Mortgage Underwriter

Full Time

Madison-Davis

EXTERNAL ROLE

Description: Underwrites all Bank originated and Correspondent residential first mortgage loans to determine borrower’s willingness and ability to repay mortgage debt. Reviews loan files for accuracy, completeness and compliance with Bank policies and procedures, Secondary Market guidelines, and Federal and State regulations that may be applicable. Approve residential first mortgage loans within limit of authority. Underwrites loans exceeding lending authority and recommends for approval or denial. Reviews Federal disclosures to ensure accuracy and compliance with TILA RESPA (TRID) regulation and any state regulations that may be applicable.  Reviews and approves commitment conditions and clear file to close. Provides training and guidance to Mortgage Processors. Work closely with Account Executives to assist them with general underwriting scenario and guideline questions.

Job Duties:

  • Underwrites Residential First Mortgage loans to determine accuracy of supporting documents in the loan file and compliance with Bank’s policies and procedures, inclusive of ATR/QM guidelines, Secondary Market guidelines, and Federal and State regulations.
  • Evaluate and analyze income tax returns to establish qualifying income.
  • Reviews accuracy of all calculations related to the loan file and verifies system data integrity.
  • Review credit reports and establishes credit worthiness. Reviews appraisal report for accuracy and compliance.
  • Reviews and interprets DU/LP feedback.
  • Resubmits data to automated systems as applicable.
  • Approves loans within limit of authority.
  • Recommends loans exceeding lending authority for approval or denial. Interacts with correspondent lenders regarding approvals, denials or problem loans. Resolves any problems that may occur.
  • Maintains a current knowledge of Bank policies and procedures.
  • Keeps informed of current Secondary Market and ATR/QM requirements and guidelines.
  • Communicates any changes to the department manager.
  • Keeps up to date with all Federal and State regulations pertaining to residential first mortgage loans.
  • Analyzes data on loan applications and initial credit reports to determine eligibility of new mortgage applicants.
  • Reviews applications for completeness and adherence to Bank policies and procedures;
  • Secondary Market, and ATR/QM guidelines. Approves applications for processing, recommends applications to be denied or counter offers.
  • Works closely with the processing team to help ensure accurate submissions and completion of submitted files.
  • Performs due diligence for outside loan purchases.
  • Reviews Loan Estimate disclosures for accuracy and compliance with Federal and State regulations that may be applicable and approves for delivery.
  • Reviews and approves commitment conditions for originations and correspondent purchases and approves for closing.
  • Reviews HMDA data for accuracy and compliance.
  • Maintain productivity level and turn times as established by management.
  • Prioritizes the underwriting caseload to meet various deadlines for lock expirations and contract contingencies.

Job Requirements:

  • 2-4 Years with Bank in a position such as a Mortgage Processor or Mortgage Generalist;
  • A Bachelors degree is required;
  • Strong and accurate computer skills, including Word, Excel and Encompass LOS;
  • Excellent attention to details and strong figure aptitude;
  • Ability to work under pressure and meet deadlines;
  • Solid understanding of Freddie Mac, Fannie Mae guidelines
  • Proficient in automated underwriting systems, including LP,DU;
  • Creative problem solver with an understanding of compliance;
  • Able to deal effectively with, and provide good service to our customers and all levels of Bank personnel;
  • Strong written and verbal communication skills;
  • Excellent organization and multi-tasking abilities.
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