Mortgage Underwriter III

Date posted:

Department:

Lending

Location:

Washington DC

Description:

POSITION SUMMARY:
Within assigned real estate loan approval authority, responsible for first and second mortgage underwriting decisions in compliance with applicable Federal, State and NCUA rules, regulations and laws and secondary market guidelines. This includes communication with the Underwriting and Processing staff while upholding UNFCU’s commitment to quality member service and representing UNFCU in a positive and professional manner.

Accountabilities:

•Monitor the work of the Underwriter I and Underwriter II to ensure compliance with UNFCU and secondary market guidelines. Provide guidance and instructions to the Underwriters when necessary. Monitor files for completeness in LOS. Provide feedback to the Mortgage Processors, Underwriters and Mortgage Representatives/Loan Originators in order to improve service to members. Perform second reviews and approve loans which are in excess of Underwriters’ authorized limit. Prepare executive write up and underwrite loans with aggregate amounts greater than $1 million.

•Review loan applications for completeness and ensure interest rate, terms and amounts are correct in all applicable systems within SLA turn times. This includes ensuring members and Mortgage Representatives/Loan Originators have fully completed applications and all sections including HMDA are completed; ensure minimum standard documentations is in the file; review 3-day docs to ensure accuracy. Review all other pertinent documentation and ensure system accuracy.

•Underwrite all nonconforming loans to ensure compliance with UNFCU and secondary market guidelines and make alternative recommendations. Prepare and present recommendations and counter offers to the Loan Panel for mortgage loans in excess of authorized limits and mortgage loans that are exceptions to policy. Make recommendations for counter offers acceptable to UNFCU and regulator guidelines.

•Review and clear complex underwriting conditions and/or recommend alternative documents to satisfy the condition(s) for final approval and closing of loan.

•Work with Processors/Originators and/or members to resolve underwriting conditions and suggest alternative documents the member can supply. This includes proposals and recommendations for counter offers to members acceptable to UNFCU and secondary guidelines. Explore all possible decision alternatives and make appropriate recommendations.

•Review and analyze offering plans, amendments, questionnaires and financials for all cooperative and condominium buildings for compliance with UNFCU and secondary market guidelines. Complete cooperative/condominium worksheet to determine whether the building meets guidelines. Present mortgage loans to Loan Panel when the building does meet established guidelines

•Review and analyze all pertinent information such as personal and business tax returns, bank statements, income documentation and assets to properly determine income to qualify the members for mortgage loans

•Prepare loan packages for submission to PMI companies and negotiate for approval. Submit loans to the PMI companies with Delegated Underwriting. Monitor files for compliance with any approval conditions.

•Monitor the pipeline to ensure conditions are received within department guidelines.

•Review and underwrite all employee loans.

•Make recommendations to improve the mortgage process and actively participate in department meetings.

•Ensure sound Quality Control/audits responses are completed timely.

•Provide training to Mortgage Representatives/Loan Officers, Processors and other Underwriters when necessary.

•Exercise sound underwriting and flexible decision-making.

•Other duties as assigned by Lending Management.

Qualifications:

TYPE & AMOUNT OF EXPERIENCE:
•Bachelor’s degree and a minimum of five to seven years underwriting experience working with conforming, jumbo and nonconforming loans, as well as cooperative review and analysis
•Extensive knowledge of which cooperative and condominium loans are saleable on the secondary market
•Proficient knowledge of mortgage and secondary market and conforming loans, analyze offering plans and amendments, and understand mortgage lending regulations (i.e. HMDA, RESPA)

TECHNICAL COMPETENCIES:
•Ability to read and interpret appraisals, tax returns, financials and credit reports
•Proficiency with MS Office and applicable mortgage software

BEHAVIORAL COMPETENCIES:
•Excellent oral and written communication skills and sales/service skills
•Attention to detail and ability to learn quickly

WORK ENVIRONMENT/CONDITIONS:
•Standard office conditions
•Willingness to work flexible hours