Underwriter

Job Details

Job Location
Remote - NEW BRIGHTON, MN

Remote Type
Fully Remote

Position Type
Full Time

Job Shift
Day

Description

REMOTE POSITION - ACCEPTING APPLICATIONS ONLY FROM RESIDENTS OF THE STATE OF MISSOURI OR CANDIDATES WHO ARE RELOCATING TO MISSOURI

SUMMARY:

This position completes underwriting reviews in accordance with HUD/VA Credit and Appraisal Guidelines and special investor overlays in a timely manner, ensuring compliance, quality and meeting closing schedules. This position counsels production and processing staff as related to current and proposed loan submissions.

Contacts are primarily with outside partner credit unions and community banks.

ESSENTIAL RESPONSIBILITIES & DUTIES:

Entry Level - Level I

• Underwrite conventional purchase and refinance loans submissions in accordance with all handbooks, mortgage letters and investor guidelines. Critically examine credit, income, asset documents and review title policy and appraisals.
• Responsible for examining loan documentations for accuracy and completeness while working with loan originator or production staff to secure all required documents
• Review appraisals, validate the estimated value, add required repairs in accordance with and issue the conditional/final approval
• Complete all underwriting reviews in a timely manner, ensuring compliance and meeting the proposed closing schedules.
• Respond to emails and phone calls from internal and external loan officers and loan processors.
• Underwrite files to ensure secondary market salability (FNMA, FHLMC)
• Calculate income from employment verification, paystubs, W2's, tax returns, etc.
• Determine eligible funds for closing/reserves from various asset documentation including bank verifications, bank statements, retirement account documentation, trust documents, etc.
• Review purchase agreements for collateral acceptability.
• Monitor daily workload and update loan status information in mortgage software (Encompass).
• Prepares required reports as necessary.
• Meet or exceed productivity standards.

Intermediate - Level II

• Must be able to perform all responsibilities and functions listed for Level I with a high degree of efficiency and independence
• Underwrite FHA or VA residential mortgage loans to federal, state, and investor guidelines
• Underwrite government loans submissions in accordance with all handbooks, mortgage letters and investor guidelines
• Approval by the Department of Housing as a Direct Endorsement Underwriter or Veterans Administration Staff Appraisal Reviewer and have the ability to sign loan approvals
• Ability to underwrite all levels of government loan submissions and to independently make prudent lending decisions based on regulations and guidelines
• Review government appraisals, validate the estimated value, add required repairs in accordance with Government Handbook instructions and issue the final Conditional Commitment.
• Overall understanding of economic and real estate markets from the locations where loan production originates.

Senior - Level III

• Must be able to perform all responsibilities and functions listed for Levels I & II with a high degree of efficiency and independence

• Underwrite FHA/VA/USDA mortgage residential mortgage loans to federal, state, and investor guidelines

ESSENTIAL DUTIES, KNOWLEDGE, SKILLS, ABILITIES:

• Current knowledge of and ability to apply mortgage industry and quality control standards, laws, and regulations.
• Working knowledge of underwriting and quality control software.
• Ability to work under stress; monitoring and reviewing details of loans and loan packages in a high-volume and fast paced environment.
• Knowledge of Fannie Mae/DU and Freddie Mac/LP guidelines and automated underwriting systems
• Ability to input data accurately and efficiently into computer software systems.

• Ability to attend accurately to many details in a timely manner.
• Maintain the confidentiality of all information processed.
• Perform related duties as required.

REQUIRED QUALIFICATIONS:

Education: Bachelor's degree in business, finance, or a related field preferred but not required.

Experience: Entry level3+ years in mortgage banking; Intermediate level 5+ years mortgage underwriting with FHA/VA; Sr level 7+ years mortgage underwriting with FHA/VA/USDA.

Licenses/Certifications: Intermediate level Direct Endorsement (DE); Sr level Staff Appraisal Reviewer (LAPP / SAR).