Underwrites basic to moderately complex levels of mortgage loan applications and evaluates loans in order to maximize organizational profit and minimize risk or loss. Responsible for collateral evaluation for most property types including multi-family and condos. Well-versed in standard concepts, practices, and procedures of residential underwriting and is able to ensure that loan meets agency salability or insurability. Able to apply elements of manual underwriting but is primarily reliant on automated underwriting to make a sound credit decision. This level of underwriter is expected to accurately identify risk factors along with the presence of compensating factors that mitigate risk to the bank, adding supporting comments and documentation accordingly. Excellent quality is required, while working in a fast paced production environment. Employee may be required to work overtime based on business need.
Properly applies Flagstar, investor and compliance/regulatory guidelines while underwriting basic to moderately complex loan transactions. Places the proper conditions on a loan. Formulates clear, concise and actionable conditions. Ability to underwrite automated (AUS) loans while applying sound judgment on decisions that fall outside of the automated underwriting process.
Review and clear conditions based on Flagstar and investor guidelines within a designated time frame.
Provide professional and knowledgeable assistance and communication to customers and internal groups. Follow-up with customers in a timely and in an actionable format.
Assists underwriter level 1 and assistant underwriters with complex loan files, as needed.
Other duties may be assigned at the discretion of management.
Ensure compliance with applicable federal, state and local laws and regulations. Complete all required compliance training. Maintain knowledge of and adhere to Flagstar's internal compliance policies and procedures. Take responsibility to keep up to date with changing regulations and policies.
High School Diploma or GED equivalent is required.
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