About This Role
This senior role focuses on the accurate and timely underwriting of mortgage loans, ensuring all activities comply with Minnco loan policy, federal and state regulations, NCUA laws, and secondary market/PMI guidelines. The underwriter is responsible for maintaining credit quality and administering FNMA DU, contributing to an efficient mortgage underwriting process.
Responsibilities
- Approve or reject mortgage loan applications or request additional information in a consistent and timely manner
- Review mortgage loans to ensure accuracy and completeness, validate findings to verify that all information matches
- Instruct Mortgage Loan Originators and Mortgage Loan Processors on any errors for training purposes
- Review title to verify customer ownership on refinance transactions and seller ownership for purchase transactions
- Check that the chain of title meets investor requirements
- Verify there are no unpaid liens or judgments and that all mortgage liens are being paid off through the transaction
- Verify that the rate lock matches the underwriting file with the correct program, LTV, and credit score
- Perform mortgage credit analysis, with or without the assistance of an automated underwriting system, to determine borrower’s willingness and ability to repay the mortgage debt
- Evaluate risk to ensure a prudent decision is made
- Perform a detailed review of appraisals for one-to-four family residential properties to determine acceptability of security for portfolio loans and loans sold to investors
- Partner with the Mortgage Underwriting Manager to ensure that credit decisions are made within targeted timeframes and meeting purchase contract deadlines
- Review all origination files to ensure the customer has been offered the best mortgage program
- Adhere to guidelines to ensure all loans are closed properly according to internal and external investors in a timely manner
- Ensure that all fair lending and compliance policies are followed both in dealings with customers and in underwriting decisions
- Monitor all secondary Investor, Government, and MI guideline changes and determine their effect on current and future loans
- Be responsible for all compliance functions for the bank with examiners, auditors, and the secondary market
- Review all mortgage loans that have been selected for review
- Work with staff to address any deficiencies found to eliminate future issues
- Work with secondary market investors on any post-closing issues or audits
- Maintain and uphold Minnco’s Core Values in all work
- Act with integrity and professionalism while maintaining confidentiality and objectivity
- Maintain a professional image of Minnco by maintaining a neat workspace, wearing proper attire, and greeting all with a positive attitude and a smile
Requirements
- High School Diploma or equivalent
- Three or more years of mortgage underwriting experience including automated underwriting and secondary market guidelines and private mortgage insurers
- Experience working with Fannie Mae guidelines, programs, underwriting standards, and loan delivery requirements
- Comprehensive knowledge of mortgage lending practices, including federal and state regulatory requirements
- Excellent written and verbal communication skills
Nice to have:
- Four-year degree in a related field
- Proficient in Microsoft Office and Teams environments with the ability to easily learn different programs and applications
- DNA Experience
- Previous experience within a financial institution, preferably credit unions
Benefits
- High Deductible Health Plan at low cost to employees, with a $2000 employer contribution to your eligible HSA account
- Flexible Spending Accounts
- Dental
- Life Insurance, Long Term Disability and AD&D for Full-time 40-hour employees
- Long Term Disability insurance which pays 60% of salary after 90 days
- Retirement Benefits
- Generous PTO Benefit
- Employee Assistance Program
- MN Paid Family and Medical Leave
Important Details
- Schedule: Monday through Friday between 8am and 5pm, with occasional weekend work during business hours
- Work format: hybrid, requiring travel to other branches
About the Company
Since 1935, Minnco Credit Union has provided the people of East Central Minnesota with quality financial products and services. Having grown to more than 30,000 members, Minnco Credit Union continues to provide new, convenient products and services to meet the demands of today’s hectic lifestyles. The company's core values are Strength, Trust, Respect, Integrity, Value, and Engagement (STRIVE).
