Position Details: DE/LAPP Mortgage Underwriter, CHUMS required
The Underwriter is responsible for providing consistent, accurate, and quality loan decisions. This position is responsible for evaluating loans in order to maximize organizational profit and minimize risk or loss, and examines loan documentation for accuracy and completeness. The Underwriter will collaborate with loan originators, branch managers, and or production staff to secure all required documents. This position is re responsible for validating income, asset and collateral documents including self-employed tax returns.
If you are an experience Underwriter, with excellent COMMUNICATION skills, attention to DETAIL, and a desire to provide superior customer SERVICE, apply today!
- Evaluates loan applications for risks and various criteria such as investor requirements, accuracy, consistency and completeness.
- Review new loan files to ensure loan meets investor and program criteria, as well as minimum loan standards per month and turn times.
- Review transmittal & 1003 to make sure it is accurate and complete, compare to findings to verify that all information matches.
- Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed. Request updated mortgage history if needed.
- Calculate income using documentation required per investor, questioning any large changes in income.
- Review assets statements to compare to required assets. Require documentation and source for any recent large deposits.
- Review title to verify our borrower has ownership on a refinance transaction and that the seller has ownership for purchase transaction. Check that chain of title meets investor requirements. Verify there are no unpaid liens or judgements and that all mortgage liens being paid off through the transaction. Compare tax figures to 1003.
- Review appraisal to ensure the value is supported and that the appraiser has provided complete accurate appraisal. Order value review on loans considered high risk.
- Review file to make sure compliance has been met; regulatory, state compliance and federal (patriot act).
- Calculate net tangible benefit for those states that require this test
- Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty.
- Review final conditions turned in for Underwriting Final Approval within 24 hours.
- Review a minimum number of files per day of 6-8, to include new submissions, re-submissions & final conditions.
- Maintain current and fluid knowledge of investor and agency guidelines.
- Approves loan with proper documentation or recommends further action.
- Communicates effectively and engages proactively with loan originators, processors, branch managers, funders and post-closers in regards to loan decisions, assignment of loan conditions, investor guidelines/documentation requirements and possible loan scenarios.
- Applies knowledge of underwriting and pre-underwriting to best serve loan applicant and investor needs.
- Performs other related duties as assigned.
- Bachelor’s Degree or equivalent combination of education and experience
- 5+ years of recent Mortgage Underwriting Experience (FHA, VA and Conventional) with strong agency guideline knowledge.
- DE, SAR and LAPP certifications are required.
- Strong working knowledge of ATR/QM Requirements.
- LOS experience is a plus.
- Ability to work in a fast paced, fluid environment and be held to minimum production standards.
- High integrity and outstanding work ethic required.
- Strong computer skills; proficient in Microsoft Word, Excel and Outlook.
- Must have proficient written and verbal communication skills.
- Knowledge of compliance and disclosure requirements.
- Knowledge of closing, post-closing & quality control responsibilities.