Underwriter

2 weeks ago

Chicago, United States Fay Financial Full time

Founded in early 2008, Fay Servicing is committed to providing innovative servicing solutions for both performing and non-performing mortgage loans. As a specialty mortgage servicer who sees the customer behind every loan, we understand that our customers aren't loan numbers - they're homeowners.

Before founding our company, we conducted an exhaustive analysis of the mortgage servicing industry and gained valuable insight into the problems facing mortgage servicers and their customers. With that insight, we set out to build a different kind of servicing company from the ground up.

Come join us on our journey to serve our customers and be the leader in our industry We are currently looking for an Underwriter to join our team

Reporting to the Underwriting Manager, this position is responsible for evaluating, analyzing, and decisioning the acceptability of risk through detailed analysis of a borrower's credit, financial profile, track record, and collateral characteristics. This role will ensure credit recommendations and property financing loan approvals conform to the established and defined underwriting guidelines and investor purchasing requirements. This position is a liaison between sales and operations and partners with mortgage originators, processors, and closers to qualify mortgage loans and clear closings.

Additionally, this role will partner with borrowers and stakeholders to identify financing solutions for residential investment projects. This position is responsible for maintaining thorough records of decisions and communications while providing clear explanations of underwriting actions to stakeholders.

What you will do for Constructive Loans:

  • Evaluate and analyze loan applications and financial documents to determine borrower creditworthiness
  • Assess property values and conduct risk assessments in accordance with underwriting guidelines
  • Ensure all mortgages are investment quality acceptable for sale to the Company's secondary market conduits
  • Make informed decisions on loan approvals, conditions or denials based on thorough analysis
  • Partner with the mortgage originators and processors to decision mortgage applications
  • Partner with the processors and closers to clear closing conditions
  • Identify and describe compensating factors when communicating loan exception requests when warranted
  • Produce detailed Credit Memorandums addressed to the Loan Approval and Credit Committee
  • Ensure department processes and procedures are followed while consistently maintaining the expected level of production
  • Resolve various inquiries through clear and detailed explanations
  • Serve as a liaison between sales and operations management team
  • Maintain accurate and detailed records of underwriting decisions and correspondence
  • Stay updated on industry trends, market conditions and changes in regulatory requirements
  • Develop domain knowledge of Fay's business to include an understanding of organizational goals and objectives
  • Maintain broad influence through ongoing development of relationships across the organization
  • Ensure compliance with Fay's policies, processes and practices. Successfully complete all department and company required training
  • Model Fay's Values, Operating Principles, ethical standards, professionalism and code of conduct
  • Demonstrate behaviors that align with Fay's Values and Operating Principles
  • Perform other duties and responsibilities as assigned
What you will bring to Constructive Loans:
  • Bachelor's degree in Business, Finance or related field (or equivalent combination of years of experience with High School diploma/GED)
  • 5+ years' experience in mortgage loan underwriting
  • 2+ years' experience in customer service
  • Extensive knowledge of generally acceptable underwriting and lending practices
  • Strong skills in MS Word, Excel and PowerPoint
  • Strong interpersonal skills with the ability to develop and maintain effective relationships across the organization
  • Collaborative and consultative work style; high team-orientation
  • Open to change; agile; high learning agility
  • Strong problem-solving abilities coupled with sound judgment
  • Ability to analyze and interpret data to identify opportunities and propose solutions
  • Strong project management skills
  • Strong attention to detail; strong compliance orientation; high quality of work product
  • Ability to effectively prioritize under tight deadlines in a fast-paced, dynamic environment; effective time management
  • Self-directed; ability to proactively ask questions and surface issues/ concerns
  • Professional maturity, integrity, ability to maintain confidential data and information
  • Strong business acumen; strong fiscal and technical aptitude

Equity and Inclusion are embedded into our way of working at Fay. We believe that the best ideas come from having a team that is diverse in backgrounds, experiences, and perspectives. We strive to ensure each of our employees feels valued, respected and included and is presented with equal opportunities to be successful here at Fay. We are proud to be an equal-opportunity workplace. The Fay Group and affiliated companies participate in E-Verify. For more information go to www.dhs.gov/E-Verify. E-Verify is a registered trademark of the U.S. Department of Homeland Security.

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