Mortgage Underwriter - Westchase District
Smart Financial, United States
Job Description
The Mortgage Underwriter (MU) will have extensive history of underwriting mortgage loans consistent with Fannie Mae, investor and PMI underwriting guidelines for residential mortgage loans, Texas home equity, cash out loans, lot loans, HELOCS and home improvement loans. Expertise with Encompass LOS is expected. MU will need to successfully apply their underwriting knowledge to the portfolio underwriting process, incorporating the credit union's processes, procedures and guidelines for portfolio mortgage loans. Lending authority may be granted based on performance and experience. The MU will have a proven track record of successfully delivering loans directly to Fannie Mae or secondary market investors. Must ensure Secondary Market loan files contain all documentation to support the loan request prior to funding with FNMA or other investors. This position works closely with the Credit Union’s Chief Credit Officer, Compliance Officer, Mortgage SVP Relationship Development, AVP Mortgage / HE Origination or Mortgage Sales team, and stays abreast of regulatory and compliance changes or requirements, and regulations, and recommends and/or implements controls, policies, and processes to mitigate loan loss risk. Reviews loan files for compliance for 3rd party underwriting engagements as applicable. Educates and updates the team around secondary market updates and changes.
Underwrites residential mortgage loans to ensure compliance with Credit Union policies, guidelines and procedures, conventional, secondary market standards and policies within the Encompass LOS platform. Approves loans within designated approval authority. Demonstrates knowledge of the CFPB’s Ability to Repay regulations, Qualified and Non-Qualified mortgage loans and appraisal valuations. Underwrites loans to meet contract deadlines and rate lock expiration dates and within SFCU’s established timeframes. Issues adverse actions or counter offers with loan originator or member as appropriate.
Receives and reviews loan files for sufficient documentation to make an informed loan decision based on the product description and standard underwriting guidelines. If there is insufficient information, requests the required information or documentation from the processor, originator, or member. Complete a thorough analysis of the loan package to determine compliance with company and/or investor requirements. Reviews appraisals to determine the consistency of the information, if the comparables have been used within reasonable tolerance to support the final value, and if any additional underwriting considerations need to be made based on the condition of the property or of other conditions recommended/required by the appraiser. *Appraisal reviews must be in accordance in Fannie Mae guidelines and on specific FNMA approved forms*. Selects the private mortgage insurance company to provide required coverage to all loan files above 80% loan-to-value. Must adhere to PMI company distribution requirements. Provides documentation in the file if a policy, procedure, or guideline exception is made stating the type of exception and compensating factors to support the decision. Prepares and signs all conditional and final approval letters.
Identify areas of risk to the mortgage underwriting process and assist the Chief Credit Officer and Mortgage Sales Team in investigating/analyzing the issues and preparing reports for management accordingly. Identifies workflow gaps and procedural shortfalls or enhancements and implements accordingly as directed by Chief Credit Officer. Responsible for compliance with all company policies and procedures, applicable laws, and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control, RESPA, Dodd-Frank, Reg B, Reg Z, HMDA, SAFE Act, Fair Credit Reporting, Fair Lending, ECOA, and Privacy laws.
Deal with escalated/complex queries, taking ownership of a problem and identifying a solution/way forward. Exhibits excellent time management, accuracy and attention to detail in loan reviews. Loans that are packaged for FNMA delivery are organized and neatly presented with all required documentation, checklists, or any other required communication. Reviews loan files for compliance for 3rd party underwriting engagements as applicable. Educates and updates the team around secondary market updates and keeps abreast of
Requirements
Experience
Five years to eight years of similar or related experience, including preparatory experience.
Education/Certifications/Licenses
A college degree.
Interpersonal Skills
A significant level of trust, credibility and diplomacy is required. In-depth dialogue, conversations and explanations with customers, direct and indirect reports and outside vendors can be of a sensitive and/or highly confidential nature. Communicati