Underwriter, Mortgage Job Description
Underwriter, mortgage
provides clear communication to the mortgage team regarding upcoming regulatory and industry changes that would affect the underwriting of loans.
Underwriter, Mortgage Duties & Responsibilities
To write an effective underwriter, mortgage job description, begin by listing detailed duties, responsibilities and expectations. We have included underwriter, mortgage job description templates that you can modify and use.
Sample responsibilities for this position include:
Call applicant or other persons to resolve discrepancies in provided documentation or submission processes
Prepare trial and workout and modification documentation
Report loans to investors
Adhere to all investor and underwriting overlays
Preview all files being underwritten by outside brokers or correspondents to ensure due diligence
Keep up-to-date on policy changes and communicate policy changes to appropriate personnel
Ensure that the borrower has the financial ability to repay the loan by obtaining all necessary documentation
Evaluate and verify mortgage applications and determine whether to accept or reject
Handle title review and documentation preparation
Communicate with operations managers, mortgage bankers, processors and closers to ensure all parties are notified of issues and progressions on the underwriting of the mortgage file
Underwriter, Mortgage Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Underwriter, Mortgage
List any licenses or certifications required by the position: SAR, DE, LAPP, VA, FHA, SASE
Education for Underwriter, Mortgage
Typically a job would require a certain level of education.
Employers hiring for the underwriter, mortgage 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 Underwriter, Mortgage
Desired skills for underwriter, mortgage include:
Business financials
Complex personal
Federal and state regulatory requirements
Business/industry practices as they impact underwriting quality and origination activity
DU/LP guidelines
Multiple loan product guidelines offered by the company
Practices
Risk assessment tools used to decision mortgage loans
Secondary market activity
DU and LP
Desired experience for underwriter, mortgage includes:
Assists lenders in correcting technical exceptions listed by regulatory agencies, secondary market investors, or bank services to ensure compliance requirements are satisfied
Manage the underwriting and due diligence process for residential mortgage loans processing and funding in compliance with bank and secondary market requirements
Manage loan conditions, including credit, property and compliance reviews with secondary market and other external 3rd party due diligence providers
Review appraisals for compliance with bank regulatory and secondary market compliance
Evaluate and provide recommendations for policy exceptions with a strong ability to clearly communicate, in both written and verbal forms, compensating factors to justify exception approvals
Evaluate compliance and collateral exceptions on credit sensitive loans (e.g., origination compliance violations and critical collateral defects)
Underwriter, Mortgage Examples
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Underwriter, Mortgage Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of underwriter, mortgage. 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 underwriter, mortgage
- Ensure credit policy and procedures are followed
- Communicates and coordinates necessary approval requirements and files status with appropriate persons (originator, processor, closers, Realtors, builders)
- Responsible for credit decisions on customer’s loan request that fall outside standard credit polices or guidelines
- Review, analyze and make final determination on loan submissions using manual underwriting guidelines validating Automated Underwriting recommendations (DU
- Adhere to all investor and AHL underwriting overlays
- Ensure that the borrower has the financial ability to repay the loan by obtaining all necessary documentation, verifying that the individual meets the required guidelines and evaluating the associated risks
- Follows file and check order as conditions are signed off and new information is received
- Maintains conversation log in DataTrac to properly track the forward movement of the file
- Monitoring the department email box to complete requests and research while providing guidance to questions from the Loan Officer, Sales Manager and Processor processing all the Prequal declines
- Review and evaluate real estate appraisals and underwrites mortgage loans on a daily basis
Qualifications for underwriter, mortgage
- Minimum Seven years’ experience underwriting jumbo mortgage transactions for high net worth individuals
- Experience structuring and underwriting loans held in entities LLCs and Trusts
- Must have current knowledge of underwriting and credit risk principles
- On loan exceptions having the authority to withdraw and
- Greater than 6 years of recent manual underwriting
- DE Authority
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Underwriter, Mortgage Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of underwriter, mortgage. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for underwriter, mortgage
- Complete a thorough analysis of loan files to determine accuracy against supporting documents in file and compliance with Company, Investor and Government guidelines
- Answers inquireies, provides support to Closer, Processors, and Mortgage Loan Officers, and Management
- Responsible for analyzing and rendering credit decisions on mortgage loan applications consistent with internal policies and investor guidelines as established by FNMA & FHLMC
- Calculate income and determine if the borrower meets ATR/QM requirements
- Accountable for analyzing collateral appraisals to determine the value was supported and the collateral meets property standards
- Understand and maintain a thorough knowledge of all policy updates
- Maintain Service Level Agreements (SLA’s)
- Adhere to company quality control requirements
- Maintain relationships with internal customers
