Underwriter III

SUMMARY: The Underwriter III is responsible for underwriting and evaluating residential mortgage applications originated by the retail mortgage lending division. The Underwriter III is responsible for making credit decisions for customer applications on residential 1-4 family first lien mortgages and/or extensions and lines of credit.

Individuals in this position shall not engage in loan origination during the course of his/her employment with WMC. Loan origination is defined as (1) taking a residential mortgage loan application; or (2) offering or negotiating terms of a residential mortgage loan for compensation or gain; (3) advertising or communicating to the public that you can perform loan origination services. Please see the Loan Originator Compensation Policy for more details on the definition of loan origination. 

ESSENTIAL DUTIES AND RESPONSIBILITIES:  

Review and evaluate residential mortgage applications and documentation to determine if borrower, property, and loan conditions meet investor, FNMA, FHLMC, FHA, VA, RD and/or Private Investor guidelines and render a loan decision ensuring completeness, accuracy and compliance. This includes but is not limited to full credit file submissions and pre-approvals.  Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, Ability to Repay and risk mitigation.  Calculate income and assets accurately and require sufficient documentation to support findings and decision. Follow AUS findings is a requirement with no exceptions. Adhere to overlays as dictated by the private investors, agencies and WMC.  Make an underwriting decision on each loan file within determined underwriting service level agreements and effectively communicates all underwriting decisions to the appropriate parties.  Effective communication with Loan Officer and/or Loan Processor/Partner to aid in resolving mortgage application conditions.  Enter all underwriting conditions and all HMDA data specific to the underwriting decision into Encompass LOS system.  Keep informed of current underwriting practices.  Order PMI as per investor and program requirements through approved PMI companies.  Make recommendations and assist in implementation of appropriate changes to WMC’s policies and procedures.  Consistently meet or exceed established minimum productivity and quality goals.  Stay within acceptable tolerance levels on pre-audit and post-closing findings and repurchases set forth by the underwriting parameters. Underwriters responsible for staying up to date with the product updates provided by WMC and all investor/agencies. 

ADDITIONAL DUTIES:  

Complete any additional duties assigned by management.  Complete regulatory and compliance training, as required.  Assist WMC employees and departments as needed. 

QUALIFICATIONS: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Additionally, all regulatory requirements and procedures must be strictly adhered to; if violated, disciplinary action may occur. The requirements listed below are representative of the knowledge, skill, and ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. 

EDUCATION and/or EXPERIENCE: High School diploma or general education degree (GED) and 3-5 years’ experience as a Loan Underwriter is required. A college degree is preferred. Knowledge of basic lending and underwriting policies and procedures, including guidelines issued by FNMA, FHLMC, FHA, VA, RD and multiple investors is required . FHA DE and VA SARs approval is required. 

COMPUTER SKILLS: Ability to use and comprehend the findings from automated underwriting software (i.e. Desktop Underwriting and Loan Prospector) is required. Experience with FHA Connection & VA Guaranty System is required. 

LANGUAGE SKILLS: Good grammar and diction are required. Ability to read and comprehend instructions, write correspondence and memorandums is required. Ability to effectively present information in one-on-one and small group situations to customers, clients, and other employees of the organization is required. 

MATHEMATICAL SKILLS: Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals is required. Ability to compute rate, ratio, and percent is required. Ability to interpret individual and business/corporate tax returns and P-L statements is required. Superior analytical thinking and mathematical skills required. 

CUSTOMER SERVICE SKILLS: Using excellent customer service skills which includes maintaining a good attitude, taking ownership of meeting customer needs, going above and beyond for customers, demonstrating a commitment to sharpening skills through education and training, using positive communication, and looking for opportunities to respect customers’ time and schedules is required. 

REASONING ABILITY : Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists is required. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form is required. 

CERTIFICATES, LICENSES, REGISTRATIONS: FHA DE and VA SARs approval are required. 

PHYSICAL DEMANDS: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Positions at Waterstone Mortgage require the following physical activity: the employee is required to sit for extended periods and to walk; stand; and stoop, kneel or crouch. The employee must occasionally lift and/or move objects up to 20 pounds. The employee must have the ability to view a computer screen and operate a keyboard.

WORK ENVIRONMENT: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The work environment is a professional office environment where a conservative business dress code is in effect. The noise level in the work environment is usually moderate. 

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