Underwriter, Finance & Banking

Description

Underwrites residential loans ensuring compliance with appropriate company, secondary market Investor standards and all applicable laws. The Underwriter will be responsible for examining loan documentation for accuracy and completeness; is involved in one or several types of mortgage lending including but not limited to conventional program loans. Must be able to underwrite wholesale and retail loans within the company and industry guidelines.

The Underwriter will also be working with Loan Originators, Branch Managers and Processors to secure all required documents.

Underwrites residential loans ensuring compliance with appropriate company, secondary market Investor standards and all applicable laws. The Underwriter will be responsible for examining loan documentation for accuracy and completeness; is involved in one or several types of mortgage lending including but not limited to conventional program loans. Must be able to underwrite wholesale and retail loans within the company and industry guidelines.

The Underwriter will also be working with Loan Originators, Branch Managers and Processors to secure all required documents.

• Underwrites loan Program Loans to verify completeness, accuracy, and compliance.
• Develops and maintains an up to date and sound knowledge of multiple-loan product guidelines offered by the company, DU/LP guidelines, and risk assessment tools used to decision mortgage loans.
• Adherence to policies and procedures set forth by brand and Panorama Mortgage Group, LLC.
• Revises loans to new terms, identifies additional conditions as needed to insure a viable credit decision.
• Reviews and evaluates borrower(s) profile including but not limited to all income documentation, tax returns, credit reports, preliminary report, judgments, bankruptcy documents and appraisals.
• Analyzes and calculates income documentation such as personal and business income statements and ensures all necessary documentation is requested to support final loan decisions.
• Ensure loans meet the Ability to Repay (ATR) rules established by the Consumer Financial Protection Bureau (CFPB) by considering and documenting the following eight underwriting factors:
• Borrower’s current or reasonably expected income or assets.
• Borrower’s current employment status.
• Borrower’s monthly payment on the mortgage transaction.
• Borrower’s monthly payment on any simultaneous loan.
• Borrower’s monthly payment for mortgage-related obligations.
• Borrower’s current debt obligations, alimony and child support.
• Borrower’s monthly debt-to-income ratio or residual income.
• Borrower’s credit history.
• Adjust underwriting as necessary based on QC findings and keep QC informed of the changes.
• Exercises good judgment, conducts reasonableness tests and issues quality decisions.
• Determines accuracy and completeness of files; ensures processes are consistent.
• Demonstrates proficiency in automated underwriting systems (DU, LP).
• Maintains a sound knowledge of secondary market activity, practices, and business/industry practices as they impact underwriting quality and origination activity.
• Maintains pre- established service level standard of decisions within the time frame set by the company.
• Communicate regularly with sales team, processors and management.
• Consistently meet or exceed established minimum productivity and quality goals set forth by management.
• Responsible for a timely response on audits of loan files underwritten prior to and after funding is obtained.
• Review of all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, Ability to Repay and risk mitigation.
• Calculate income and assets accurately and require sufficient documentation to support findings and decision.? Following AUS findings is a requirement with no exceptions.
• Adhere to overlays and/or guidelines as dictated by the private investors & agencies.
• Perform other duties as assigned.
• Able to comply with the policies and procedures outlined in the Company Handbook.

Education/

Experience:

• Two to Four years of underwriting experience in mortgage banking and/or training; or equivalent combination of…