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Residential Lending Underwriter

Westerly CCU South Kingstown, RI

  • Expired: April 24, 2021. Applications are no longer accepted.

Responsibilities:POSITION PURPOSETo excel in the tasks specific to this essential role, as well as participate and help develop our WCCU Cares culture. You would be responsible for providing outstanding service to our members and to our internal staff (#TeamWCCU). Your actions will directly contribute to our goal of caring about our members, their financial needs, and our community.

This position receives, evaluates, and reviews loan applications for consumer, home equity and residential mortgages. Obtains and verifies necessary information and underwrites the file according to agency and WCCU guidelines. Obtains income and asset verifications according to agency and WCCU guidelines.

Monitors the mortgage loan pipeline and communicates conditions to the loan originator for efficient and timely processing of the loan file. Presents loan file for approval to department manager or Credit Committee if amount is over authorized lending limit. Real Estate closing documentation is...

prepared and sent to closing attorney. Assures the loan file has been properly documented and that all loan related regulations have been followed. Assists or refers members, as necessary.ESSENTIAL FUNCTIONS AND BASIC DUTIESAssumes responsibility for accurately evaluating the credit worthiness of potential borrowers.

Evaluates applicants employment history. Ensures that the probability of continued employment is good. Verifies at least two years of employment history.

Assesses overtime, bonuses, and commissions used to qualify. Analyzes tax returns and balance sheets of self-employed applicants. Evaluates the adequacy of the applicants income and the probability that the member will be able to meet expected financial obligations.

Assesses family support requirements. Compares previous housing expenses with proposed expenses. Assesses potential borrowers assets.

Ensures that assets meet closing requirements, are derived from acceptable sources, and that acceptable levels of reserves will remain after closing. Reviews borrowers credit. Reviews the way obligations have been met and financial affairs managed.

Investigates derogatory credit. Underwrites and approves loan if amount is within authorized lending limits Orders private mortgage insurance in compliance with PMI guidelines for Real Estate loans. Completes all underwriting functions in accordance with various program requirements, Credit Union standards, and related legal and regulatory requirements.

Completes related documentation. Maintains files and ensures their completeness. Ensures that all lending conditions have been satisfactorily met prior to closing.

Ensures the marketability of closed mortgage loans.Assumes responsibility for mortgage loan closings. Prepares appropriate documents for members in accordance with loan type programs. Calculates closing costs and verifies the Loan Estimate is sent to the borrowers and title holders within required timeframes.

Reviews all closing documents for completeness and accuracy including title reports and lock confirmations. Ensures compliance with underwriting conditions. Obtains and signs off closing conditions.

Coordinates closing documents and closing disclosure with Settlement Agent while keeping the Mortgage Loan Originator apprised of final numbers.Assumes responsibility for providing effective support for all phases of loan activities. Reviews new loan applications. Reviews information for completeness and accuracy.

Clarifies missing or questionable information. Follows up with Branch Staff or Mortgage Originator to coordinate responsibility for obtaining outstanding documentation/documents. Ensures that all necessary items are available for underwriting.

Tracks development of information to ensure compliance with underwriting guidelines. Resolves conditions of underwriting. Prepares WCCU loan approval for Loan Manager or Credit Committee review and approval if amount is outside of authorized lending limits, prepares and issues conditional loan

Westerly CCU

Address

South Kingstown, RI
USA

Industry

Finance and Insurance

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