Underwriter

Basic Description: 

A Mortgage Underwriter is responsible for ensuring both the credit worthiness and compliance of a potential borrower. The underwriter must ensure the borrower has both an acceptable credit history and the capacity to repay the loan per the proposed terms. The underwriter must also ensure the property represents acceptable collateral for the proposed loan terms. Further, the underwriter is charged with reviewing all aspects of the loan for compliance with the myriad of overlapping guidelines and regulations imposed by HUD, FNMA, FHLMC, FHA, VA, USDA, secondary investors, mortgage insurance providers and internal program overlays.  

The underwriter must also be able to assist other Flat Branch Home Loans departments with the entire loan process from pre-application through shipping and final purchase/delivery of the closed loan by the agencies. 

All candidates that reside in the United States will be considered.

Responsibilities:

• Decision ready file is logged into underwriting by the Disclosure Desk.
• File may not be 100% complete but should contain sufficient information and documentation to enable a credit decision to be render.
• The Underwriter pulls the file and reviews the application and supporting documentation and makes an initial underwriting decision based on the preliminary data provided.
• The Underwriter completes a Notice of Loan Action on the file and returns it to the Loan Coordinator.
• The Notice of Action will dictate the next steps…
• If the loan is denied at this stage or any stage in the process, it is returned to the Loan Coordinator and forwarded to the Senior Underwriter (or Operations Manager– if Senior Underwriter made the initial decision) for a second review, if required.
• If the loan is approved or suspended…
• The Underwriter returns the approved or suspended file to the Loan Coordinator with a list of outstanding conditions and/or requirements to be completed for final loan approval.
• Once the Loan Coordinator (and / or FBMS Partner) has satisfied all the requirements of the initial Notice of Loan Action, the file is once again logged into underwriting by the Loan Coordinator.
• The Underwriter pulls the resubmitted file, reviews the conditions and any possible changes, and then renders a final decision based on the complete file. Provided all the conditions have been satisfied, the Underwriter will indicate the final approval by marking the file as “Clear to Close” and include any additional required instructions for closing and/or post-closing. The file is then returned to the Loan Coordinator, and the Mortgage Loan Closer is notified the file has been cleared to close.

Additional Underwriter involvement may include:

• Consultation with the Loan Coordinator throughout the loan process, both before a file is initially submitted, and prior to the final submission for “Clear to Close”
• Consultation with the Mortgage Loan Closer after the file is submitted to closing.
• Consultation with the Loan Shipper prior to submission of the closed loan package to the Secondary Market Investor.
• Consultation with the Secondary Market Investor prior to purchase of the closed loan.
• Assistance with the post-closing Quality Control Review process.

Qualifications & Skills:

• Minimum of 1 year mortgage underwriting experience required 
• DE and SAR designation recommended 
• Construction and renovation mortgage loan experience required
• Knowledge of industry guidelines and regulations 
• Proficient in basic computer technologies, appropriate for a paperless environment
• Adaptable to change and shifts in priority
• High attention to detail and ability to manage time effectively  
• Knowledge of Encompass LOS recommended but not a requirement
• Prolonged periods sitting at a desk and working on a computer.

This description is intended to indicate the kinds of tasks and levels, or work difficulty required of the position given this title and shall not be construed as declaring what the specific duties and responsibilities of any position shall be. It is not intended to limit or in any way modify the right of management to assign, direct and control the work of employees under supervision. The listing of duties and responsibilities shall not be held to exclude other duties not mentioned that are of similar kind or level of difficulty. All requirements are subject to possible modifications to reasonably accommodate individuals with a disability.