Mortgage Underwriter Job Description
Mortgage underwriter
provides training and support to all lending related functions of the bank on loan products, procedures, credit fundamentals and system navigation.
Mortgage Underwriter Duties & Responsibilities
To write an effective mortgage underwriter job description, begin by listing detailed duties, responsibilities and expectations. We have included mortgage underwriter job description templates that you can modify and use.
Sample responsibilities for this position include:
Compare file submitted to program guidelines thus making sure Loan-to-value, FICO, Debt-to-income, complies with guidelines
Perform pre-closing analysis on borrower’s employment profile, credit strength, financial documentation and all other information pertinent to the credit decision on each mortgage application
Submit loan applications to AUS and validate findings to ensure internal and investor guidelines (FNMA, FHLMC and FHA) are met
Analyze collateral appraisals to determine value is supported
Review documentation for compliance with internal and regulatory guidelines
Must be self-motivated, have the ability to self-train & research, be able to keep on top of program and guideline changes & updates
Communicates with all Sales Partners on a daily basis
Communicate with Loan Officers and Processors on underwriting decisions conveying a positive and workable attitude at all times
Verbally notify Loan Officers of all credit decisions and the reason for the same
Work with processors, loan officers and loan officer assistants throughout the entire mortgage process to properly structure loan decisions for the benefit of the client
Mortgage Underwriter Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Mortgage Underwriter
List any licenses or certifications required by the position: SAR, DE, LAPP, VA, FHA, SASE
Education for Mortgage Underwriter
Typically a job would require a certain level of education.
Employers hiring for the mortgage underwriter job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Associate Degree in Education, Business, Associates, Finance, General Education, Business/Administration, Communication, Business/Management, Management, Military
Skills for Mortgage Underwriter
Desired skills for mortgage underwriter include:
FHLMC/FHA/VA.FNMA guidelines and portfolio lending practices
Loan documents and real estate terminology
State and Federal agency policies and procedures
Bank’s lending policies and procedures
Mortgage credit processing and underwriting
Mortgage products and processes
Agency and investor guidelines and regulations
Applications and loan appraisals
Sales contracts
Consumer/mortgage credit
Desired experience for mortgage underwriter includes:
Attendance and punctuality required in accordance with Bank practices
Demonstrate a strong working knowledge of all underwriting guidelines including government, conventional, jumbo and super jumbo current programs in order to provide feedback and training to loan officers and processors
Assure all documentation is proper and complete
Approve or deny investor workout and modification applicants
Inform applicant of loan denial or acceptance
Recommend and approve alternative programs for Fannie Mae and Freddie Mac loans
Mortgage Underwriter Examples
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Mortgage Underwriter Job Description
Job Description Example
Our company is looking to fill the role of mortgage underwriter. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for mortgage underwriter
- Act as the primary assessment for specific customer applications and decisions
- Review and underwrite first mortgage and tandem applications
- Assess individual’s credit worthiness while balancing risk and BMO guidelines and standards
- Communicate underwriting decision
- Highest level of risk assessment
- Ability to restructure loans recommended for denial and present counter-offer which fully complies with guidelines at an acceptable level of risk
- Review Co-Op, CEMA and Bond Loans
- Analytical ability to consider consequences of Loan credit guidelines
- Ability to read and understand MI guidelines
- Communicates and coordinates necessary approval requirements and files status with appropriate persons (originator, processor, closers, Realtors, builders, ) Participates in implementing second review committee for denied loans
Qualifications for mortgage underwriter
- Experience with FHA and VA highly preferred
- DE and/or LAPP/SAR designations preferred
- Two years of actual appraisal experience or formalized training from Institute classes (MAI) Society of Real Estate appraisals and/or MBA classes and/or OTJ underwriting
- Must have valid DE/CHUMS ID
- Review of credit reports for accuracy and red flags, appraisal review, calculation of DTI, income, assets and LTV/CLTV and other complex financial documents
- Accepts direction well
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Mortgage Underwriter Job Description
Job Description Example
Our company is searching for experienced candidates for the position of mortgage underwriter. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for mortgage underwriter
- Responsible for the accurate input of credit decisions into the LOS
- Clarify risk by requesting additional information when necessary
- Ability to work with multiple secondary investor guidelines
- Maintain loan submission register
- Supporting and guiding colleagues on all matters relating to the underwriting and completion of mortgages
- Continually improving the development of the Bank’s mortgage proposition with customers and intermediaries
- Underwrites residential mortgage loans in accordance with Jumbo, FNMA, FHLMC guidelines and investor standards
- Performs pre-qualification assessment and analysis of financial condition and risk of financing requests by analyzing borrower profiles, credit reports, title reports, income documentation and assets, including complex buisness returns and financials
- Structure loans according to lender requirements and credit quality
- Review appraisals for accurate property valuation