- Review and evaluate information on mortgage loan documentation to determine if borrower and/or property meet loan standards
Qualifications for underwriter, mortgage
- Three+ years of experience underwriting mortgage loans
- Five years of underwriting or credit review
- Minimum 1year of experience in underwriting property & credit with lender approved, full package final sign-off authority within the past 5 years
- Management of Risk Analyze a full range of credit, collateral and legal documentation to ensure collateral supports Companys overall risk
- May be required to lift loan files up to 10 pounds
- Able to work as part of a team, independently, and with people of diverse backgrounds
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Underwriter, Mortgage Job Description
Job Description Example
Our company is searching for experienced candidates for the position of underwriter, mortgage. 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 underwriter, mortgage
- Communicates issues to management/brokers/Account Executives as needed
- Handles pipeline management
- Approves or rejects residential loans within limited authority
- Communicates loan decision to Account Executives in a timely fashion
- Follows up with brokers to obtain conditions necessary for loan approval
- Collects and analyzes credit reports, financial statements, and appraisals
- Reviews submitted conventional loans for approval
- Interacts with business partners regarding credit decisions on mortgage loans
- Provides business partners product alternatives to best meet customer needs
- Review and evaluate credit applications to include credit reports and supporting documentation to render underwriting decisions on mortgage applications
Qualifications for underwriter, mortgage
- Four year college degree in accounting or finance, or equivalent experience
- Can apply common sense rationale to make lending decisions
- Strong communication skills, and the ability to build strong relationships with both customers/brokers and across the business
- Post-secondary degree in commerce, finance, or business disciplines
- AMP mortgage industry accreditation program
- Strong computer savvy and application skills (Word, Excel )
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Underwriter, Mortgage Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of underwriter, mortgage. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for underwriter, mortgage
- Assist in preparation and review of loans for bulk loan sales as needed
- Reviews loan application in conjunction with income, asset and credit documentation for data integrity and accuracy
- Performs manual underwrite to ensure Loan-to-value, FICO, Debt-to-income, complies with guidelines for a variety of loan product types
- Manually underwrites files to guidelines and performs analysis of income assets, credit, FICO, Debt to Income, Loan to Value and review for any potential risk
- Sets clear and concise conditions for missing documentation that is necessary to meet investor guidelines
- Communicates underwriting decision and explains reasons for conditions in the Empower system
- Responds to questions on conditions from processors, MLC’s, or MLO’s in a reasonable timeframe
- Documents and notifies all parties of any reasons for a suspended file and monitors timelines to make a final approval or decline
- Reviews the underwriting conditions and re-runs the Automated Underwriting, if applicable
- Performs cursory review of the appraisal for accuracy
Qualifications for underwriter, mortgage
- FHA, FNMA, FHLMC, VA, and/or RD experience is preferred
- Three or more years of experience using an automated underwriting systems, FHA Connection and the VA portal
- Complete understanding of agency, government, and investor requirements
- Proven ability to analyze and decision loan requests preferred
- Technical knowledge of secondary market lending
- Strong communication, negotiation, interpersonal, verbal and written skills
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Underwriter, Mortgage Job Description
Job Description Example
Our company is looking for an underwriter, mortgage. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for underwriter, mortgage
- Responsible for assuring the origination of investment quality mortgages by determining that the borrower shows a willingness and financial ability to repay the debt through a thorough but reasonable evaluation of all
- Ensuring that the Credit Union will be able to recover the loan proceeds from the collateral in the event of a default
- Underwrite all real estate loans ?? FNMA 1st Mortgages, Express Refi 1st mortgages, Home Equity Loans, HELOC
- Review loans for risk analysis and compliance with agency and investor guidelines
- Render loan approval decisions within appropriate timeframe of 48 hours while meeting quantity and quality standards of at least four new loans per day averaged on a monthly basis in addition to resubmissions and no major exceptions
- Use of automated underwriting systems in determining risk, salability and reduced documentation for borrowers and review of data accuracy as input in Destiny, LP and DU
- Clear, concise and appropriate conditioning of loans when rendering decisions
- Accept and accurately maintain loan file as it pertains to underwriting documents
- Mentor processing staff on underwriting deficiencies and calculation errors
- Keep management informed of specific ongoing issues that need immediate attention
Qualifications for underwriter, mortgage
- A minimum of three (3) years current Mortgage Underwriting work experience in Underwriting Conforming and/or Non-Conforming mortgage loans
- Service orientation and sound judgment
- Strong focus on mortgage operations
- Minimum 7 years’ experience underwriting jumbo and/or non-conforming loans for high net worth individuals
- Thorough knowledge of FHA, Fannie Mae, Freddie Mac, Jumbo and Non-conforming mortgage program guidelines and regulations
- Ability to handle fast-paced environments with minimum supervision and meet project deadlines