The Senior Mortgage Underwriter is responsible for analyzing, reviewing and evaluating consumer home loan applications using the internal Underwriting Standards, as well as general Fannie Mae and other investors' underwriting guidelines, to determine creditworthiness of the applicant as well as the supporting documentation to assess Borrower's creditworthiness. Types of mortgage loan applications include, but are not limited to Conventional, Jumbo, and Home Equity residential mortgages. Must be able to recommend approval or denial of credit applications, and provide written and verbal decision and documentation to support the lending decision. Operates in compliance with all applicable laws and regulations, including but not limited to Reg B (ECOA), Reg C, Reg X, Reg Z and all Dodd Frank related regulations.
Duties and Responsibilities
- Receives and reviews loan files for sufficient documentation to make an informed loan decision based on the product description and standard underwriting guidelines. If there is insufficient information, requests the required information or documentation from the processor, originator, or customer. Complete a thorough analysis of the loan package to determine compliance with company and/or investor requirements. Utilize expertise in reviewing self-employed loan applicants for income analysis for all organization loan types. Evaluate all information for accuracy in the Underwriting Notebook and correct as necessary based on the loan decision. Collaborate with other mortgage underwriters on loan exceptions, complex loans, and quick turn loans. Provide second review for all adverse action loans and second signature for future primary loans (investments or second homes).
- Manage and monitor pipeline of deals in all underwriting stages. Provides effective and timely communication with the Real Estate department and provide any industry updates including Fannie Mae changes.
- Work with management to develop new products, guidelines, and/or to complete special projects. Assist in maintaining Real Estate Department's product guidelines, policies and procedures, and ensuring all are current.
- Respond directly to quality control reviews, internal and external audits, individual audits, investors, or third-party audits, such as Mortgage Insurance. Works with the Quality Control /Compliance Department and Internal Audit to address any findings.
- Provides documentation in the file if a policy, procedure, or guideline exception is made stating the type of exception and any compensating factors to support the decision. Prepares and signs all conditional and final approval letters including second underwriting/signature. Maintain compliance with all company policies and procedures, application laws and regulations, including but not limited to the Bank Secrecy Act, and the Office of Foreign Assets Control.
Knowledge and SkillsExperience
Ten years of similar or related experience with no more than five years in preparatory positions.
A college degree.
The ability to motivate or influence internal or external senior level professionals is a critical part of the job, requiring a significant level of influence and trust. Obtaining cooperation and agreement on important outcomes via frequently complex, senior level dialogues, as well as a professional level of written communication skills are essential to the position.
Must be capable of managing and interpreting a width of information including but not limited to: the organization's current mortgage loan interest rates, commitment/rate lock/relock fee procedures, consumer loan products/rates/guidelines that are used in conjunction with Mortgage Lending including second mortgage products, land loans, etc. Must have underwriting experience using loan origination software.
Perform primarily sedentary work with limited physical exertion and occasional lifting of up to 10 lbs. Must be capable of climbing / descending stairs in an emergency situation. Must be able to operate routine office equipment including telephone, copier, facsimile, and calculator. Must be able to routinely perform work on the computer for an average of 6-8 hours per day, when necessary. Must be able to work extended hours whenever required or requested by management. Must be capable of regular, reliable and timely attendance.
Must be able to routinely perform work indoors in climate-controlled shared work areas with minimal noise.
Mental and/or Emotional Requirements
Must be able to perform job functions independently or with limited supervision and work effectively either on own or as part of a team. Must be able to read and carry out various written instructions and follow oral instructions. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines / requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising the highest level of discretion on both internal and external confidential matters.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c)