Senior Real Estate Loan Underwriter
Company: NIH Federal Credit Union
Posted on: September 17, 2020
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
- 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
- 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
- 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
- Obtain necessary lending authority signatures and approval when
terms of loan are outside of underwriter's lending authority
- 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
- 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
- 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
- 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
- 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..
- 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
- Experience with Loan Processing for 1-3 years is
- Must demonstrate a working knowledge of FNMA/FHLMC
- Must demonstrate a working knowledge of Mortgage Insurance
- 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
- Ability to learn and work in a fast-paced work
- 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 PI123608673
Keywords: NIH Federal Credit Union, Rockville , Senior Real Estate Loan Underwriter, Other , Rockville, Maryland
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