Job Description
Job Description
The function of the Mortgage Underwriter is to evaluate and determine the eligibility of loan applications. Responsibilities include analyzing and verifying loan applications, evaluating risks and making loan eligibility decisions for Conventional, FHA and VA loans.
A successful Mortgage Underwriter should be able to exercise sound judgment based on detailed analysis and ensure that all documentation is in compliance with the relevant regulations.
Duties and Responsibilities:
· Evaluate the credit package to ensure an investment quality loan product. Analyzes borrower’s credit capacity through in-depth review of income and asset documentation, including self-employed borrower income calculations. Calculates housing and debt ratios measuring applicant liquidity, asset concentrations and leverage.
· Analyze loan risk and specify loan conditions as necessary. Reviewing and clearing conditions.
· Review appraisal reports and ensure adequate collateral for the transaction.
· Make loan eligibility decisions and approving or rejecting applications.
· Reviews and approves third party reports/documents, including purchase contract/addendums, title report, escrow instructions, environmental report, and other legal documentation.
· Prepare reports on assessment fundings, documenting and effectively communicating reasons for the approval/rejection of loans.
· Ensure compliance with regulatory standards, company policies and investor guidelines.
· Check the accuracy of all calculations and update data in LOS to ensure data integrity in the AUS response.
· Work with team members (Processors, Closers and Loan Officers) to identify potential solutions/alternatives for difficult/denied loan files.
· Keep abreast of changes in guidelines to keep current with all requirements.
· Communicate, as required, with Underwriting Manager and advise of any underwriting problems or issues.
· Respond to Quality Control, Quality Assurance, and Post-Closing Audits and issues in a timely manner
· Preform other duties as assigned, including assisting other team member and management when needed.
Job Qualifications
- Minimum of 5 years underwriting experience in Conventional, Government, Jumbo loans.
· FHA Direct Endorsement/Chums authority, VA SAR/LAPP Designation preferred
· Thorough understanding of underwriting guidelines (Fannie Mae and Freddie Mac), policies
and procedures
· Must be self-motivated and have the ability to work with limited supervision
· Strong problem-solving ability
· Highly organized and able to prioritize.
- High mathematical aptitude.
- Detail-oriented with strong data analysis skills.
- Confidentiality required in handling of private data.
- Experience with Encompass LOS is preferred.
- Proficient in Microsoft Office and automated underwriting systems DU, LPA, GUS
· Excellent interpersonal, written and oral communications skills
Mortgage Underwriter with, FHA Direct Endorsement/Chums authority, VA SAR/LAPP Designation preferred