Underwrites residential mortgage loan applications to ensure compliance with credit union, regulation, and secondary market standards in order to maximize organizational profit and minimize risk or loss. Communicates with processors, lenders, and other internal and external customers.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
1. Reviews and analyzes individual residential mortgage loan requests to determine approval or denial.
2. Reviews financial statements, credit reports, ratios (i.e. Debt ratios, loan-to-value), appraisals, title reports and other relevant file documentation.
3. Validates income and employment information, and value of a borrower's collateral and assets.
4. Reviews submitted files to qualify for Fannie Mae, Freddie Mac, FHA, VA, and USDA (Rural Development) guidelines as per automated findings.
5. Reviews and evaluates information on mortgage loan documents to determine if conditions meet established investor standards.
6. Ensures that the property specifications and loan terms meet financial institution requirements and government regulations.
7. Ensures compliance with industry standards, state and federal laws and disclosure requirements.
8. Ensures that documents are consistent and uphold to company and industry guidelines.
9. Prepares formal reports of final underwriting decision.
10. Assists with re-negotiations of loans based on lending guidelines.
11. Communicates loan decisions to internal lenders, coordinators and/or processors.
12. Explains Fannie Mae/Freddie Mac, corporate, and investor guidelines to customers, loan processors, and sales associates.
13. Documents the reasons for approval or denial of the loan in the loan file.
14. Contacts customers and/or internal associates to gather information to make appropriate decisions and/or explain rationale behind credit decision.
15. Contributes to the fulfillment of department and company objectives and goals.
16. Performs additional job related duties as assigned.
Bachelor’s degree in related field or equivalent experience and training.
DE Certification preferred.
Strong understanding of financial institution lending in all areas of business to include Mortgage Lending.
Previous experience with Fannie Mae or Freddie Mac guidelines and procedures required.
Knowledge of and adherence to various mortgage lending regulatory requirements.
Two to Four years mortgage underwriting experience.
High level of communication and interpersonal abilities
Strong project management skills
Organizational and analytical skills
Knowledge of Microsoft Office Products & Working knowledge of automated systems used in loan underwriting.