REAL ESTATE UNDERWRITER -Texas Mortgage Lending
This opportunity is flexible with remote work.
We are team Texas Mortgage Lending, a division of Credit Union of Texas, and we exist to deliver an unexpected experience. Our focus is on teaching our members to take control of their finances. To join team Texas Mortgage Lending, you must value Caring, Understanding, Teaching and eXceeding expectations at every interaction. We empower our employees to succeed. Most of all, you must be ready to have FUN!
Currently, we are seeking a Real Estate Underwriter who is responsible for underwriting conforming and non-conforming residential mortgage loans in compliance with secondary market requirements to include Fannie Mae, Freddie Mac and investor overlays.
Must be able to responsibly underwrite conventional real estate loan types to include home equity loan types with all applicable state and federal regulatory laws, investor guidelines, internal policy and guidelines, and mortgage insurance guidelines. Must be able to responsibly underwrite all home equity loan products ensuring they meet established guidelines to include secondary market requirements. Must be able to responsibly underwrite appraisals to validate loan collateral and ensure appraisal meets secondary market guidelines. Assist Sr. Underwriting staff by clearing conditions and reviewing conditions with processing staff. Maintains an in-depth knowledge of the Credit Union’s products and services as well as regulations and compliance issues both state and federal. Required to attend or participate in necessary compliance training, including but not limited to Bank Secrecy, OFAC and CIP/MIP. Adheres to Credit Unions service standards and Core Values.
Major Duties and Essential Functions
1. This position requires a thorough knowledge of residential mortgage underwriting, to include Fannie Mae and Freddie Mac guidelines. This will include a working knowledge of mortgage loan types, terms and standard forms and documentation. A strong understanding of mortgage lending compliance issues. A working knowledge of mortgage products available in the market place with a strong knowledge of current mortgage underwriting guidelines and regulations. Loans underwritten must be in compliance with all rules and regulations and be eligible for sale on the secondary market.
2. Perform underwrite of conventional real estate loan products as offered by the Credit Union. To include, but not limited to: conforming and non-conforming residential mortgage loans, fixed rate loans, adjustable rate loans, purchase money second lien loans, home equity loans and HELOC loans. Perform final underwrite and clear to close on conventional, home equity and portfolio loan products. Loans will be originated for purposes of holding in the Credit Union portfolio and selling to the secondary market.
3. All loans must meet agency guidelines including Credit Union and investor overlays. Ensure all loans are complete, compliant and accurate when issuing a loan approval. Ensure complete and accurate notation on all loan applications.
4. Review appraisals to validate collateral value, marketability and equity position as well as ensure the appraisal meets the secondary market guidelines.
5. Review required loan and decision documentation in accordance with secondary market underwriting requirements for income, assets, appraisal, mortgage insurance and related documentation.
6. Communicate and respond to members and staff in a timely manner regarding any deficiencies within loan files.
7. Maintain specialized knowledge of mortgage trends and developments to include but not limited to, internal changes, regulatory changes, insurance and secondary market changes. Maintain knowledge of secondary market activity and industry practices as they impact underwriting quality and origination activity.
8. Assist in the training of Real Estate team in secondary market requirements for underwriting, processing and use of mortgage systems.
9. Assist management and Sr Underwriter in the development of and maintenance of various lending reports, new lending programs and special projects as required.
10. Document loan with detailed notes for handoffs to processing and closing.
11. Learn and understand Encompass screens and fields.
12. Manage file through the milestones to meet closing date
13. Notify all parties when issues are identified.
14. Maintain a pipeline management system to keep up with file follow up.
15. Communicate accordingly. Answer phone or respond within 4 hours.
This position offers an excellent compensation and benefits package including: medical, dental, and vision insurance; life insurance and AD&D; 401(K); flexible spending accounts; health savings account and free and discounted credit union services. If interested in applying please visit our website at: www.cutx.org . Please note that all prospective candidates are subject to a credit check. Credit, if established, must be in good standing to be eligible for hire.
Requirements EDUCATION/EXPERIENCE Must have a high school or general equivalency degree (GED) with a minimum 5 years of mortgage loan Underwriting experience with certification to underwrite government FHA & VA loans including SAR. Texas Home Equity loan knowledge is preferred or any equivalent combination of experience and training.