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Mortgage Risk Assessor
2 months ago
The role of the Underwriter involves the assessment of residential loan applications to ensure adherence to company policies, secondary market investor requirements, and legal regulations. The Underwriter is tasked with scrutinizing loan documentation for precision and thoroughness, engaging in various mortgage lending types, particularly conventional program loans. This position requires the ability to underwrite both wholesale and retail loans in accordance with industry standards. Collaboration with Loan Originators, Branch Managers, and Processors is essential to gather all necessary documentation.
This is an in-office role, with the option to work remotely one day a week, subject to management approval.
Key Responsibilities:
- Evaluate loan Program Loans for completeness, accuracy, and compliance.
- Maintain a comprehensive understanding of multiple loan product guidelines, DU/LP standards, and risk assessment methodologies.
- Adhere to the policies and procedures established by Novus Home Mortgage.
- Modify loans to reflect new terms and identify additional conditions necessary for sound credit decisions.
- Review and assess borrower profiles, including income documentation, tax returns, credit reports, and appraisals.
- Analyze and compute income documentation, ensuring all requisite documents are requested to support final loan decisions.
- Ensure compliance with the Ability to Repay (ATR) regulations set by the Consumer Financial Protection Bureau (CFPB).
- Exercise sound judgment, conduct reasonableness assessments, and issue high-quality decisions.
- Verify the accuracy and completeness of files, ensuring consistent processes.
- Meet established service level standards for decision-making within the company's timeframes.
- Maintain regular communication with the sales team, processors, and management.
- Consistently achieve or surpass minimum productivity and quality benchmarks set by management.
- Respond promptly to audits of loan files underwritten prior to and after funding.
- Review all documentation for compliance with product and investor guidelines, borrower validation, ATR, and risk mitigation.
- Perform additional duties as assigned.
- A minimum of two years of current frontline mortgage underwriting experience; DE or SAR designation is mandatory.
- Skills in appraisal review and tax return analysis are essential.
- Prior credit signing authority is advantageous.
- Strong analytical and decision-making abilities are required.
- Attention to detail and the capacity to manage a high volume of work are crucial.
- Proficiency in computer systems, particularly LOS systems like Encompass.
- Ability to deliver effective results and meet deadlines with minimal oversight.
- High School diploma or equivalent is required.
