Underwriting and evaluating residential mortgage applications originated by mortgage lending retail division. Recommends approval of customer applications for residential 1-4 family first lien mortgages and/or extensions and lines of credit.
ESSENTIAL DUTIES AND RESPONSIBILITIES: include the following. Other duties may be assigned.
1.Review and evaluate information on mortgage loan documents to determine if buyer, property, and loan conditions meet investor, Fannie Mae, Freddie Mac, FHA, VA or Private Investor guidelines. This includes but is not limited to full credit file submissions and pre-approvals.
2.Make an underwriting decision on each loan within determined underwriting turn times and effective communicates both verbally and in written form the underwriting decision.
3.Confer with Loan Officer and or Loan Processor to aid in resolving mortgage application conditions.
4.Communicate with outside mortgage firms, financial institution mortgage loan officers and customers of financial institutions to underwrite files properly.
5.Enter all underwriting conditions into Encompass LOS system and all HMDA data specific to underwriting decision.
6.Keep informed of current underwriting practices.
7.Responsible for response of audits of loan files underwritten by them prior to and after funding is obtained.
8.Prepare records and reports as requested regarding loan file activity.
9.Order PMI as per investor and program requirements through approved PMI companies.
10.Advise U/W Supervisor of external factors that may affect lending policies, such as new or revised legislation and regulations. Recommends and assists in implementation of appropriate changes to mortgage company’s policies and procedures.
11.Represent the mortgage company at mortgage related functions.
12.Assist Closing & Operations Manager with underwriting exceptions received by investors and ensure that WMC is not re-priced due to underwriting errors. Supervisor to be updated daily as to status of exceptions.
13.Assist Underwriting Supervisor as requested and fills in when out of office.
ADDITIONAL DUTIES AS ASSIGNED:
Assists Manager and department as needed.
Individuals in this position shall not engage in loan origination during the course of his/her employment with WMC. Loan origination is defined as (1) taking a residential mortgage loan application; or (2) offering or negotiating terms of a residential mortgage loan for compensation or gain.
SUPERVISORY RESPONSIBILITIES: None.
QUALIFICATIONS: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Additionally, all regulatory requirements and procedures must be strictly adhered to; if violated, disciplinary action will occur. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION and/or EXPERIENCE: Bachelor degree in finance or accounting and/or 3 to 5 years experience as a Loan Underwriter. Knowledge of basic lending and underwriting policies and procedures, including guidelines issued by FNMA and FHLMC and multiple investor guides. FHA DE and LAPP approval.
LANGUAGE SKILLS: Good grammar and diction. Ability to read and comprehend simple instructions, short correspondence, and memos. Ability to write simple correspondence. Ability to effectively present information in one-on-one and small group situations to customers, clients, and other employees of the organization.
MATHEMATICAL SKILLS: Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. Ability to compute rate, ratio, and percent. Ability to interpret individual and business/corporate tax returns and P-L statements. Superior analytical thinking and mathematical skills.
COMPUTER SKILLS: Ability to use and comprehend the findings from automated underwriting software (i.e. Desktop Underwriting and Loan Prospector). E-Magic and PMI companies ordering systems. FHA & VA gty system knowledge and experience.
REASONING ABILITY: Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.
CERTIFICATES, LICENSES, REGISTRATIONS: None
OTHER SKILLS AND ABILITIES: Excellent customer service skills, excellent communication skills, and ability to pay attention to detail.
PHYSICAL DEMANDS: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to stand; use hands to finger, handle, or feel; and talk or hear. The employee frequently is required to reach with hands and arms. The employee is occasionally required to walk; sit; and stoop, kneel or crouch. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, color vision, and ability to adjust focus.
WORK ENVIRONMENT: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The work environment is a professional office environment where a conservative business dress code is in effect. The noise level in the work environment is usually moderate.