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Mortgage Loan Underwriter- (35)

Company: Latitude, Inc.
Location: Rockville
Posted on: January 27, 2023

Job Description:

Citizenship: US Citizen or Green Card HolderWhat they do: Bank/Credit UnionMain Focus-

2+ years of mortgage underwriting experience (does NOT need to be with a bank/credit union)Will be a mixture of onsite & remote workWill need to pass background, drug and credit checks -In this role as a Mortgage Loan Underwriter you will, under general supervision but following established policies and procedures, be responsible for underwriting first mortgage and home equity loans/lines of credit in accordance with the companys and investor guidelines. The Mortgage Loan Underwriter will respond to audits requests and performs quality control on mortgage files. To be a leader within the department and to help Management achieve department goals and objectives. In addition, this position may act as a mortgage loan originator (MLO) as defined in the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act).The Mortgage Loan Underwriter will also:
  • Complete a thorough analysis of the loan file to determine member credit worthiness and collateral value. Review legal documentation as applicable.
  • Evaluate geographic area, loan type, ownership and occupancy of the residence and assure proper adjustments are made to loan terms, rate or amount when applicable.
  • Underwrite to current Regulatory/FHLMC/Aggregator guidelines.
  • Assist with maintaining compliance with all applicable federal, state and local laws, regulations and in ordinances with the companys compliance program and all policies, procedures, rules and regulations.
  • Evaluate the entire credit package and collateral for residential mortgage loans and ultimately ensures an investment quality loan product. This includes full condominium reviews and complex tax returns when applicable.
  • 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.
  • Analyze the information presented within the file with regard to the borrower's ability to repay, the borrower's willingness to repay and the collateral being given to determine if the risk of borrower default is low enough to merit a loan approval.
  • Determine that valid liens in the proper recording position can be obtained by analyzing title examination and public record reports.
  • Maintain a working knowledge of secondary market underwriting guidelines, investor, and private mortgage insurance guidelines.
  • Interpret policies and guidelines for loan processors and other employees requiring guidance.
  • Communicate clearly when documentation is inaccurate.
  • Verify that all information maintained in the loan application processing software is consistent with and supported by the documentation within the file.
  • Document conditions, conversations, and observations within the mortgage system of record.
  • Participate in the development of policy changes, program implementation, and procedural improvements.
  • Resolve complex member problems with-in delegated limits.
  • Discuss complex income calculations.
  • Actively look for exceptions within delegated authority. Present exceptions and recommendations to management.
  • Respond to post closing review and audits in a timely fashion.
  • Responsible for understanding and complying in an accurate and timely basis with all Bank Secrecy Act/Anti-Money Laundering/OFAC requirements that pertain to your position as directed by management and/or the Senior Vice President of Risk Management.
  • Performs other duties as assigned by the Vice President of Mortgage Lending and the Senior Vice President of Mortgage Lending. -Requirements:The ideal candidate will:
    • Demonstrate a working knowledge of FNMA/FHLMC guidelines.
    • Demonstrate a working knowledge of Mortgage Insurance guidelines.
    • 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
    • Demonstrate analytical decision-making ability with attention to detail.
    • Demonstrate the ability to learn and work in a fast-paced work environment.
    • Ability to multitask and prioritize work as required
    • Provide all members with professional support, accurate information, and friendly service.
    • Troubleshoot and resolve internal inquiries in a timely, friendly and professional manner.
    • Maintain positive member relations while adhering to policy and procedures.
    • Contribute to the successful achievement of Organizational and Departmental goals as set by management and/or the VP of Mortgage Lending and/or SVP of Mortgage Lending.
    • Maintains confidentiality at all times.
    • Maintain a dependable record of attendance and timeliness.
    • Have a desire to work in an inclusive and diverse office culture
    • Be enthusiastic and positive about your role in the companys success
    • Be excited to collaborate with others on strategic projects and daily operations -Qualified -candidates will have the following:
      • A positive credit standingExperience:
        • Minimum of 3 years or more of equivalent experience in the area of underwriting conventional first mortgage loans and second mortgage loans.
        • 1-3 years experience within the primary market of the Mortgage Industry is preferredEducation:
          • High School Diploma or equivalent required.
          • Working knowledge of MS Office applications including but not limited to Outlook, Word, Excel and other applications. - -Powered by JazzHR

Keywords: Latitude, Inc., Rockville , Mortgage Loan Underwriter- (35), Other , Rockville, Maryland

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