Senior Mortgage Loan Underwriter
Posted on Jul 30, 2020 by NIH Federal Credit Union
This position is flexible with work schedule, It can be 100% Remote or flexible schedule - Urgently Hiring
We are looking for more than just an employee, we are looking for a true team member dedicated to enhancing the member experience! Come join the credit union movement and Discover Banking With Heart at NIHFCU!
Be a part of our team where commitment to members with exceptional service and banking solutions that enhances their lives is our mission. If helping people and making a difference appeals to you, this is the place for you!
At NIHFCU, one of our core values is investing in our employees, which is why we offer perks like these:
• Benefit Package for all Full time employees includes health, dental, vision, Life insurance benefits
• 401(K) and profit sharing
• Tuition Reimbursement
• Career Advancement and development
• Credit Union Membership with discounted services and products
The Mortgage loan Underwriter will underwrite, analyze and review both 1st & 2nd trust mortgage loan files submitted for decision in order to assess the risk, confirm compliance with guidelines, and render a credit decision. To be a leader within the department and to help Management achieve department goals and objectives.
MAJOR DUTIES AND RESPONSIBILITIES
- The Mortgage Loan Underwriter performs an in-depth underwriting and analysis of all 1st trust mortgage loans ensuring the loan complies with Federal, State, County, NCUA, NIHFCU, Investor, FNMA/FHLMC, and Mortgage Insurance guidelines
- Review and analyze the information on the loan application matching it to the documentation in the loan file. Review all debts listed on the credit report, calculate income from pay stubs and/or tax returns, and verify there are sufficient assets available to meet the costs of the transaction, plus any reserve requirements.
- Underwrite and evaluate the level of risk associated with the transaction in order to make a prudent lending decision
- Calculate housing, debt-to-income, and loan-to-value ratios independent of the information found in the mortgage system to verify that the data in the mortgage system and the DU/LP results are correct.
- Perform in depth examination of the appraisal report and collateral for the loan. Analyze the appraisal report to determine the acceptability of the collateral, that value is supported by the report data and that it meets investor, NIHFCU, FNMA/FHLMC and USPAP guidelines.
- Order and obtain mortgage insurance, if required, ensuring that loan also meets any underwriting guidelines and credit overlays by the mortgage insurance companies being used.
- Confirm that the terms of the loan and the applicant's eligibility requirements conform to NIHFCU credit overlays.
- Enter loan conditions in the mortgage system, update the loan status to Hold, Conditional, or Final Approval. Once the loan is in conditional status, issue the Mortgage Loan Commitment, update and validate the AUS findings, finalize the Transmittal Summary (1008) (making detailed comments supporting credit decision) and the Loan Application (URLA/1003).
- Obtain necessary lending authority signatures and approval when terms of loan are outside of underwriter's lending authority level
- When the loan does not conform to underwriting standards or program guidelines and the loan cannot be restructured to cure the deficiency, the underwriter will record the information in a mortgage system memorandum and make a recommendation to management that the loan be denied.
- Review supporting documentation for underwriting conditions, as well as any follow-up documentation on the loan, that is submitted by the loan processor in order to advance loan to final approval stage
- Review any changes in loan terms, income, assets, etc. made to the loan throughout the process, evaluate whether the changes will affect the original credit decision, and make necessary adjustments as required.
- Perform detailed review on Credit applications for Visa Credit card pre-approvals with Mortgage applications.
- Transmit, submit and update loan to the AUS each time there is a change in the loan terms, value, income, and/or assets.
- Document conditions, conversations, and observations within the mortgage system of record.
- Review and decision Visa Credit Card pre-approvals with mortgage applications.
- Communicate file status and/or any problems with a loan to the appropriate parties.
- Perform a credit-only underwriting review on all loans forwarded by Loan Set-Up that receive a Caution recommendation from Loan Prospector/Desktop Underwriter
EDUCATION & EXPERIENCE
A Bachelor's degree in a pertinent field preferred and minimum of 5 years or more of equivalent experience in the area of underwriting conventional first mortgage loans and second mortgage loans.
• Must demonstrate a working knowledge of FNMA/FHLMC guidelines.
• 1-3 Years of experience as Loan Processor Preferred.
• Must demonstrate a working knowledge of Mortgage Insurance guidelines.
• Must demonstrate the ability to conduct a detailed review of a loan file complete with analysis and evaluation.
• Effective communication via telephone, e-mail or fax.
• Analytical decision-making ability with attention to detail.
• Working knowledge of mortgage loan origination systems and processing software (Mortgagebot, FICS).
NIHFCU is an Equal Opportunity Employer and does not discriminate against employees or applicants based on race, color, religion, sex/gender, national origin, disability, age, or any other category protected by law.
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