Residential Loan Underwriter

2 months ago

Glen Cove, United States First Central Savings Bank Full time
Job DescriptionJob Description

Residential Loan Underwriter

First Central Savings Bank is seeking a Residential Loan Underwriter for a full-time position within our growing company. The Bank has a variety of loan products that include conforming, non-conforming, agency, and government loan products. We are seeking an experienced Underwriter to support the loan volume and the current growth of the company. This is a great opportunity with ample room for advancement for the appropriate candidate. This individual will work in collaboration with the Mortgage Banking Operation’s management team and play an intricate role in the expansion of this new unit.

The underwriter will dedicate themselves to residential loan underwriting of conventional and non-qm loans in accordance with investor guidelines, evaluating and analyzing loan applications, and supporting documentation to assess the borrower’s creditworthiness for approval and sale in the secondary market. The job includes the review and audit of loan files for completeness and accuracy, analyzing credit documents, mortgage applications, credit reports, income documents, title reports, appraisals, all applicable compliance documents, and other required documentation to support a credit decision via an automated/manual underwriting system to the corresponding agency or investor. Knowledge of FNMA/FHLMC/FHA conforming loan production, loan underwriting, Desktop Underwriter, Loan Prospector and Direct Endorsement software is required.

This is an in-office position, the candidate is expected to report to the Mortgage Banking Department at corporate headquarters located at 70 Glen St, Glen Cove, New York.

Salary will be based on qualifications, skills, certifications, and years of experience. With eligibility for a year end annual performance bonus.


Qualifications:

· Minimum 5 years of current/recent mortgage underwriting experience and thorough knowledge of DU/LP/DE validations (automated underwriting system)

· Experience with Non-QM or DSCR loan products

· Bachelor's degree from a four-year college or university required.

· Must be able to recommend approval or denial of credit applications and provide written and verbal decision and documentation to support the lending decision.

· Full knowledge of conventional, both Conforming and Jumbo Underwriting guidelines is essential.

· Experience analyzing loan and borrower data and determining best course of action.

· Ability to review self-employed, corporate, profit and loss as well as financial statements to ascertain the borrowers’ income.

· Must be able to evaluate and analyze complex income tax returns to establish qualifying income.

· Have the ability to underwrite the following loan types: FNMA & FHLMC Conventional, Jumbo, and FHA.

· Self-motivated and high producer; ability to work independently and with minimal supervision.

· Strong analytical and problem-solving skills; ability to solve complex problems.

· Ability to prioritize work and meet deadlines within an acceptable time frame.

· Strong written and oral communication skills, team player and ability to work as a team with the loan processor and supporting staff.

· Knowledge of Encompass preferred.


Job Functions:

· The underwriter is responsible for ensuring real estate loan applications are completed with all required documents submitted correctly and loan files are in accordance with the latest investor guidelines and industry standards.

· Perform mortgage credit analysis, with or without the assistance of an automated underwriting system to determine borrower’s willingness and ability to repay the mortgage debt.

· Maintains a sound knowledge of secondary market activity, practices, and business/industry practices as they impact underwriting quality and origination activity.

· Knowledge and familiarity with current mortgage and compliance laws and regulations including FHLMC, FNMA, FHA, RESPA, Reg Z, Reg B, ECOA, HMDA, and Fair lending.

· Evaluate and document credit risk for proposed loans and make recommendations.

· Responsible for managing the underwriting approval process while ensuring credit quality and underwriting compliance.

· Review and analyze third party reports to ensure compliance with appropriate requirements.

· Accurately maintains the data integrity of the loan origination system.

· Assists Closing Department with any additional documentation or clarification required by investor at purchase.

· Job responsibilities may change as required by the needs of the company.

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