SUMMARY: 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, FNMA and FHLMC underwriting 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 effectively communicate, 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 supervisor of external factors that may affect lending policies, such as new or revised legislation and regulations.
11. Make recommendations for and assist in implementation of appropriate changes to mortgage company policies and procedures. 12. Represent the mortgage company at mortgage related functions.
13. Assist Closing Operations Manager with underwriting exceptions received by investors and ensure that WMC is not re-priced due to underwriting errors. Update supervisor daily as to status of exceptions. EDUCATION and/or EXPERIENCE: Bachelor degree preferred but not required in finance or accounting and/or 1 to 3 years experience as a Loan Underwriter.
Knowledge of basic lending and underwriting policies and procedures, including guidelines issued by FNMA and FHLMC and 5-10 investor guides. Processing and underwriting knowledge of FHA VA loansCOMPUTER 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.Waterstone Mortgage Corporation is an Equal Opportunity Employer.
Waterstone Mortgage - 2 years ago