Role Description
Responsible for the evaluation and qualification of loans inclusive of Conforming, High Balance, Jumbo, FHA, VA, program(s) for compliance with the requirements of the applicable agency; hold and maintain direct endorsement certification with HUD, VA LAPP/ SAR designation. Also responsible for the review of conforming and non-conforming mortgages to determine compliance with applicable state and federal regulations, investor guidelines and credit union standards with expanded authority to $2,000,000. Review and analyze submitted loans for capacity, capital, collateral, character and condition while upholding fair lending practices. This includes ensuring that loan requests meet program and product specifications or counteroffer to a product and/or program when appropriate. Communicate decision (approval, counteroffer, suspense, denial) to applicable individuals within the department. Manage application turn time by executing credit decision according to the measurement set by department manager; meet targets. Support Underwriters, Processors and Home Loan Advisors as needed with scenarios and loan structuring.
Qualifications
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Successful completion of High School curriculum is required.
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College degree or equivalent a plus.
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3 years minimum, current FHA experience with DE, VA experience with LAPP/ SAR designation.
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10 years minimum of responsible real estate lending experience with a financial or banking institution performing underwriting analysis and functions.
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Strong customer/member service relations skills, oral and written communication skills.
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Current working knowledge of the real estate mortgage industry, mortgage loan process, FNMA, and FHLMC and guidelines.
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Typing, ten key, personal computer to include navigation of internet and facsimile machines.
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Updated training provided through seminars, webinars and weekly coaching as Compliance, policies, procedures, or work processes dictate change.
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Ability to effectively communicate policy/procedures to staff to assist the supervisor and or manager with training.
Requirements
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Underwrite loan files received daily according to Federal Housing Administration (FHA), Veteran Affairs (VA), agency, investor and credit union policy and procedures.
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Originate and validate FHA and VA insured loans utilizing the U.S. Department of Housing and Urban Development’s (HUD) direct online system, FHA Connection and VA Portal, as applicable.
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Review and sign off underwriting conditions in accordance to credit union policy while maintaining established turn times.
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Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance including bank secrecy and anti-money laundering laws appropriate to the position.
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Current knowledge of Conforming, High Balance, Jumbo, FHA, VA secondary market requirements regarding credit, income, disclosure and property.
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Ability to analyze tax returns, credit and appraisal reports, fraud detection and other property or income related reports and documentation.
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Complete second level review on loans that exceed standard underwriter authority.
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Prepare loans and deliver loans for SVP, EVP, CEO or Board approval as outlined in the credit union lending authority guideline.
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Review and approve insurance loss drafts, easement, lot line adjustment, and partial release drafts for portfolio loans as assigned by the Underwriting Manager.
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Organize and prioritize daily workload to ensure compliance to credit union policy, procedures and established turnaround times.
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Communicate and interact with all pertinent vendors, servicers, agencies, investors, staff, and members.
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Maintain a current working knowledge of mortgage industry and credit union standards and trends.
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Monitor and resolve any quality control or insuring issues on relevant files in a timely manner to prevent delays.
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Work with management to implement procedures to prioritize work within the underwriting and processing area as volume dictates.
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Ability to work closely with originations and operations staff to ensure compliance with guidelines and policies of credit union and agency.
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Assist supervisor or manager with training of staff members.
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Assist supervisor or manager with prioritizing workflow as directed.
Benefits
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Remote work opportunity in CA only.
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Pay range: $49.55 - $58.00 Hourly.
Physical Skills, Abilities, and Exertion Utilized in the Performance of These Tasks
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Effective oral and written communication skills to interact with members, staff, vendors, servicers, investors and various state agencies.
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Must possess sufficient manual dexterity to skillfully operate an on-line computer terminal and other standard office equipment, such as financial calculators, personal computer, facsimile machine and telephone.
Organizational Contacts & Relationships
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INTERNAL:
Management, Home Loan Operations Department staff along with credit union branches and supporting departments.
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EXTERNAL:
Members, real estate agents, servicing agents, various state agencies, title companies, insurance companies, appraisers and other third-party vendors.
Licenses/Certifications
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FHA Direct Endorsement Underwriter, VA LAPP/ SAR Designation.
