TITLE: Underwriter
AKA: NA
BUSINESS UNIT: Mortgage / Underwriting
CLASSIFICATION: Fulltime, Non-Exempt
REPORTS TO: Underwriting Manager
SUMMARY:
This position completes underwriting reviews in accordance with HUD/VA Credit and Appraisal Guidelines and special investor overlays in a timely manner, ensuring compliance, quality and meeting closing schedules. This position counsels production and processing staff as related to current and proposed loan submissions.
Contacts are primarily with outside partner credit unions and community banks.
REQUIRED QUALIFICATIONS:
Education: Bachelor’s degree in business, finance, or a related field preferred but not required.
Experience: Entry level 3+ years in mortgage banking; Intermediate level 5+ years mortgage underwriting with FHA/VA; Sr level 7+ years mortgage underwriting with FHA/VA/USDA.
Licenses/Certifications: Intermediate level Direct Endorsement (DE); Sr level Staff Appraisal Reviewer (LAPP / SAR).
KEY PERFORMANCE MEASURES:
Underwriters are measured on:
• Number of file “touches” per month as defined by the Underwriting Manager
• Number of files Conditional Approved daily, weekly and monthly
• Number of files Approved daily, weekly and monthly
• A required 24 hour turn time on all file resubmissions
ESSENTIAL RESPONSIBILITIES & DUTIES:
Entry Level – Level I
• Underwrite conventional purchase and refinance loans submissions in accordance with all handbooks, mortgage letters and investor guidelines. Critically examine credit, income, asset documents and review title policy and appraisals.
• Responsible for examining loan documentations for accuracy and completeness while working with loan originator or production staff to secure all required documents
• Review appraisals, validate the estimated value, add required repairs in accordance with and issue the conditional/final approval
• Complete all underwriting reviews in a timely manner, ensuring compliance and meeting the proposed closing schedules
• Knowledge of Fannie Mae/DU and Freddie Mac/LP guidelines and automated underwriting systems
• Respond to emails and phone calls from internal and external loan officers and loan processors.
• Underwrite files to ensure secondary market salability (FNMA, FHLMC)
• Calculate income from employment verification, paystubs, W2’s, tax returns, etc.
• Determine eligible funds for closing/reserves from various asset documentation including bank verifications, bank statements, retirement account documentation, trust documents, etc.
• Review purchase agreements, for collateral acceptability.
• Monitor daily workload and update loan status information in mortgage software (Encompass).
• Prepares required reports as necessary.
• Meet or exceed productivity standards.
Intermediate – Level II
• Must be able to perform all responsibilities and functions listed for Level I with a high degree of efficiency and independence
• Underwrite FHA or VA residential mortgage loans to federal, state, and investor guidelines
• 5 years of recent underwriting experience required.
• Underwrite government loans submissions in accordance with all handbooks, mortgage letters and investor guidelines
• Approval by the Department of Housing as a Direct Endorsement Underwriter or Veterans Administration Staff Appraisal Reviewer and have the ability to sign loan approvals
• Ability to underwrite all levels of government loan submissions and to independently make prudent lending decisions based on regulations and guidelines
• Review government appraisals, validate the estimated value, add required repairs in accordance with Government Handbook instructions and issue the final Conditional Commitment.
• Overall understanding of economic and real estate markets from the locations where loan production originates.
Senior – Level III
• Must be able to perform all responsibilities and functions listed for Levels I & II with a high degree of efficiency and independence
• Underwrite FHA/VA/USDA mortgage loans
ESSENTIAL DUTIES, KNOWLEDGE, SKILLS, ABILITIES:
• Current knowledge of and ability to apply mortgage industry and quality control standards, laws, and regulations.
• Working knowledge of underwriting and quality control software.
• Ability to work under stress; monitoring and reviewing details of loans and loan packages in a high-volume and fast paced environment.
• Ability to input data accurately and efficiently into computer software systems.
• Ability to attend accurately to many details in a timely manner.
• Maintain the confidentiality of all information processed.
• Perform related duties as required.
This position description should not be construed to imply that any of the duties, responsibilities, or requirements outlined herein is exclusive. Employees are expected to execute any other additional assignments that may be specified. Furthermore, this position description does not represent a complete list of all the performance expectations and characteristics of individuals required to perform a job accurately. The company’s management reserves the right to change this description from time to time as may be required.
