Underwriter

Job Brief

We seek an Underwriter who will review regulatory compliance with disclosures, validate data used by an automated underwriting system (AUS) to decide loans, and perform a comprehensive review of the appraisal report. The Underwriter will determine if the loan meets underwriting guidelines, product guidelines, investor requirements, and eligibility requirements. Additionally, the Underwriter will analyze the credit report, income and asset documentation, and title report. They will update loan transaction information in the loan origination system (LOS) with the appropriate status and conditions and review and clear conditions before closing.

Roles & Responsibilities

Loan File Review:

• Perform initial review for compliance with Federal disclosure requirements, including the Net Tangible Benefits worksheet.
• Validate AUS data, including:
• Verifying loan term obligations for qualification.
• Analyzing credit reports for current obligations.
• Resolving borrower SSN or address issues and addressing fraud alerts.
• Analyzing derogatory credit items to meet AUS/program guidelines.
• Reviewing detailed fraud reports.
• Verifying correct income calculation, including self-employed and non-taxable income.
• Ensuring assets for closing and reserves are accurate.
• Ensuring all required documentation is present or becomes a loan approval condition.

Appraisal and Purchase Contracts Review:

• Verify appraisals are performed by licensed/certified appraisers and meet client/investor requirements.
• Confirm properties meet investor guidelines and appraisers support their market value opinions.
• Ensure appraisal reports are complete and consistent.

Loan Evaluation:

• Evaluate applications and supporting documents to uncover inconsistencies or potential misrepresentation.
• Confirm loans are submitted according to the program and terms registered with the Client’s secondary marketing department.
• Resubmit loans to AUS when validated data falls outside tolerance levels.
• Identify and clear loan conditions before and at closing.
• Enter/correct data in LOS, including status and recommended conditions.
• Review and clear “before closing” conditions.
• Communicate as needed with the Client’s staff and customers.

Service Level Requirements:

One Business Day (24 hours)

• Perform initial loan review upon receipt.
• Subsequent loan reviews upon receipt of required documentation.
• Review and clear prior-to-closing conditions upon receipt.
• Prioritize rush requests for same-day review upon receipt.

Two Business Hours

• Return email inquiries and phone calls.
• Review pre-funding conditions for accuracy.

Additional Requirements:

• Maintain quality control at 97% or better.
• Troubleshoot basic technology issues.
• Be accessible from 8:00 AM to 5:00 PM local time, Monday – Friday.
• Communicate properly with managers regarding time off, delayed starts, and questions.
• Update internal and client systems simultaneously.
• Complete time and attendance records daily.
• Enter all reviewed work in the tracking system the same day.
• Verify daily production reports.
• Underwrite a minimum of 3 loans per day plus 6-12 conditions to meet SLA.
• Clear all work in the queue daily.
• High-speed internet access (not paid by the company).
• Dual monitors and antivirus software on the system.
• Assigned Skype number.

Required Education and Experience:

• High School diploma required; college degree preferred.
• 3-5 years of recent underwriting experience required.
• Wholesale underwriting experience is a plus.
• Excellent customer service skills.

Supervisory Responsibility:

• This position has no supervisory responsibilities.

Work Environment:

• Remote – candidates must have a professional home workspace with dual monitors, a laptop or desktop with antivirus software, and high-speed internet. A printer/scanner is recommended but not required.

Travel:

• This position requires no travel.