Mortgage Loan Underwriter Description

The Mortgage Loan Underwriter is responsible for providing quality and consistent underwriting of mortgage loans, focusing on more simple loans, to ensure compliance with appropriate company standards. Responsible for ascertaining the needs of borrowers and assisting them in selecting the appropriate loan type which best matches their long-term objectives, and ensuring compliance with FHLMC/FHA/VA/FNMA guidelines. Also assesses the potential risk of loan applicants, including current and past credit and job history, ensures that all mortgage applications are complete, accurate, and fall within acceptable guidelines, and attains direct endorsement approvals. Provides high quality customer service, including underwriting in a competitive time frame.

ACCOUNTABILITIES

• Underwrites loan files for designated processing center through a review process of analyzing and evaluating income, assets, liabilities, and property, while maintaining designated time frames. Assimilates new government regulations and applies this knowledge to improve and maintain quality and consistent underwriting. Reviews self-employed, corporate and partnership tax returns, profit and loss, as well as financial statements to ascertain borrowers' income.
• Provides verbal and written letters of commitment for each loan decision detailing required documentation, loan interest rate, as well as the fees and mortgage amount approved. These letters are sent to loan originators, the borrowers, and realtors.
• Provides customized underwriting services to the Marketing Department for specific investors.
• Works with the loan originators and processors to create solutions for problems that arise during processing.
• Assists in the development and training of loan production personnel, loan closers, and set-up employees.
• Secures relevant information and documentation needed to render lending decisions on SIDs, PUDs, and HOAs. Seeks formal legal opinions if needed.
• Reviews and corrects potential problems in loan processing files (credit history, nonconforming appraisals, files not adhering to guidelines, etc.).
• Gathers information in order to solve problems and make decisions through phone contact to managers, loan originators, government agencies, realtors, and borrowers.
• Uses background experience and knowledge of guidelines and personal judgment to make loan decisions which exceed guidelines when warranted.
• Performs other duties as assigned.

Required Education Or Equivalent Experience

• High school diploma with some college coursework preferred

Preferred Education Or Equivalent Experience

• Bachelor's degree in Business Administration or related area or equivalent combination of education and experience

Required Experience

• Four to five years of experience in the banking/financial industry
• Two to three years of experience in conventional mortgage credit processing and underwriting
• One year of actual appraisal experience or formalized training from Institute classes (MAI) Society of Real Estate appraisals and/or MBA classes and/or OJT underwriting

Field Of Experience

• Basic knowledge of mortgage credit processing and underwriting
• Basic knowledge of loan documents and real estate terminology, FHLMC/FHA/VA.FNMA guidelines and portfolio lending practices, and State and Federal agency policies and procedures
• Knowledge of Bank's lending policies and procedures
• Any software knowledge required or preferred

Administrative/Technical Skills

• Ability to solve problems and resolve conflicts and handle difficult situations
• Ability to develop supervisory skills
• Ability to develop knowledge of new lending areas
• Bank product and service knowledge
• Customer service skills
• Financial analytical skills
• Personal computer skills
• Planning and organizational skills
• Training and development skills
• Verbal and written communication skills