US Mortgage Underwriter

NightOwl Consulting

About The Position

As a US Mortgage Underwriter, you play a critical role in the mortgage lending process by assessing the risk associated with granting loans to potential homebuyers. Your primary responsibility is to evaluate loan applications and ensure they meet the lender's guidelines and regulatory requirements. Your analytical skills, attention to detail, and ability to make sound judgments will be essential in determining the creditworthiness of applicants.

Requirements

5+ years of previous experience in mortgage underwriting.
Strong understanding of mortgage lending regulations, guidelines, and compliance requirements.
Excellent analytical skills with the ability to evaluate complex financial information.
Attention to detail and accuracy in reviewing loan applications and documentation.
Effective communication skills, both verbal and written, with the ability to interact professionally with internal and external stakeholders.
Proficiency in using underwriting software and mortgage industry tools.
Ability to work efficiently in a fast-paced environment while managing multiple priorities and meeting deadlines.
Income calculations, for example W2, bonus, commission, OT, Schedule C, Schedule E, 1120, 1120S, 1065
Comfortable with AUS findings
Income calculations for non-QM lenders: DSCR, Bank Statements, Asset Depletion, etc.

Nice To Haves

Bachelor's degree in finance, accounting, economics, or a related field preferred.

Responsibilities

Evaluate mortgage loan applications to determine the applicant's creditworthiness, income stability, and ability to repay the loan.
Review financial documents such as pay stubs, tax returns, bank statements, and credit reports to assess the applicant's financial situation accurately.
Verify the accuracy and completeness of all information provided in the loan application.
Analyze the risk associated with each loan application based on factors such as credit history, debt-to-income ratio, employment stability, and property appraisal.
Identify potential risks and assess the likelihood of default, ensuring compliance with lending regulations and internal policies.
Ensure that all mortgage loan applications adhere to regulatory requirements, including those set by government agencies such as Fannie Mae, Freddie Mac, FHA, and VA.
Interpret and apply lending guidelines, policies, and procedures to make informed decisions on loan approvals or rejections.
Communicate effectively with loan officers, processors, and other stakeholders to gather additional information, clarify discrepancies, or request documentation necessary for underwriting.
Provide clear and timely updates to loan originators and applicants regarding the status of their loan applications and any additional requirements.
Make informed decisions on whether to approve, deny, or conditionally approve mortgage loan applications based on thorough analysis and risk assessment.
Document reasons for approval or denial decisions and ensure accuracy and consistency in underwriting decisions.
Conduct quality assurance reviews to ensure the accuracy and integrity of underwriting decisions and documentation.
Identify areas for process improvement and contribute to the development of best practices within the underwriting department.