PURPOSE OF POSITION
The primary role of the Mortgage Underwriter is to review a mortgage loan application and supporting documents in accordance with stipulated guidelines (Fannie Mae/Freddie Mac, FHA, VA, USDA and/or client and/or other investor) and to render a credit decision.
ESSENTIAL DUTIES AND RESPONSIBILITIES
To review provided documentation and render a credit decision. Ensuring the file meets the investor/agency guidelines:
· Review asset documents and calculate assets
· Review employment details and calculate W-2 and Self Employment income
· Review credit report and validate liabilities and credit-worthiness
· Review the sales contract
· Review mortgage insurance
· Review appraisal and perform compliance checks
· Review disclosures for accuracy
· Review applicable ratios (i.e. debt ratios, loan-to-value)
· Notate any required credit and/or closing conditions and subsequently review and sign off on them
· When the documents/information are received/reviewed, issue a final approval, ‘Clear to Close’ or adverse action on a loan
· Update the LOS with all required/pertinent information
Maintain a strong relationship with the processing team and loan originators as you work together to evaluate a deal.
EDUCATION and/or EXPERIENCE
· A broad understanding of residential mortgage loans, and familiarity with mortgage loan products.
· Solid mortgage underwriting experience utilizing AUS and manual underwriting.
· Clear understand of the current RESPA laws and guidelines.
· Thorough understanding of underwriting policies and procedures, including investor guidelines
· Thorough knowledge of FNMA, FMLMC, FHA, VA and USDA guidelines and standards.
· Experience with income calculations including personal and corporate tax forms.
· Experience in Appraisal Review.
· Excellent verbal and written communication skills with a high degree of attention to detail.
· DE - REQUIRED
· VA LAPP SAR - Ideal
· Calyx Point Experience - Ideal