Residential Loan Underwriter

1 week ago

Brookfield, Wisconsin, United States Novus Home Mortgage Full time
SUMMARY:

The Underwriter plays a crucial role in evaluating residential loan applications, ensuring adherence to company policies, secondary market investor requirements, and all relevant regulations. This position involves a thorough examination of loan documentation for precision and completeness, with a focus on various mortgage lending types, particularly conventional program loans. The Underwriter collaborates closely with Loan Originators, Branch Managers, and Processors to gather all necessary documentation.

This role is based in an office environment, with the possibility of remote work one day per week, subject to management approval.

*A valid DE or SAR designation is mandatory for this position.*

RESPONSIBILITIES:
  • Conduct comprehensive underwriting of Program Loans to ensure completeness, accuracy, and compliance.
  • Maintain a robust understanding of multiple loan product guidelines, including DU/LP guidelines and risk assessment tools utilized in mortgage loan decisions.
  • Adhere to the policies and procedures established by Novus Home Mortgage.
  • Revise 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, preliminary reports, judgments, bankruptcy documents, and appraisals.
  • Analyze and calculate income documentation, ensuring all required documents are requested to support final loan decisions.
  • Ensure compliance with the Ability to Repay (ATR) rules set forth by the Consumer Financial Protection Bureau (CFPB).
  • Exercise sound judgment, conduct reasonableness tests, and issue quality decisions.
  • Verify the accuracy and completeness of files, ensuring consistent processes.
  • Meet pre-established service level standards for decision-making within the company's timeframe.
  • Maintain regular communication with the sales team, processors, and management.
  • Consistently achieve or surpass minimum productivity and quality goals set by management.
  • Respond promptly to audits of loan files underwritten prior to and after funding.
  • Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, Ability to Repay, and risk mitigation.
  • Perform additional duties as assigned.
REQUIREMENTS:
  • A minimum of two years of current frontline mortgage underwriting experience is required; DE or SAR designation is essential.
  • Skills in appraisal review and tax return analysis are necessary.
  • Prior credit signing authority is advantageous.
  • Strong analytical and decision-making/problem-solving abilities are required.
  • Attention to detail and the capacity to manage a high volume workload are essential.
  • Proficiency in computer systems, including LOS systems, particularly Encompass.
  • Ability to deliver effective results and meet deadlines with minimal supervision.
  • A high school diploma or equivalent is required.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or discriminate against employees or applicants based on inquiries regarding compensation. However, employees with access to compensation information cannot disclose this information to individuals without access unless in response to a formal complaint or as required by law. 41 CFR c)

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