About This Role
This senior role involves approving or denying mortgage loans, ensuring applications are complete, meet product guidelines, and comply with regulatory and legal standards. The underwriter reviews all aspects of the loan application, from appraisals to credit history, to determine acceptability.
Responsibilities
- Underwrite conventional Federal Housing Authority (FHA), Veterans Affairs (VA), Rural Housing Development (RD), and portfolio loans
- Ensure that appraisals meet investor and bank requirements and that the value conclusion is reasonable and well supported
- Review all employment, income, and asset documentation to ensure that it is accurate and satisfies investor requirements
- Review credit history and scores to ensure the borrower's credit meets the investor requirements
- Review all documents and information for potential fraud or misrepresentation and for regulatory compliance
- Review and evaluate information on mortgage loan documents to determine if buyer, property, and loan conditions meet establishment and government standards
- Evaluate acceptability of loan to corporations that buy real estate loans on secondary mortgage markets, where existing mortgages are bought and sold by investors
- Approve or reject loan application, or request additional information
- Record loan rejections, specifying investor and institution guidelines and basis for declining application, such as insufficient cash reserves
- Determine terms and acceptability of risk of prospective business
- Set prices for prospective mortgage loan applicants
- Approve or reject loan application, or request additional information
- Assemble documents in loan files, including acceptance or denial, and return files to originating mortgage loan office
- Maintain database on new and existing business
- Manage and utilize systems to ensure they accurately reflect the loan request and information (current loan origination system and other investor conduit systems, etc.)
- Communicate and coordinate necessary approval requirements and files status with appropriate persons (originator, processor, closers, Realtors, builders, etc.)
- Participate in implementing second review committee for denied loans
Requirements
- 6+ years
- Bachelor's degree and 2+ years related experience and/or equivalent combination of education and experience
- An FHA DE designation is required
Nice to have:
- A VA LAP designation is preferred
Important Details
- Ability to travel if required to perform the essential job functions
- Ability to work under stress and meet deadlines
