The Conventional Underwriter evaluates residential loan applications, including credit, income, asset, appraisal and property documents to determine program eligibility and credit worthiness of consumer. Underwrites the loan according to company, agency and secondary market investor guidelines and provides credit decision on behalf of the organization.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Exhibit observable sense of urgency in the execution of all job functions and duties.
- Remain current on Government and Company underwriting guidelines/secondary market investor requirements, pricing policies, Fannie and Freddie regulations and ensure compliance therewith.
- Review, interpret and analyze loan applicants' credit histories, income and asset profiles, tax returns, financial statements, and other complex financial information to make quality decisions on loan requests.
- Utilize in-depth knowledge of requirements for underwriting conventional loans to review loan files and mitigate risk for the Company.
- Sign off on conditions as prescribed by established underwriting guidelines, Fannie and Freddie requirements and Chief Credit Officer.
- Analyzes situations where several alternative approaches exist, requiring the use of independent judgment within the established Underwriting policies and procedures.
- Review mortgage loan submission, income and asset documentation, credit reports and other documentation and verify accuracy of documents submitted.
- Conduct appraisal review.
- Perform all data entry functions related to underwriting into the loan origination system of record for the Company.
- Run DU/LP to ensure ratios match with LOS system of record.
- Record thorough documentation of loan status and other relevant information in loan origination system.
- If loan is unacceptable as structured, make alternative structuring recommendations to required parties.
- Respond to all incoming closing questions regarding conditions and/or specific file issues to ensure immediate resolution for the Closer.
- Ensure compliance to federal, state, and investor regulations and requirements.
- Maintain productivity as required by company standards and keep appropriate logs as required.
- Provide customer service to internal and external customers in accordance with levels and expectations consistent with Company standards.
- Work with other team members to ensure efficient work flow.
- Perform other duties as assigned.
ESSENTIAL KNOWLEDGE & SKILLS:
- Current knowledge of industry specific underwriting guidelines and procedures as well as federal, state and local regulations
- Knowledge of DU and LP underwriting systems.
- Knowledge of mortgage banking
- Analytical skills
- Detail oriented
- Highly organized
- Multi-tasking and prioritization skills necessary
- Ability to work in a fast paced environment under time constraints
- Ability to organize and coordinate projects
- Ability to adapt to change quickly
- Knowledge of Microsoft Office
- Excellent customer service skills
- Excellent communication skills both written and verbal
EDUCATION AND/OR EXPERIENCE:
- Bachelor's degree preferred
- At least five years of experience in underwriting conventional loan files
- Experience with Encompass 360 Loan Origination platform preferred
MACHINES, OFFICE EQUIPMENT & SOFTWARE:
- Proficient in MS Office Word, Outlook, and Excel
- Prior experience working with automated Loan Origination Systems and underwriting systems