU and Freddie Mac/LP guidelines and automated underwriting systems
Ability to input data accurately and efficiently into computer software systems.
Ability to attend accurately to many details in a timely manner.
Maintain the confidentiality of all information processed.
Perform related duties as required.

Nice To Haves

Bachelor’s degree in business, finance, or a related field preferred but not required.
Entry level 3+ years in mortgage banking; Intermediate level 5+ years mortgage underwriting with FHA/VA; Sr level 7+ years mortgage underwriting with FHA/VA/USDA.
Intermediate level Direct Endorsement (DE); Sr level Staff Appraisal Reviewer (LAPP / SAR).

Responsibilities

Underwrite conventional purchase and refinance loans submissions in accordance with all handbooks, mortgage letters and investor guidelines.
Critically examine credit, income, asset documents and review title policy and appraisals.
Responsible for examining loan documentations for accuracy and completeness while working with loan originator or production staff to secure all required documents
Review appraisals, validate the estimated value, add required repairs in accordance with and issue the conditional/final approval
Complete all underwriting reviews in a timely manner, ensuring compliance and meeting the proposed closing schedules.
Respond to emails and phone calls from internal and external loan officers and loan processors.
Underwrite files to ensure secondary market salability (FNMA, FHLMC)
Calculate income from employment verification, paystubs, W2’s, tax returns, etc.
Determine eligible funds for closing/reserves from various asset documentation including bank verifications, bank statements, retirement account documentation, trust documents, etc.
Review purchase agreements for collateral acceptability.
Monitor daily workload and update loan status information in mortgage software (Encompass).
Prepares required reports as necessary.
Meet or exceed productivity standards.
Must be able to perform all responsibilities and functions listed for Level I with a high degree of efficiency and independence
Underwrite FHA or VA residential mortgage loans to federal, state, and investor guidelines
Underwrite government loans submissions in accordance with all handbooks, mortgage letters and investor guidelines
Approval by the Department of Housing as a Direct Endorsement Underwriter or Veterans Administration Staff Appraisal Reviewer and have the ability to sign loan approvals
Ability to underwrite all levels of government loan submissions and to independently make prudent lending decisions based on regulations and guidelines
Review government appraisals, validate the estimated value, add required repairs in accordance with Government Handbook instructions and issue the final Conditional Commitment.
Overall understanding of economic and real estate markets from the locations where loan production originates.