Residential Loan Underwriter
The position will have a heavy focus on mortgage loan approval procedures and loan risk assessment – Verify income and employment information, review credit history, calculate collateral and assets, ensure property specifications and loan terms meet financial and bank regulations. Candidate must have 3-5 years’ experience in the mortgage business as an underwriter. You will work with the loan originator and/or production staff and is responsible for examining loan documentation for accuracy authenticity. Must be able to recommend approval or denial of credit applications, and provide written and verbal decision and documentation to support the lending decision.
- Perform a thorough analysis of loan files based on submitted loan documentation (credit, income, assets, appraisal, automated underwriting, and title search) for compliance with portfolio, investor standards and underwriting guidelines
- Manage individual pipeline for turn times and pending files, prioritizing as necessary.
- Proactively communicate with originators and staff of loan status and any file deficiencies.
- Make sound credit decisions according to bank’s policy
- Calculate qualifying ratios, determine creditworthiness; provide risk opinions
- Review appraisal reports to identify and resolve any discrepancies
- Issue statements of denial of credit specifying credit union guidelines and basis for declining application
- Underwriting and clearing conditions, efficiently handling underwriting work load
- Ensures that Loan Operating System (Encompass) is updated in all required areas on a regular basis.
- Performs other related duties as assigned or requested.
- 3 to 5 years of related experience required
- Strong analytical and problem-solving skills; ability to solve complex problems
- Knowledge must include: calculation and verification of income & assets, evaluation of credit reports, purchase contracts, appraisals, title commitments, and other loan pertinent documentation
- Ability to review self-employed, corporate, profit and loss as well as financial statements to ascertain the borrowers’ income.
- Knowledge and familiarity with current mortgage and compliance laws and regulations (i.e., RESPA, Reg. Z, Reg. B, ECOA, TRID rule, Fair lending)
- Self-motivated and high producer; ability to work independently and with minimal supervision.
- Ability to prioritize work and meet deadlines within an acceptable time frame.
- Strong written and oral communication skills, team player and ability to work as a team with the loan processor and supporting staff.
- Needs to be very proficient in Encompass
- NMLS Registry required
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