This is a temp position in response to an increase in production that has the possibility of becoming a full time hire.
Responsible for the timely and accurate underwriting of mortgage loans. Maintain effective communication with member(s), mortgage loan consultant(s), loan processor(s) and funder(s). Review files for completeness and identify critical missing information. Evaluates the degree and seriousness of data discrepancies to ensure loan meets guidelines. Validates automated underwriting (DU/LPA/Total Scorecard) findings to ensure accurate input of loan data and that the loan meets Agency guidelines. Underwrite application in accordance to Fannie Mae, Freddie Mac, FHA, organization's Portfolio and Home Equity underwriting policies/guidelines.
Productivity Expectations: Underwrite 2 – 3 Loans Daily
- Through understanding of manual underwriting fundamentals and able to implement changing overlays to ensure quality files meet investor, Fannie Mae, Freddie Mac, and FHA guidelines.
- Knowledge of Fannie Mae, Freddie Mac, FHA, company portfolio and Home Equity underwriting and guidelines.
- Knowledge of regulatory compliance guidelines.
- Based upon the type of loan requested: verifies income, verifies assets including down payment sources and cash reserves, property value (appraisals), credit reports, preliminary title reports, escrow instructions, and/or purchase agreements to ensure every document satisfies company and Agency underwriting criteria and guidelines.
- Ensure documents are reviewed and analyzed quickly to determine if additional information would be needed.
- Complete all Loan Origination System Path requirements.
- Works directly with Loan Processors, Funders and Mortgage Loan Consultants
- Provides training and mentoring as necessary
- Identify and take appropriate actions to mitigate quality control concerns
- Render credit decisions that benefit member needs and credit union security.
EDUCATION and/or EXPERIENCE:
- Minimum five years of Real Estate Lending Underwriting responsibility and authority.
- Minimum six months to one year of equivalent hands on FHA training; or proven aptitude of FHA guidelines.
- Knowledge of State and Federal Real Estate lending compliance and regulations.
- Ability to evaluate strategies, prioritize activities and make effective use of resources.
- Excellent analytical and decision-making aptitude. Strong verbal and written communication aptitude. Strong negotiation skills.
- Thorough knowledge of complex personal and business financial analysis and an expertise in tax return and balance sheet analysis.
- Ability to listen effectively, present ideas clearly, concisely and in an organized and interesting manner.
- Ability to use PC in a windows environment, basic word processing and spreadsheet functions.
- Ability to think creatively. Basic Business Math and business writing.