The Mortgage Underwriter is responsible for consistently underwriting safe and sound mortgage loans that are in compliance with the Bank’s and its investors underwriting standards and all applicable state and federal laws, rules and regulations.
The position ensures the needs of a borrower are met by underwriting the appropriate type of loan which matches long term objectives; maintains compliance with FHLMC/FHA/VA/FNMA/USDA guidelines; accurately assesses the potential risk of loan applicants; ensures all mortgage applications are complete, accurate, appropriately documented, and fall within applicable Bank policies and procedures; and attains proper approvals. Provides a high level of service to customers, operations and mortgage loan officers, thereby ensuring mortgage loans are underwritten in a competitive and expedient manner.
Reinforces the application of superior customer service through his or her own example along with appropriate follow through with involved customers and employees.
Establishes and maintains a close working relationship with operations, mortgage loan officers, title companies, contractors, builders, appraisers, real estate agents and other real estate industry professionals; works with sales, operations and other Bank personnel to create solutions for problems that arise during the transaction.
Underwrites safe and sound mortgage loans in an expedient manner through a review process of analyzing and evaluating income, assets, liabilities, and property; carefully assesses and evaluates the risk of financing requests within the framework of the Bank’s credit culture and current economic and industry trends; maintains compliance with FHLMC/FHA/VA/FNMA/USDA guidelines; reviews self-employed, corporate and partnership tax returns, profit and loss, as well as financial statements to ascertain borrowers’ income; ensures loans are in compliance with the Bank’s underwriting standards and acceptable to FHA, VA and all GSE agencies.
Review Appraisals to ensure that the required level of appraisal fieldwork has been completed, that they are of professional quality and are prepared in a way that is consistent with requirements.
Reviews and corrects potential problems during the mortgage loan approval process, such as issues related to credit history, nonconforming appraisals, policy exceptions, etc.
Develops and maintains an advanced knowledge of financial industry, economy, market conditions, rates, vendors and competition; remains informed of trends and developments in local market and changes to regulations governing private and government issued mortgages; assimilates new government regulations and applies this knowledge to improve and maintain quality and consistent underwriting.
Authorizes and provides verbal and written letters of commitment for each loan decision detailing required documentation, loan interest rate, as well as the fees and mortgage amount approved.
Consistently applies superior decision making techniques pertaining to inquiries, approvals and requests as they apply to existing policies and procedures, keeping within assigned approval limits and using these instances as learning tools for employee development.
Demonstrates knowledge of and adherence to Equal Employment Opportunity (EEO) policy; shows respect and sensitivity for cultural differences; educates others on the value of diversity; promotes working environment free of harassment of any type; builds a diverse workforce and supports affirmative action.
Have a thorough knowledge of conventional, FHA, VA, USDA, construction and bond programs.
Ability to approve builder, borrower and project for residential construction financing.
Assist with projects relating to existing lending programs and new lending initiatives as directed.
Learn and understand all INB loan policies and products for cross-selling.
Answer complex questions involving the Underwriting and structuring of real-estate loans.
Maintain a secure environment to protect confidentiality.
Other duties as assigned.
MINIMUM JOB REQUIREMENTS:
FHA DE certification and VA LAPP certification required. High school diploma or general education degree (GED) plus a minimum of 7 to 10 years of experience underwriting conventional, FHA, VA and USDA loans in a bank or financial institution. The Senior Underwriter must have government certifications along with a working knowledge of the home loan process and investors.
JOB QUALIFICATIONS - PREFERRED:
Real Estate Appraisal Certificate preferred but not required.