Senior Real Estate Loan Underwriter

Company: NIH Federal Credit Union
Location: Rockville
Posted on: September 15, 2020

Job Description:

Description: We are open for this position to be a completely remote position.We are looking for more than just an employee, we are looking for a true team member dedicated to enhancing the member experience! Come join the credit union movement and Discover Banking With Heart at NIHFCU!Be a part of our team where commitment to members with exceptional service and banking solutions that enhances their lives is our mission. If helping people and making a difference appeals to you, this is the place for you!At NIHFCU, one of our core values is investing in our employees, which is why we offer perks like these:--- Benefit Package for all Full time employees includes health, dental, vision, Life insurance benefits--- 401(K) and profit sharing--- Tuition Reimbursement--- Career Advancement and development--- Credit Union Membership with discounted services and products.GENERAL SUMMARYTo underwrite, analyze and review all 1st & 2nd trust mortgage loan files submitted for decision in order to assess the risk, confirm compliance with guidelines, and render a credit decision. To be a leader within the department and to help Management achieve department goals and objectives.MAJOR DUTIES AND RESPONSIBILITIES

• The Senior Underwriter performs an in-depth underwriting and analysis of all 1st trust mortgage loans ensuring compliance with Federal, State, County, NCUA, NIHFCU, Investor, FNMA/FHLMC, and Mortgage Insurance guidelines.
• Review and analyze the information on the loan application matching it to the documentation in the loan file. Review all debts listed on the credit report, calculate income from pay stubs and/or tax returns, and verify there are sufficient assets available to meet the costs of the transaction, plus any reserve requirements.
• Confirm that the terms of the loan and the applicant's eligibility requirements conform to NIHFCU credit overlays.
• Underwrite and evaluate the level of risk associated with the transaction in order to make a prudent lending decision
• Calculate housing, debt-to-income, and loan-to-value ratios independent of the information found in the mortgage system to verify that the data in the mortgage system and the DU/LP results are correct.
• Order and obtain mortgage insurance, if required, ensuring that loan also meets any underwriting guidelines and credit overlays by the mortgage insurance companies being used.
• Enter loan conditions in the mortgage system, update the loan status to Hold, Conditional, or Final Approval. Once the loan is in conditional status, issue the Mortgage Loan Commitment, update and validate the AUS findings, finalize the Transmittal Summary (1008) (making detailed comments supporting credit decision) and the Loan Application (URLA/1003).
• Obtain necessary lending authority signatures and approval when terms of loan are outside of underwriter's lending authority level
• Review supporting documentation for underwriting conditions, as well as any follow-up documentation on the loan, that is submitted by the loan processor in order to advance loan to final approval stage
• Review any changes in loan terms, income, assets, etc. made to the loan throughout the process, evaluate whether the changes will affect the original credit decision, and make necessary adjustments as required.
• Transmit, submit and update loan to the AUS each time there is a change in the loan terms, value, income, and/or assets.
• Document conditions, conversations, and observations within the mortgage system of record.
• Communicate file status and/or any problems with a loan to the appropriate parties.
• Perform a credit-only underwriting review on all loans forwarded by Loan Set-Up that receive a Caution recommendation from Loan Prospector/Desktop Underwriter, record underwriting review notes in the mortgage system, and return the file with direction either to proceed with the application or to deny the loan request.
• Perform detailed review on Credit applications for Visa Credit card pre-approvals with Mortgage applications.
• Interact closely with management, loan officers, loan processors, loan closers and loan set up to achieve division goals in turn time, pull through, and customer satisfaction.
• Collaborate with management on questionable loans to determine a possible course of action.
• Track common errors made by Loan Processors during the loan origination process and provide underwriting feedback to management, when appropriate.
• Assist in researching background information and regulations related to issues affecting mortgage lending; design and implement new procedures as required.
• Access Member or Associate personal and financial information only as required by the job. Maintain confidentiality and security of all Member or Associate personal and financial information.. Requirements:
  • A Bachelor's degree in a pertinent field preferred and a minimum of 5 years or more of equivalent experience in the area of underwriting conventional first mortgage loans and second mortgage loans.
  • Experience with Loan Processing for 1-3 years is preferred.
  • Must demonstrate a working knowledge of FNMA/FHLMC guidelines.
  • Must demonstrate a working knowledge of Mortgage Insurance guidelines.
  • Must demonstrate the ability to conduct a detailed review of a loan file, analyze an applicant's financial position, and evaluate the risk based on the loan profile under the terms requested
  • Analytical decision-making ability with attention to detail.
  • Ability to learn and work in a fast-paced work environment.
  • Ability to multitask and prioritize work as required. Attention to detail and ensure accuracy.
  • Working knowledge of mortgage loan origination systems and processing software (Mortgagebot).PM20

Keywords: NIH Federal Credit Union, Rockville , Senior Real Estate Loan Underwriter, Other , Rockville, Maryland