Qualifications for mortgage underwriter
- At least 4 years of experience underwriting/knowledge of FNMA/FHLMC/FHA/VA programs and underwriting guidelines, those of other conventional investors, state/local bond programs and private mortgage insurers
- FHA DE ( Direct Endorsement Authority) certification
- Three to five years of mortgage underwriting experience, including FHA, VA and HUD loans
- Thorough understanding of factors affecting real estate values and credit analysis
- Three years of underwriting or credit review
- Knowledge of valid documentation related to processing secondary mortgage applications (e.g., tax returns, financial statements and records, verification of income and deposits)
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Mortgage Underwriter Job Description
Job Description Example
Our innovative and growing company is hiring for a mortgage underwriter. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for mortgage underwriter
- Evaluate the entire credit package and collateral for residential mortgage loans and ultimately ensure an “investor” quality loan product
- Be available to processors and loan officers for general guideline interpretations and questions on specific loan files
- Check accuracy of all calculations
- Review and evaluate borrower(s) profile, including but not limited to all income documentation (including complex business and personal tax returns), credit reports, asset documentation, purchase agreements, preliminary title report and appraisals as per investor requirements
- Exercise good judgment and conduct reasonableness tests related to credit risk
- Must meet pre-set service level agreements
- Analyze exception requests and determine acceptability to risk requirements and escalate appropriately for approval
- Expected capacity of 2-3 new submissions per day, plus re-submissions
- Maintains senior team leadership within the group
- Handles loan prioritization
Qualifications for mortgage underwriter
- Advanced knowledge of real estate values and credit analysis
- FHA Direct Endorsement Underwriter designation desired
- VA Staff Appraisal Reviewer (SAR) designation desired
- Must be able to independently form and defend credit decisions and be able to formulate and articulate underwriting conclusions
- Have knowledge and experience across a range of mortgage products
- Have an understanding of how to review customer documentation
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Mortgage Underwriter Job Description
Job Description Example
Our company is growing rapidly and is hiring for a mortgage underwriter. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for mortgage underwriter
- Communicate and collaborate with peers and partners to render mortgage underwriting decision for our members
- Review communications as applicable to maintain current knowledge of current processes and procedures
- Review first mortgage and home equity loans for credit decisions
- Ensure loans underwritten meet the quality standards of RTC, the Secondary Market and Government Agencies
- Provide exceptional customer service on a consistent basis
- Work with other departments including post-closing, credit risk, and compliance as needed to ensure proper underwriting standards are met to safeguard company assets and ensure conformity with investor standards
- Stay abreast of trends in the mortgage industry
- Assist in coordinating efforts between support departments and sales within the organization
- Ensure loan files are saleable in the secondary market
- Review QC and Post-Closing Findings to identify areas of improvement and training needs
Qualifications for mortgage underwriter
- Must have ability to establish and maintain effective working relationships with fellow employees, branch management, corporate management, clients and the general public
- Experience with FHA, VA , Conventional loans
- DE certification preferred
- High School graduate or similar certificate and equivalent experience in related field required
- Computer systems related knowledge (Encompass, Datatrac, Interthinx)
- Three or more years of mortgage processing experience with FHA, VA, Conventional applications
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Mortgage Underwriter Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of mortgage underwriter. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for mortgage underwriter
- Reviews loan application and supporting documentation according to PMLLC and specific investor guidelines
- Resubmits loan files as needed through automated system for updated or final submission
- Is available to Loan processors, Closer and Loan Counsulatnt for questions on specific loan files and interpretation of feedback reports from automated systems
- Maintains acceptable quality control finding percentage and responds timely to audits
- Participates in Underwriting Meetings and on project teams as needed
- Reviews loans which receive an automated underwriting finding of refer or caution to determine if there is an ability to issue an approval based on the credit risk of the loan
- This involves reviewing the applicant's credit profile, their income and employment history and their assets documentation to determine the applicant's credit worthiness
- The Mortgage Underwriter will utilize tools such as Fannie Mae Desktop Underwriter, Collateral Underwriter and EarlyCheck and Freddie Mac's Loan Product Advisor daily to assist with their underwriting decisions
- Will apply the Ability to Repay (ATR) and Qualified Mortgage (QM) standards to their underwriting decisions
- They will use several fraud tools to ensure complete and consistent compliance with state and federal regulations
Qualifications for mortgage underwriter
- Ability to meet deadlines and very detail oriented
- Minimum 5 years' current Conventional/FHA underwriting experience
- Must have valid CHUM number
- In-depth knowledge of a variety of loan products and program guidelines
- Microsoft Word and Calyx Point
- Strong analytic, interpersonal, verbal and written communication skills