Mortgage Loan Underwriter II

About the Role:

Within their authority in accordance with sound underwriting practices as set out in Credit Union policy, guidelines, and procedures, the Mortgage Loan Underwriter examines, evaluates, and authorizes or recommends approval of borrower’s applications for credit on residential mortgage loans.

Bay Federal is currently established for payroll services in the following states: Arizona, California, Colorado, Idaho, Michigan, Missouri, North Carolina, Nevada, Oregon, and Washington. We are seeking to hire a candidate within these geographical regions, but preferably on the West Coast. 

Scheduled Weekly Hours:

40 hours per week; Monday – Friday; 8am - 5pm PST (flexible within this range) 

What you’ll be doing:

• Ensures all lending documents are consistent and held to Credit Union and industry guidelines.
• Meets established turnaround times required for underwriting and document review.
• Reviews, decisions, and prepares loan documentation for subordination requests received from outside lenders in accordance with internal Credit Union guidelines.
• Completes input of loan details and information into Loan Origination and Automated Underwriting systems during the loan underwriting process.
• Performs all income analysis for qualifying borrowers to include self-employed borrowers. Comprehensive understanding of income tax documentation including but not limited to sole proprietorships, S-corps, C-corps, partnerships, and Limited Liability Corporations is required.
• Identifies alternatives for loans that fall outside of guidelines by demonstrating the ability to translate the underwriting guidelines with application of mitigating factors, when applicable, to ensure the loan is within the Credit Union’s risk tolerance and secondary market guidelines.
• Underwrites and decisions residential mortgage loans in accordance with FNMA and internal Credit Union guidelines to ensure compliance with Credit Union and investor standards within his/her authority.
• Responsible for remaining current on all silent second programs offered in the Credit Union’s area of membership. Must underwrite loans that conform to said programs enabling financial assistance for members who qualify.
• Maintains a commanding knowledge of regulatory compliance, trends, and methodologies affecting all loan products and services.
• Responsible for performing mortgage credit analysis, with or without the assistance of automated underwriting systems, to determine the borrower’s willingness and ability to repay the mortgage loan through analyzing credit, loan ratios, documented income, third party risk mitigation vendors, and collateral. Evaluate risk to ensure prudent decisions are made.
• Perform detailed review of appraisals on one to four family properties to determine acceptability of security for portfolio loans, loans sold to investors, and government or privately insured loans.
• Assists in researching and responding to all internal and external underwriting audit findings.
• Reviews higher risk flags from data alerts to clear variances.
• Implements and utilizes appropriate fraud detection and prevention techniques.
• Performs other duties as assigned including, but not limited to, special projects requiring extensive knowledge of Credit Union and department operations, policies and procedures, and safety/compliance.
• Assists in developing, configuring, and administering loan origination platforms and the Credit Union’s core system in order to endure accuracy of information and to develop compliant, streamlined workflows.

You’re Perfect For This Role If You Have:

• Bachelor’s degree in Finance, Business, or another related field is preferred.
• Minimum of 5 years experience in mortgage loan underwriting is required.
• Must have current knowledge of state and federal regulations together with a strong working knowledge of FNMA, and FHLMC guidelines and standards.
• Must be analytical with solid math and auditing skills and detail-oriented with excellent research and decision-making ability.
• Demonstrated problem solving and decision-making skills to resolve complex problems and recommend alternatives to difficult situations.
• Strong working knowledge of DU or other Automated Underwriting systems.
• Ability to manage multiple priorities and meet deadlines in a fast-paced, high volume work environment.

Who We Are:

Bay Federal Credit Union was started in 1957 when local school teachers pooled their money together to start a credit union. This  original vision and investment has grown into the area’s largest locally-owned financial institution, with nearly $1.6 billion in assets. Today, Bay Federal provides full service financial products and solutions to individuals and businesses in Santa Cruz, Monterey, and San Benito counties.

As a local, member-owned, not-for-profit financial cooperative, we are passionate about contributing to the community and being an integral part of its incredible story. Each year, our employees volunteer their time and donate their money to local non-profits, schools, and events. Our managers serve on local non-profit Boards of Director to be involved, understand challenges, and to make a real difference in the communities we serve.

From our founding as a teacher’s credit union, Bay Federal has continued our commitment to education. We offer annual student scholarships for members and offer a comprehensive array of solutions to support our member's financial wellness. Through online financial education course offerings, solutions for teachers and students, as well as special programs for youth, our financial wellness programs are free and available to the public. This is a small part of our work in creating thriving and vibrant communities!

We look forward to continuing our story, and hope that you will be a part of it!

Perks of Joining Bay Federal Credit Union:

• Rated #1 Credit Union to Work For by CU Journal
• Best Places to Work in the Bay Area (SF Business Times/Silicon Valley Journal)
• 11 Federal Holidays observed as paid days off
• We invest in your professional growth & development by providing access to industry standard webinars, LinkedIn Learning courses, and career tracking. We also partner with Cabrillo College for a 12 week leadership program for up and coming supervisor and manager level employees
• Mac McCormac Employee Scholarship award for $1,500 towards education expenses
• Our hybrid work approach combines the flexibility of remote working with the benefits of bi-annual in-person all staff meetings

Benefits Offered at Bay Federal Credit Union:

• 401k Matching – $1 for $1 company match up to 5% of pay
• Eligibility to participate in annual bonus plan
• Benefits Offered – Medical, Dental, Vision, Life Insurance, and Long Term Disability coverage
• Employee Assistance Program that supports 6 face-to-face sessions per person, per reason, for you and your household
• A wellness program that supports your physical, financial, and emotional health
• Supplemental benefits such as Pet Insurance and Aflac

Bay Federal Credit Union is proud to offer a competitive, robust compensation and benefits package.  Bay Federal considers many factors in determining base pay such as experience, education/training, internal peer equity, job location, and other business considerations when extending an offer. For Santa Cruz, CA only, the pay scale Bay Federal reasonably expects to pay for this position is $33.00 - $41.00 per hour. Salaries are based on the geographic location in which you live if working remotely.

Bay Federal provides health care benefits, life and disability insurance, paid holidays and 401k with a company match to eligible employees; along with employee paid voluntary benefits. Paid time off is accrued per paycheck for eligible employees at a rate based on your tenure. Leaves of absences are available in adherence with state and federal regulations.

Bay Federal is committed to providing equal employment opportunity for all persons regardless of age, disability, national origin, race, color, religion, sex, sexual orientation, gender, gender identity or expression, pregnancy, veteran or military status, marital and civil partnership/union status, alienage or citizenship status, creed, genetic information or any other status protected by applicable federal, state, or local law. Bay Federal is at at-will employer. 

For CCPA's requirements regarding security practices and procedures, please see our privacy page here (https://www.bayfed.com/privacy). Bay Federal Credit Union takes our obligation to keep our member's data safe and secure and adhere to industry standard best practices

Salary : $33 - $41