Mortgage Operations - Senior Mortgage Underwriter

Chelsea, MA 02150, USA Req #83
Thursday, February 25, 2021

Mortgage Operations - Senior Mortgage Underwriter
 1.    PURPOSE/OBJECTIVE: 

 

The objective of this position is to underwrite mortgage loan applications and evaluate loans in order to maximize organizational profit and minimize risk or loss.  Monitors the entire timely underwriting process of each mortgage loan file to ensure policies and are being followed.  

 

2.    MAJOR RESPONSIBILITIES: 

·    Evaluates the mortgage loan applications and supporting documentation and determines the eligibility and risk to the credit union and ensures loan conforms to the specific loan product and pricing.

o   Determines additional documentation requirements on each file and ensure the timely receipt of such documents and or items.   

o   Prepare and issue final disposition and provides appropriate documentation; i.e. commitment letter, denial or counteroffer.

o   Review all final loan packages for conformance to all state and federal regulatory requirements, including HMDA, Regulation Z, RESPA, etc.

o   Identify all possible counter offer situations to insure the applicant’s options are fully determined and that fair lending was applied on all cases.

o   Performs a pre-funding quality review on each loan for product and compliance conformance.

o   Determines final closing instructions and notifies closing agents when loan is ready to close.

 

·        Makes recommendations to the Credit Committee for alternative loan products.

 

·        Works with investors on alternative loan products and loan eligibility and follows appropriate established policies and procedures for underwriting and closing of the loans.

 

·        Evaluates all supporting documentation and appraisals to ensure items meet secondary market standards and requirements.

 

·        Obtains the daily secondary market pricing and sets the daily mortgage rates based on management strategy and requirements. Evaluates the mortgage loan applications and supporting documentation and determines the eligibility and risk to the credit union and ensures loan conforms to the specific loan product and pricing.
 
 

3.    REQUIREMENTS: 

       

  • Education and Experience

 ü  Associates degree in business or management with a minimum of 3 to 5 years as a mortgage underwriter with approval authority; and/or combination of experience and education required.

 

  • Skills/Knowledge/Certifications
  •  Must be familiar with standard concepts, practices and procedures within the secondary market industry. 
  • Relies on experience and judgment to plan and accomplish goals.
  •  Attention to detail, strong verbal and written communication.
  •  Excellent math skills.
  •  Knowledge of real estate lending regulatory compliance.
  • Ability to work independently in a faced paced environment and must have strong organizational skills and be able to multi-task

Other details

  • Pay Type Hourly
  • Chelsea, MA 02150, USA