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Lead Mortgage Wholesale Underwriter

Fremont Bank Livermore ,CA
  • Posted: May 30, 2020
  • Full-Time

Fremont Bank founded in 1964, is one of the oldest independently owned banks in the Bay Area and is one of the top rated mid-tier banks in the nation. Voted a Top Workplace for 2019 and for the past nine consecutive years, Fremont Bank has an immediate opening for a Lead Mortgage Wholesale Underwriter in Livermore, CA.

Position Overview

The Lead Mortgage Wholesale Underwriter is responsible for reviewing, conditioning, analyzing and issuing decisions on mortgage loans originated from the Wholesale Channel.  He / She is considered the subject matter expert in all facets of Underwriting. He / She will act as a mentor to the Mortgage Wholesale Underwriter and the Mortgage Wholesale Underwriter I. The Underwriter may participate in special projects as requested by management.  The Lead Mortgage Wholesale Underwriter determines and assesses borrower's creditworthiness and risk with sound analytics supported by file documentation. The Underwriter reviews documentation in accordance with investor, regulatory, and Bank policies and procedures. The Underwriter is responsible for managing the loans from RESPA through shipping.  The individual will be expected to provide superior client service to achieve financial objectives.  Files must be reviewed in adherence to Bank service level agreements and the Underwriter must consistently produce accurate and quality work

Role and Responsibilities

  • Train new employees
  • Work in a paperless environment
  • Navigate and update the information in the Lending Operating System
  • Facilitate customer-centric behaviors and a superior customer experience for both internal and external customers
  • Keep apprised of changes in Investor, Regulatory and Bank guidelines; integrating changes into daily processes
  • Demonstrate time management skills for pipeline management and review loan files within established service level agreements
  • Meet or exceed daily production quotas
  • Verifying accuracy and completeness of loan files
  • Work with various departments to address, resolve, and improve file quality
  • Order the appropriate services (i.e., appraisal, flood) for the loan file per Bank policy
  • Condition for documentation on loan files; review received documentation, and sign off conditions when appropriate documentation is received
  • Review, understand and analyze file documentation including Flood Certifications, credit reports, hazard insurance declarations, the Loan application (1003), purchase contract, and preliminary title reports
  • Review and thoroughly analyze appraisal reports including Single Family Residence, Multi family residence, Condominium, and PUDs
  • Identify Red Flags/Fraud Detection, mitigating risk
  • Experienced with LexisNexis, DataVerify Drive and FraudGuard or other automated quality control systems
  • Underwrite Condo Projects and issue necessary warranty
  • Anticipate potential issues and develop solutions
  • Analyze and calculate income based on documentation provided. Income types include but are not limited to self-employed, rental, salaried, bonus, overtime, commission, social security income, Pension income, IRA income
  • Strong knowledge of federal tax returns and self-employed income analysis based on FNMA 1084 form
  • Review all types of asset statements for complete and accurate data, and adherence to investor and Bank guidelines
  • Demonstrate proficiency in automated underwriting applications DU and LP, and ability to analyze results
  • Understand and apply Fannie Mae and Freddie Mac guidelines
  • Understand and apply Jumbo and Portfolio guidelines (qualified and non-qualified mortgages)
  • Develop and Issue loan decisions including Counter Offer scenarios, Approvals and Declines
  • Knowledge and ability to manually underwrite loans
  • Underwrite loans with affordable housing restrictions/BMR
  • Underwrite loans with community second financing
  • Provide feedback and training to underwriting staff including serving as mentor to the Mortgage Wholesale Underwriter and the Mortgage Wholesale Underwriter I, and assists with complex loan files as needed. Determines when new hires may be granted signing authority
  • Assists with the roll-out and training for new products, or policies and procedures
  • Extensive experience with layering risk and evaluation
  • Prepare exception submission requests with compensating factors. Present exceptions for approval to loan committees or investors as required
  • Cross-train with various channels and departments in Third-Party Origination, Consumer Lending and FHA
  • Prepare reports for management
  • Respond to e-mails and phone calls from internal and external customers within established service level agreements
  • Review QC findings and trends
  • Identify opportunities for improvement and take necessary steps
  • Be available to Production staff for interpretations and questions in general or for specific loan files
  • Other projects as assigned by management


Fremont Bank

Address

2580 Shea Center Dr.
Livermore, CA
94551 USA

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