Jr Asset Underwriter
1 month ago
Under the direction of the Manager of Asset Underwriting, the Jr. Asset Underwriter, working on the express swim lane process, must have a clear understanding of Risk Management from a big picture perspective and does not just rely on fitting data points into a Guideline “Box”. In addition, the Jr. Asset Underwriter should feel comfortable forming an opinion and analysis of their loans verbally and in writing. The Jr. Asset Underwriter will be responsible to manage a high-volume loan pipeline and work closely with Third-party vendors (escrow, title, insurance), Sales, Valuations, Underwriting (Asset, Construction, Borrower), Doc, Accounting / Funding and Post-Closing departments to ensure loans close as scheduled and in compliance. This is a Dual role where the Jr. Asset Underwriter acts as Processor and Underwriter on a specific subset of loans considered to be non-complex.
Principal Duties
- Manage a high-volume loan pipeline and ensure loans close as scheduled and in compliance.
- Ensure third-party vendor orders are placed and received within agreed upon SLA.
- Conduct quality control of all documents received and save to internal loan processing system.
- Conduct quality control of transactional documents such as title commitments, purchase contracts, escrow instructions, deeds, closing statements and other documentation common to purchase and refinance transactions. Familiarity with assignments, double escrows, cash purchases, auctions purchases, non-arm’s length transactions and other non-traditional situations is a plus.
- Review and QC documentation related to Bridge, Renovation and Ground Up Construction loans including Rehab/Construction Budgets, Plans, Permits, Certificate of Occupancy, Code Violations, etc.
- Set Tasks (conditions) that are needed for the loan to fund in compliance with Underwriting guidelines
- Review various ratios, percentages, and loan metrics. Need to fully understand the formulas behind the data being reviewed and how they affect the credit rating of the asset.
- Coordinate lien resolution with title (and 3rd parties) such as city liens, substandard liens, subordinate liens.
- Prepare and submit complete loan files for the Asset Underwriting Manager’s review.
- Pipeline management and collaboration with multiple parties for closings.
- Update internal loan processing system which include data fields, transactional documentation, and notes.
- Serve as a liaison between loan originator, relationship manager, sales associate, borrower, escrow and/or closing agent for signing and funding.
- Responsible for requesting and reviewing prior to doc, prior to funding and post-closing conditions; ensuring all documentation and conditions meet the Asset Underwriting Policy.
- Demonstrates analytical thinking, decision making, problem solving skills and sound judgment by gathering and applying relevant data to research and resolve issues.
- Demonstrate ability to handle issues that may not have a definitive resolution one way or the other. There can be a lot of subjective areas that require a thoughtful decision based on logic and reason, not a pre-determined answer.
- Demonstrate an ability to handle communication and pressure from multiple sources at once near funding deadline.
- Provide excellent customer service and problem-solving solutions with all parties to the loan before, during and after closing.
*These essential functions are fundamental to the role, and must be performed on-site, as they cannot physically be performed remotely. In addition, the Company has determined that an in-person presence is important to critical components of our work, including oversight, training, collaboration, and productivity. Items not marked (*) as essential on-site may still require partial on-site work to perform the role satisfactorily.
Education and Experience
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- High school diploma or equivalent, required.
- Bachelor's Degree preferred
- 5-7 years relevant work experience in mortgage loan processing or 2-3 years in credit analyst/underwriting related experience in in a commercial bank
- Experience in private money lending, underwriting or construction finance a plus
- Must understand underwriting and funding process
- Proficient in MS Word and Excel.
- Strong interpersonal and communication skills with exceptional follow-through abilities.
- Excellent verbal and written communication skills.
Knowledge, Skills, and Abilities
- Self-motivated with strong desire to succeed
- Detail oriented and organized with ability to multi-task
- Excellent verbal and written communications skills
- Problem-solving and critical-thinking skills
- Strong interpersonal and communication skills with exceptional follow-through abilities
- Excellent customer service skills
- Strong business acumen
- Takes initiative with a clear business purpose in mind
- Continually seeks to improve business processes
- Adapts to change easily in a fast pace work environment
- Follows direction easily
- Strong time management skills
- Proficiency in Microsoft Office Applications including Excel, PowerPoint, and Word
- Willing and able to work Overtime as needed
- Ability to stay motivated and take responsibility for own pipeline without constant oversite
While this description is intended to be an accurate reflection of the position’s requirements, it in no way implies/states that these are the only job responsibilities. Management reserves the right to modify, add or remove duties and request other duties, as necessary.
By applying to this position candidate acknowledges that this is not a remote role and is required to be on-site.
Equal Employment Opportunity
We're proud to be an equal opportunity employer- and celebrate our employees' differences, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, and Veteran status. Different makes us better.
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