Residential Lending Underwriter
Westerly CCU Wakefield, RI
- Expired: April 24, 2021. Applications are no longer accepted.
$1,000 Sign-on Bonus *Paid out after 90 days with a satisfactory review* POSITION PURPOSE To 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 DUTIES Assumes responsibility for accurately evaluating the credit worthiness of potential borrowers. Evaluates applicant's 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 applicant's 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 borrower's assets. Ensures that assets meet closing requirements, are derived from acceptable sources, and that acceptable levels of reserves will remain after closing. Reviews borrower's 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 commitment for borrowers. Resolves loan application problems. Assists Branch Staff or Mortgage Originator with addressing credit report problems, low appraisals, low salary levels, and high debt ratios.
Specific attention given to address discrepancies, fraud alerts and recent inquires. Reviews appraisal when received using WCCU appraisal review sheet for portfolio loans and Investor checklist for loans to be sold. Uploads appraisal to UCDP and ensure "successful submission" is obtained. Communicates loan approval and commitment conditions to borrower and provides attorney with "Clear to Close" instructions. Monitors pipeline for rate lock expirations and advises mortgage originator of any rate lock issues. Maintains and updates statuses in loan origination systems and keep updated notes. Assumes responsibility for reviewing appraisals and ensuring that determined values are well documented. Evaluates and assesses the collateral and capacity of real estate loans. Ensures that properties do not need repairs. Sets conditions for inspections if repairs are needed. Reviews comparables to ensure they meet the guidelines for adjustments. Reviews appraisals and ensures that risks are appropriate and meet all guidelines of the applicable loan type. Assumes responsibility for establishing and maintaining professional business relationships with staff, members and mortgage professionals. Resolves (or refers) requests and problems promptly and courteously.
Answers member loan questions. Keeps informed of Credit Union policies and procedures. Maintains collaborative working relationship with appraisers, attorney's paralegals, insurance professionals and like. Maintains and conveys the Credit Union's professional reputation. Assumes responsibility for establishing and maintaining effective coordination and communication with Credit Union personnel and with management. Assists and supports Loan personnel as needed. Completes reports and records promptly and accurately. Attends meetings as required. Keeps management informed of area activities and of any significant problems. Assumes responsibility for related duties as required or assigned. Performs miscellaneous clerical functions as needed. Ensures that work area is clean, secure, and well maintained. Completes special projects as assigned.
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