This role involves underwriting and evaluating residential mortgage loans within the Real Estate Lending Department. The Mortgage Underwriter I works under the direction of the VP Real Estate Lending and is responsible for ensuring compliance and accuracy in loan decisions.
Responsibilities
Review and evaluate residential mortgage applications and documentation to determine if borrower, property, and loan conditions meet investor, FNMA and/or FHLMC underwriting guidelines
Render a loan decision ensuring completeness, accuracy, and compliance
Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, ability to repay and risk mitigation
Calculate income and assets accurately and require sufficient documentation to support findings and decision
Follow AUS findings as a requirement with no exceptions
Adhere to overlays as dictated by private investors, agencies and Coastal1
Make adjustments to underwriting as necessary based on QC findings
Ensure loans meet the Ability to Repay (ATR) rules established by the Consumer Financial Protection Bureau (CFPB) by considering and documenting the eight underwriting factors, such as employment status and debt obligations
Make an underwriting decision on each loan file within determined underwriting service level agreements
Effectively communicate all underwriting decisions to the appropriate parties
Confer with Loan Officer and/or Mortgage Processor to aid in resolving mortgage application conditions
Enter all underwriting conditions and all HMDA data specific to the underwriting decision into Encompass LOS system
Order PMI as per investor and program requirements through approved PMI companies
Ensure compliance with Coastal1's Bank Secrecy Act/Anti-Money Laundering Policy and related procedures, Member Identification Program, and the Office of Foreign Assets Control screening and record keeping requirements
Analyze, evaluate and decision loan requests according to applicable underwriting procedures
Act as back-up to a Mortgage Processor when needed
Make recommendations to the VP/Real Estate Lending Manager of any possible exceptions
Perform other duties as required
Requirements
Minimum of a high school diploma or equivalent required; Associate degree preferred
At least 1 year demonstrated successful lending function or closely related field experience required; Mortgage lending experience preferred
Must register/be registered by the Nationwide Mortgage Licensing System and Registry
PC Proficiency to include Microsoft Office and other banking software
Millions of jobs, with real people getting hired every day
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1,000,000+
Tailored applications submitted
Excellent communication skills, both written and verbal
Must understand basic math concepts
Ability to manage multiple priorities simultaneously with time management/organizational/multi-tasking skills
Must be able to work under pressure and have the ability to meet deadlines
Ability to maintain a positive and upbeat Credit Union image
Ability to handle confidential information securely
Must be capable of accurate and timely performance of duties
Ability to work collaboratively across all levels and functions of Coastal1 to coordinate solutions
Bi-lingual helpful
Benefits
Medical, dental and vision for you and your dependents
Paid time off to promote work/life balance
On-site fitness center
401(k) with a company match
Employee homebuyer assistance
About the Company
Founded in 1928 and based in Pawtucket, Coastal1 Credit Union is a growing, member-focused organization serving over 130,000 members. Today, Coastal1 has 19 branches throughout Rhode Island and Massachusetts, including Bristol, Cranston (2), Cumberland, East Greenwich, East Providence (2), Johnston, North Kingstown, North Providence, Pawtucket (3), Providence, Smithfield, Wakefield, Warwick (2), and North Attleboro. The company is committed to helping members achieve their financial goals and providing the best in products, services, rates, and technology.