Residential Underwriter III

Description

Job Summary

The Residential Underwriter III role is accountable for reviewing residential mortgage loans in accordance with established guidelines, policies and procedures of Cogent, government agencies, GSEs, investors, and mortgage insurers. The review is expected to be completed within established Service Level Agreements (SLAs). The Residential Underwriter III reports directly to the VP, Underwriting Manager of Residential Lending Operations. 

Requirements

Responsibilities and Duties

• Review loan application and supporting documentation to confirm the applicant’s credit profile, income/employment history, assets and collateral will be an acceptable level of risk and will be saleable on the secondary market.
• Issue clear and concise loan decisions to help reduce questions and meet closing deadlines.
• Collaborate with other departments including Processing, Closing, Post-Closing, Credit Risk and Compliance as needed to ensure proper underwriting standards are met to safeguard company assets and ensure conformity with investor standards.  
• Remain approachable for Loan Processors, Closers and Mortgage Loan Originators to come with questions on loan files, interpretation of policy and advice on unique underwriting scenarios as they may arise.
• Utilize available technology and automated underwriting systems to increase efficiency, reduce error rates and improve loan quality. 
• Timely address any deficiencies noted from QC and Investor Suspense conditions.
• Proactive management of Underwriting pipelines to ensure compliance with established SLAs including initial loan review, resubmission of conditions received, etc. 
• Assist management team with the development, design, and implementation of Residential Lending procedures, job aids, documentation review and condition collection related to changes in credit guidelines.
• Ensures BSA compliance by reading and being familiar with the BSA/AML program/policy; following all BSA/AML/OFAC policies and procedures; and completing all BSA/AML/OFAC related online courses.
• All other tasks, responsibilities, or duties, as directed by management.

Qualifications and Skills

Required:

• Bachelor’s degree in business, management or other appropriate field or comparable experience.
• 5+ years mortgage underwriting experience.
• Expert level knowledge of underwriting guidelines for Fannie Mae, Freddie Mac, FHA, VA & USDA.
• Excellent organizational, oral and written communication skills

Preferred:

• Proficiency with Encompass LOS
• FHA DE designation
• VA SAR/LAPP designation
• Jumbo underwriting experience