SUMMARY & PURPOSE OF POSITION:
The Underwriter underwrites mortgage loans ensuring compliance with appropriate company and secondary market investor standards. This position is responsible for evaluating loans in order to maximize organizational profit and minimize risk or loss, and examines loan documentation for accuracy and completeness. This position requires the employee to collaborate with loan originator or production staff to secure all required documents. The Underwriter has authority to withdraw and decline loans and the ability to validate income, asset and collateral documents including self-employed tax returns. The Underwriter may be involved in one or several types of mortgage lending (conventional, government-backed, etc.). Lending authority to include Conventional and government loan programs. Excellent phone and communication skills and a value of providing superior customer service experiences to internal and external customers is required.
- Must have experience working with multiple investors
- Conventional and FHA experience required (applicant must have a CHUMS)
- VA and USDA experience a plus
- Review new loan files to ensure loan meets investor and program criteria.
- Review transmittal & 1003 to make sure it is accurate and complete, compare to findings to verify that all information matches.
- Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed. Request updated mortgage history if needed.
- Calculate income using documentation required per investor, questioning any large changes in income.
- Review assets statements to compare to required assets. Require documentation and source for any recent large deposits.
- Review title to verify our borrower has ownership on a refinance transaction and that the seller has ownership for purchase transaction. Check that chain of title meets investor requirements. Verify there are no unpaid liens or judgments and that all mortgage liens are being paid off through the transaction. Compare tax figures to 1003.
- Review appraisal to ensure the value is supported and that the appraiser has provided complete accurate appraisal. Order value review on loans considered high risk.
- Review file to make sure compliance has been met; regulatory, state compliance and federal (patriot act).
- Calculate net tangible benefit for those states/programs that require this test
- Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty.
- Review final conditions turned in for Underwriting Final Approval within 24 hours.
- Maintain current and fluid knowledge of investor and agency guidelines.