Senior Mortgage Underwriter

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Job description

The Company

Our client, one of the nation's largest bank and financial services providers, is seeking to add a Senior Mortgage Underwriter to their Mortgage Operations team in Bridgeport, CT. The successful candidate will join a team of mortgage professionals to support their high-net-worth digital mortgage strategy in the rapidly expanding fintech space. This position is a great career opportunity for an experienced Senior Mortgage Underwriter and offers a highly competitive salary and benefits package. *THIS POSTION CAN BE REMOTE*

The Opportunity

The Senior Mortgage Underwriter reports to the Mortgage Operations Manager and is responsible for reviewing, analyzing and approving residential loan applications. The Senior Mortgage Underwriter is responsible for verifying income, assets, credit and collateral documents including self-employed personal and business tax returns. This position will also lend support to other underwriters on complex loan submissions. Lending authority to include conventional and jumbo loan programs up to $750,000. Excellent communication skills, an exemplary customer service orientation, and the ability to work effectively in a team environment is essential.

Responsibilities

Primary responsibilities of the role include:

· Evaluate creditworthiness of borrowers in order to render a credit decision. This includes but is not limited to the review of paystubs, W2's, financial statements, tax returns, asset statements, bank account statements, credit reports etc.

· Must ensure all loans meet or exceed corporate credit policy and are compliance with the Ability to Repay (ATR) and Qualified Mortgage provisions of the Dodd-Frank Act.

· Ensure compliance with appropriate company and Agency/Investor guidelines.

· Review Transmittal Summary & 1008 to make sure they are accurate and complete, and match final decisioning.

· Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed.

· Calculate income/self-employed cash flow using documentation and methodology required per investor and CFPB regulations. Analyze the business's financial strength by examining annual earnings to determine stability and validity. Income must be verifiable, stable and ongoing.

· Review assets to ensure adequate funds to close and required reserves are sastified. Ability to analyze bank statements for any recent large deposits and other debts that might impact ATR.

· Review appraisal to ensure the report is accurate, complete and the value is supported and the collateral is acceptable. Recognize when additional field reviews may be necessary to support value

· Ability to review Condo/PUD projects to ensure they meet salable or non warrantable guidelines

· Review file to make sure state and federal (patriot act)r egulatory guidelines have been met

· Calculate net tangible benefit for those states that require this test

· Ensure all property tax, title work and property insurance are accurate and complete

· Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty

· Review all conditions submitted to Underwriting within SLA

· Review a minimum number of files per month as determined by management which would include new submissions, re-submissions & final conditions

· Maintain current and fluid knowledge of investor and agency guidelines and adapt to changes quickly

· Communicate effectively and engage proactively with mortgage loan officers, underwriters, processors and closers in regards to loan decisions, assignment of loan conditions, investor guidelines/documentation requirements and possible loan scenarios

· Assists in the training of employees as needed

· Perform other related duties as assigned

· Demonstrate exceptional service philosophy in all interactions with internal peers and partners.

· Perform first and second level review on loans recommended for denial. Work with the Loan Officer to evaluate the application to determine if there are any other products or alternative terms available to counter offer prior to issuance of Adverse Action.

· Perform first and second level reviews on those loans recommended for approval above someone's lending authority.

· Once approved, has lending authority up to $750,000

Requirements

The successful candidate will possess the following:

· Bachelor's Degree or equivalent work experience

· 5+ years of recent Mortgage Underwriting Experience (Portfolio and Conventional) with strong agency guideline knowledge

· DE, SAR and LAPP certifications; experience with USDA is a plus

· Strong working knowledge of ATR/QM Requirements

· Proven knowledge of Mortgage Insurance Guidelines and rates

· Working knowledge of Encompass LOS highly preferred; familiarity with LoanBeam is a plus.

· Strong analytical skills; accuracy, consistency and completeness is critical

· Ability to work in a fast paced, fluid environment and be held to meet minimum production standards

· High integrity and outstanding work ethic

· Strong computer skills; proficient in Microsoft Word, Excel and Outlook

· Must have proficient written and verbal communication skills

· Proven knowledge of compliance and disclosure requirements

· Knowledge of Automated Underwriting Systems

· Familiarity with closing, post-closing & quality control responsibilities is a plus.

If you are interested in learning more about this role, please apply with your resume to or call Annette at .

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