Sr Mortgage Underwriter
America First Credit Union - Roy, UT

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Responsible for reviewing and underwriting mortgage loans. Identifies, analyzes, and evaluates loan risks and compensating factors, and ensures the marketability of closed loans and the safety of Credit Union assets. Approves, suspends, or denies loan applications. Ensures that loans are approved within the terms of the Credit Union's standards and procedures, regulatory underwriting guidelines, and FHA, VA, and other secondary market requirements. Provides support to Mortgage Department Personnel.


1. Assumes responsibility for reviewing appraisals and ensuring that determined values are well documented.

a. Evaluates and assesses the collateral and capacity of mortgage loans.

b. Ensures that properties do not need repairs. Sets conditions for inspections if repairs are needed.

c. Reviews comparables to ensure they meet the guidelines for adjustments.

d. Ensures that properties do not need repairs. Sets conditions for inspections if repairs are needed.

e. Reviews appraisals and ensures that risks are appropriate and meet all guidelines of the applicable loan type.

2. Assumes responsibility for accurately evaluating the credit worthiness of potential borrowers.

a. Evaluates applicant's employment history. Ensures that the probability of continued employment is good.

Verifies at least two years of employment history and ensures that all income used in qualifying is expected

to continue. Evaluates likelihood of job tenure. Assesses overtime, bonuses, and commissions used to qualify. Analyzes tax returns and balance sheets of self-employed applicants.

b. Evaluates the adequacy of the applicant's income and the probability that the member will be able to meet expected financial obligations. Assesses family support requirements. Compares previous housing expenses

with proposed expenses. Examines income trends and determines possibilities for increased income in future years.

c. Assesses potential borrower's assets. Ensures that assets meet closing requirements, are derived from

acceptable sources, and that acceptable levels of reserves will remain after closing.

d. Reviews borrower's credit. Reviews the manner in which obligations have been met and financial affairs

managed. Investigates derogatory credit. Ensures that all previous mortgage histories are rated and all debts

are appropriately listed and rated.

e. Orders private mortgage insurance in compliance with PMI guidelines.

f. Completes all underwriting functions in accordance with various program requirements, Credit Union

standards, and related legal and regulatory requirements.

g. Completes related documentation and reports. Maintains files and ensures their completeness.

h. Ensures that all lending conditions have been satisfactorily met prior to closing. Ensures the marketability of closed loans and the safety of Credit Union assets.

3. Assumes responsibility for establishing and maintaining effective communication and coordination with Credit Union personnel and with management.

  • Assists and supports Credit Union personnel as needed. Answers questions of Loan Officers, and Processors regarding policies and procedures.
  • b. Keeps management informed of area activities and of any significant problems.

    c. Attends and participates in meetings and committees as required.

    d. Completes required reports and records.

    4. Assumes responsibility for establishing and maintaining professional working relations with members and external lending professionals and governmental agencies.

    a. Answers questions and resolves problems.

    b. Conveys correct information regarding loan policies and procedures.

    c. Maintains the Credit Union's professional reputation.

    5. Assumes responsibility for related duties as required or assigned.

    a. Maintains and updates knowledge of underwriting requirements and policies, and investor guidelines.

    b. Stays informed of modifications and updates in Desktop and MortgageWare software applications.

    c. Completes special projects as assigned.

    d. Keeps work area clean, secure, and well maintained.

    e. Provides suggestions for improvements in underwriting policies and procedures.


    1. Mortgage loans are reviewed and approved in accordance with applicable legal, regulatory, and program requirementsand with established policies and procedures.

    2. Members' credit worthiness is thoroughly and accurately analyzed.

    3. Credit Union assets are protected, closed loans are marketable, and lending practices are safe and sound.

    4. Required documentation is complete and accurate.

    5. Professional business relations exist with members and external professionals. Assistance is provided as needed.

    6. Effective working relations and good communication exist with Credit Union personnel. Team Specialists are well trained.

    7. Management is appropriately informed of area activities. Reports are complete and timely.



    - High school graduate. Additional coursework in business or related field.

    Required Knowledge:

    - Knowledge of financial statements, credit reports, tax returns, and appraisals.

    - Full understanding of FHA, VA, and conventional underwriting requirements.

    - Knowledge of Credit Union lending programs, policies, procedures, and standards.

    - Able to use Mortgage Loan Operating System, FNMA Desktop Underwriter and Secondary guides, and related computer applications.

    Experience Required:

    - Five to ten years experience in mortgage processing and/or closing.


    - Excellent communication skills.

    - Sound credit judgment.

    - Strong math ability.

    - Good organizational skills and attentive to detail.

    - Able to operate required computer applications, typewriter, 10-key, and other basic business machines.

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