Residential Mortgage Risk Officer
2 weeks ago
Residential Mortgage Risk Officer
Job ID: 2024-5193
Category: Real Estate Risk
Type: Full-Time
Workplace policy: FT Remote
OverviewResponsible for the underwriting of the Bank's residential lending correspondent/agency (FNMA/FHMLC) programs as well as portfolio underwriting. Is proficient and adheres to Bank and Investor credit and collateral loan policies and procedures. Ensures each mortgage loan is underwritten in accordance with all investor guidelines and in compliance with government regulations applicable to the residential underwriting guidelines, office operations and support staff functions. Makes sound lending decisions within their board assigned lending authority up to $500,000. Responsible for supporting the bank's residential lending programs by providing services of underwriting for all residential loan products and monitoring CRA loans guidelines, requirements and changes.
Principal Duties & Responsibilities:- Underwrites residential loans to render lending decisions, including conventional agency (FNMA, FHLMC); portfolio loans including construction loans and CNB jumbo loans while maintaining quality control.
- Makes sound decisions within lending authority up to $500,000 and recommends loans requiring exception approval authority based on independent analysis and interpretations of cash flows and banking lending risk guidelines.
- Ensures new loans and existing reviews and renewals meet soundness required in business operations.
- Underwrites all residential mortgage loans according to bank's and/or investor guidelines, making loan decisions to approve or decline within "Loan Authority" limits.
- Calculates debt ratios and utilizes FNMA Desktop Underwriter / Originator, FNMA Collateral Underwriter, FNMA Uniform Collateral Data Portal, FHLMC Loan Prospector, and FHLMC Loan Advisor Suite for underwriting.
- Analyzes challenging loan packages to render sound credit solutions to maximize organizational profit and minimize risk or loss.
- Analyzes and calculates income, debt to income ratios, cash to close, reserves after closing, and reviews property appraisals and insurance to ensure adequacy.
- Reviews files for compliance with federal and state regulations such as HMDA and fair lending regulations.
- Analyzes financial statements and tax returns for fraud detection and validation for underwriting.
- Recommends alternatives for clients not qualifying for original loans and makes credit decisions within time frames to minimize risk and maximize profit.
- Flags suspicious loan applications.
- Provides solutions for documentation and closing issues and supports Consumer Risk Underwriting Officer as needed.
- Communicates with internal and external customers to resolve issues throughout the underwriting process.
- Maintains accurate records in a paperless environment.
- Keeps informed of trends in the local real estate market and changing regulations and investor guidelines.
- 5-7 years of residential mortgage loan underwriting experience, with specific experience in FNMA and FHMLC. Required
- Correspondent lending experience Preferred
- Expert with Fannie Mae DU/DO and Freddie Mac LP programs and policies.
- Knowledge of federal and state regulatory requirements.
- Strong analytical and decision-making skills.
- Microsoft Office proficiency required.
- Encompass LOS knowledge preferred.
- Ability to manage by taking charge and directing others.
- Leads by building commitment and keeping others involved.
- Bachelor's Degree in Business, Real Estate or related field, or equivalent years of experience. Preferred
- Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities.
- Please view Equal Employment Opportunity Posters provided by OFCCP here.
- Reasonable accommodation may be made to assist individuals with disabilities to complete the online application process.
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