Mortgage Underwriter

Date posted:

Department:

Lending

Location:

Washington DC

Description:

UNFCU has expanded into the greater Washington, DC area. This position is responsible for underwriting first and second mortgages, equity lines and equity loans while ensuring compliance with UNFCU’s loan policy, secondary market guidelines, in addition to Federal, NCUA and State compliance. This position is based in Washington, DC.

Accountabilities:

Responsible for compliance with UNFCU loan policy, secondary market guidelines, in addition to Federal, NCUA and State compliance.

Reviews loan applications for completeness and ensures interest rate, terms and amounts are correct in all arrears FICS, DU and XP within 48 hours. This includes ensuring member and mortgage representatives have signed applications and completed the Government Monitoring section; ensures most current UNFCU 3 month’s bank statements are in file; reviews 3-day docs to insure accuracy. Reviews Flood Certification and if property is in a flood zone obtains signed flood hazard certification signed by member. Ensures processors have ordered Titles and Appraisals and all appropriate fees have been taken.

Reviews and analyzes credit reports for member credit worthiness. Reviews Jumbo and non-conforming loans and makes recommendation to management. Prepares loan packages for submission to Private Mortgage Insurance Companies (PMI) via website or faxing. Prepares and presents mortgage loans in excess of authorized limits to Senior Underwriter or Manager. Reviews assets for funds to close, and reserves, questioning any large deposits and conditions to verify source of funds. Ensures all items are in FICS and DU (Desktop Underwriter) accurately.

Analyzes bank statement to establish savings patterns and any large deposits made to the account.

Works with 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 regulator guidelines and submits to the Senior Underwriter. Explores all possible decision alternatives and make appropriate recommendations.

Presents recommendations to the Loan Panel when necessary for mortgage loans in excess of authorized limits and mortgage loans that are exceptions to policy.

Reviews and analyzes personal and business tax returns to properly determine income to qualify the members for mortgage loans and submit to the Senior Underwriter. (Sample of forms to be reviewed 1040, 1120, 1120S, 1065 and all schedules.)

Monitors the pipeline to ensure conditions are received within department guidelines.

Provides training to processor and other underwriters when necessary.

Sound underwriting and flexible decision-making.

Qualifications:

Must be detail oriented, understand flexible underwriting guidelines, possess knowledge of secondary market underwriting, be outgoing, professional, and eager to work with members, staff, and finally be a teacher. Ability to read and interpret appraisals, tax returns, financials, flood certifications and credit reports is paramount. Sales and service orientation, excellent oral and written communication skills, proficiency in applicable software, professional appearance and willingness to work flexible hours. A typical way of obtaining the knowledge, skills and abilities required for this position is to obtain a Bachelor’s degree or equivalent experience plus at least 5 – 7 years of mortgage underwriting experience working with conforming, jumbo and nonconforming loans.