General Summary
The Senior Underwriter reviews and underwrites mortgage files, inclusive of FHA, VA, USDA, Jumbo and conventional loans, to underwriting
guidelines and will identify, analyze, and balance transactional, borrower, and property-related risks and offsets to arrive at a decision. The Senior
Underwriter will be assigned an approved credit authority based on designations and will review loans within their credit authority. The Senior
Underwriter also assists other team members providing consistency in credit quality and decisions, process flow, customer service and risk control
as well as timely and accurate decisions to help meet production goals and perform within department audit standards.
Duties and Responsibilities
The primary job duties and responsibilities of this position include but are not limited to:
- Prioritize, receive & review loan file packages for accuracy and completeness, according to the guidelines established by the Envoy, Fannie Mae, Investors, and Federal/State Regulations within 48 hours of receipt or the current posted SLA for the applicable transaction
- Review all documentation submitted as part of the mortgage application process to validate completeness and accuracy
- Advise origination staff on underwriting questions and loan salability, and work to achieve closing deadlines
- Examine and analyze borrower employment information, credit strength, property characteristics, assets, liabilities, income and debt and other information pertinent to the credit decision, on each mortgage application
- Evaluate and review appraisal reports and collateral issues related to the subject property to determine property meets required guidelines
- Upload and file applicable documents into Imaging system
- Order mortgage insurance; all required fraud guard tools
- Recalculate & re-verify supporting documentation and complete audit checklists before submitting for UW 2nd level review, as applicable
- Advise if any underwriting problems and recommend corrective action to loan production personnel impacting Pre-Approval decision
- Communicate with appropriate parties, both verbally and in writing, regarding the loan decision and requirements
- Review final conditions and approve or reject conditions as applicable, within prescribed authority, notifying branch personnel of status
- Review loans for second signature when credit authority level allows
- Consult with the Processing to ensure all underwriting conditions are met prior to issuing Clear to Close Approval or when declining a Loan
- Utilize Automated Underwriting Systems (AUS) such as Desktop Underwriter (DU) and Loan Prospector (LP) and Guaranteed Underwriting System (GUS) to assist in the rendering of the loan decision
- Remain informed of financial institution operating policies and procedures and banking regulations, state and federal
- Demonstrate a clear understanding of the current RESPA laws and guidelines
- Responsible for retaining and applying changes in loan underwriting requirements
- Meet the required production standards as outlined by company policy
- Function as a technical resource for underwriters and answer procedural, product, and system questions for all department personnel
- Assist in management of workload for team members and ensure service levels are met
- Partners with other department managers for process improvement opportunities that will improve quality and move loans more quickly
through the pipeline
- Participate in underwriting meetings to ensure understanding of changes to both underwriting guidelines and procedures
This position may require occasional overtime and travel
- Additional duties as assigned
THIS JOB DESCRIPTION IS NOT INTENDED TO BE ALL-INCLUSIVE. THE INCUMBENT WILL ALSO PERFORM OTHER REASONABLY RELATED BUSINESS DUTIES AS ASSIGNED BY MANAGEMENT.
Qualifications
Listed below are the minimum qualifications required to successfully perform this role. These qualifications are necessary for someone to be considered for this position.
Qualifications include:
- High School Diploma or equivalent, required, with continuing education in mortgage banking and/or finance, a plus
- 7+ years of mortgage banking experience, with at least 3 years Underwriting experience preferred
- Working knowledge of VA, Conventional, FHA, USDA, Bond, Jumbo, 203k loans, complex tax returns
- Active DE, LAPP, SAR and USDA designations as required in designated markets, preferred
- Must have excellent customer service skills, able to work in a team environment
- Proficiency with Microsoft Office, including Word, Excel, and Outlook are required
- Proficiency with Loan Origination Systems (LOS) required, Encompass experience preferred
- Proficiency with Desktop Underwriter and Loan Prospector and GUS preferred
- Analytical with good attention to detail
- Able to make accurate and timely decisions using good judgment and able to work independently
- Ability to review documents and spot inconsistencies and errors
- Strong math skills and the ability to accurately calculate income in accordance with standard industry practice
- Ability to review appraisals, assess accurate and appropriate data, and determine collateral acceptability
- Ability to review guidelines, memos, manuals; absorb and comprehend information; incorporate changing guidelines into everyday work
- Excellent verbal and written communication skills required
- Ability to work within a fast-paced environment that often demands multiple tasks in a short time frame
- Position may work from home or at regional center locations
Physical Requirements
- The employee must occasionally lift and/or move up to 25 pounds
- Specific vision abilities required by this job include close vision
- While performing the duties of this job, the employee is regularly required to sit, use hands to finger, handle, or feel; reach with hands and arms; and talk or hear
- The employee is occasionally required to stand; walk; climb or balance and stoop, kneel, crouch or crawl
We are an equal opportunity employer and value diversity. All employment is decided on the basis of qualifications, merit and business need. We are committed to creating an inclusive environment for all employees.
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