Mortgage Underwriter

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Job Type

Full-time

Description

What You'll Do

A Mortgage Underwriter is responsible for assessing and evaluating mortgage applications to determine their eligibility for approval. The primary goal of a mortgage underwriter is to ensure that the loans being granted align with the lender's risk tolerance and lending criteria.

Essential Duties and Responsibilities:

• Review and analyze mortgage applications, supporting documentation, credit reports, and financial statements to assess applicants' creditworthiness and ability to repay the loan.
• Evaluate borrowers' income, employment history, credit history, debt-to-income ratio, and other relevant financial factors to determine if the loan application meets lending guidelines.
• Determine that the prospective borrower not only has the ability to pay but has also proven a willingness to repay their debts, thus limiting the probability of default and collection difficulties.
• Look for complete and accurate information on the loan application and loan package and address any questions raised by lack of documentation or information in order to make an underwriting decision.
• Validate the borrower has sufficient acceptable cash assets available to close the mortgage.
• Evaluate the property to confirm it is sufficient collateral for the mortgage and that it meets the investors and insurer's minimum acceptable requirements.
• Apply established underwriting guidelines and analyze risk to determine whether to approve, decline, or recommend modifications to loan applications.
• Prepare comprehensive underwriting conditions and underwriting comments supporting justifications for loan approvals or denials.
• Ability to identify red flags and apply prudent underwriting.
• Collaborate with loan officers, processors, and other relevant parties to gather information and clarify discrepancies in loan applications.
• Utilize the appropriate AUS system and properly entering data into the AUS from the validated information on the URLA.
• Collect any information to sell the loan after the loan is closed based on an investor's suspense, EPD, QC, or other unresolved issues.
• Ensure compliance with federal, state, and local regulations, as well as adherence to internal lending policies and procedures.
• Stay current with industry trends, lending regulations, and market conditions to adjust underwriting practices as needed.
• Other duties as assigned.

Requirements

What We'll Love About You

Education and/or Work Experience Requirements:

• Bachelor's degree in finance, economics, business, or a related field (or equivalent experience).
• Prior experience as a mortgage underwriter or in a similar role within the lending industry.
• FHA DE, Non-QM, Rural Housing and VA LAPP/SAR are Highly recommended.
• Strong understanding of mortgage lending guidelines, regulations, and compliance requirements.
• Proficiency in using underwriting software, financial analysis tools, and Microsoft Office suite.
• Excellent analytical and problem-solving skills with a keen attention to detail.
• Effective communication skills, both written and verbal, for interacting with internal teams and external stakeholders.
• Ability to work independently and make sound decisions while adhering to established policies and procedures.
• Strong time management skills to prioritize and manage a high volume of loan applications.
• Professional certifications such as Certified Mortgage Underwriter (CMU) or similar credentials are a plus.

Physical Requirements:

• Must be able to occasionally lift and carry up to 15 lbs.
• Must be able to sit for prolonged periods at a desk, while working on a computer.