Job Description

The underwriter is responsible for review and evaluation of retail residential loan applications for conformity to the bank guidelines and correspondent investor guidelines. The underwriter will be responsible for daily reviewing the loan pipeline and coordinating with loan processors to ensure loans are submitted to underwriting within prescribed timeframes for approval.

DUTIES

1. Ability to analyze consumer credit reports accurately and condition accordingly where necessary.
2. Familiar with compliance regulations and fair lending laws
3. Must have through knowledge of FNMA/FHLMC guidelines, correspondent investor guidelines, DU/LP automated underwriting expertise and interpretation of input and responses in conditioning files for closing.
4. Ability to read, interpret and apply investor guidelines for specific programs to specific applications and counter offer where necessary.
5. Underwrite initial applications, register and run automation, issue conditional or preliminary commitment letter to all applicants in a timely manner.
6. Underwrite final loan file submissions with all income, asset, collateral, title conditions as required for closing and selling the loan to the investor.
7. Responsible for daily review of loan pipeline and making sure files are submitted to underwriting within prescribed timeframes.
8. Ability to accurately analyze tax returns with Sole Proprietorships, Corporations, Partnerships, Sub-S Corporations, Trusts, and multiple investment properties
9. Keep informed of underwriting changes with regard to primary investors.
10. Keep informed as to market conditions for collateral, programs, etc.
11. Keep informed as to compliance and lending regulations
12. Assist funder and post closer with clearing any underwriting conditions as required by secondary investors
13. Follow Bank policies and procedures for every mortgage transaction and review any deviations or unusual transactions with Operations Manager. Ensure that all lending activities adhere to all applicable laws and regulations
14. Meet department established service standards.
15. Establish and maintain effective working relationships as required by job responsibilities. Must be able to work as part of a team and required to notify branch/referral source of loan status in a timely manner.
16. Keep abreast of changes in policies, procedures and regulations applicable to work unit.
17. Responsible to assist in the development of Underwriting training materials and assist in the training other loan underwriters and junior loan underwriters as required.

REQUIRED KNOWLEDGE

1. Privacy Laws as related to Regulation P
2. Bank Secrecy Act
3. Working knowledge of HUDRegulation X - RealEstate Settlement Procedures Act (RESPA) and Truth In Lending Act (TILA) - Regulation Z
4. Regulation V (Fair Credit Reporting) and Regulation B (Equal Credit Opportunity Act)
5. Regulation C – Home Mortgage Disclosure
6. Knowledgeable of Loan Quality Initiative as related to mortgage lending