What are the responsibilities and job description for the Mortgage Underwriter position at Key Mortgage Services?
The Underwriter’s role is to analyze mortgage loan transactions and documentation to determine credit quality and conformance with industry standards. They evaluate documents against loan parameters and guidelines set forth by the Agencies, Company and/or secondary market investors to determine if the borrower(s) and subject property qualify for the applicable loan. They approve, suspend, or deny loans with direction back to the sales and processing team when the loan decision includes suspension or denial. When possible, the underwriter will provide guidance on what, if anything, can be done to help the borrower qualify for the loan or for any other known loan products. Knowledge of guidelines and a methodic loan review process will be the key to success in this high-volume and fast paced environment.
Essential Duties- Maintain a strong working knowledge of Agency guidelines (Fannie Mae, Freddie Mac, FHA and VA).
- Proactively monitor your pipelines, reports and dashboards to ensure that all Service Level Agreements(SLAs) are met.
- Provide excellent customer service
- Respond promptly to all forms of communication.
- Communicate (both via phone and email) when required to provide guidance to MLO, LOA, and Processor regarding loan decisions.
- Maintain internal turn times for underwriting new files and clearing conditions within 24-48 hours.
- Respond directly and promptly to company, investor, and /or Agency audits.
- Protect Key Mortgage’s assets and reputation with diligence and integrity.
- Underwrite Fannie Mae, Freddie Mac, FHA, and VA first mortgages to ensure conformance with Agency, investor and company guidelines, policies and procedures.
- Underwrite mortgage loans on a daily basis which includes the:
- Review and evaluation of real estate appraisals
- Examination of credit, income, and assets of loan applicants.
- Review of PUD and condo projects.
- Examine and validate all loan documentation for accuracy and completeness.
- Consult with the Underwriting Manager on loan exceptions, suspending files and/or declining loans.
- Mitigate risk by requesting additional information when necessary.
- Stay informed of market trends and development, changes in Agency and investor guidelines and Federal and State regulations.
- Responsible for the accurate input of credit decisions into the Loan Operating System (LOS).
- Minimum of 5 years mortgage underwriting experience required.
- Direct Endorsement (DE) status and SAR approval required
- Two consecutive years of solid FHA underwriting experience
- Experience with POS approval processes using LP, DO/DU and other AUS
- Strong knowledge of FNMA/FHLMC/FHA/VA guidelines and standards
- Familiarity with industry quality control standards and fraud detection methods
- Excellent people skills
- Excellent verbal and written skills required
- Exceptional attention to detail and strong organizational skills
- Encompass experience preferred
- Experience with Google Workspace preferred
- Medical
- Dental
- Vision
- 401k
- PTO
- VTO
