Mortgage Underwriter III

The Mortgage Underwriter III is a critical role within Waterstone Mortgage Corporation, responsible for evaluating and underwriting residential mortgage applications. This position requires a high level of expertise in mortgage underwriting, with a strong focus on ensuring compliance with investor, agency, and regulatory guidelines.

• Review and evaluate residential mortgage applications, ensuring that borrower, property, and loan conditions meet investor, FNMA, FHLMC, FHA, VA, RD, and private investor guidelines.
• Conduct thorough analysis of credit files, income, and assets to determine loan eligibility and risk.
• Communicate underwriting decisions to loan officers, processors, and other stakeholders, ensuring timely and accurate loan processing.
• Stay up-to-date with product updates, investor, and agency guidelines, as well as regulatory requirements.
• Collaborate with loan officers and processors to resolve mortgage application conditions and ensure smooth loan processing.
• Enter underwriting conditions and HMDA data into the Encompass LOS system.
• Order Private Mortgage Insurance (PMI) as required by investors and programs.
• Make recommendations for policy and procedure changes to improve underwriting efficiency and effectiveness.

• High School diploma or general education degree (GED) and 3-5 years' experience as a Loan Underwriter.
• College degree preferred.
• Knowledge of basic lending and underwriting policies and procedures, including guidelines issued by FNMA, FHLMC, FHA, VA, RD, and multiple investors.
• FHA DE and VA SARs approval required.
• Ability to use and comprehend automated underwriting software, including Desktop Underwriting and Loan Prospector.
• Experience with FHA Connection & VA Guaranty System required.

The work environment is a professional office setting with a conservative business dress code. The noise level is usually moderate.