Mortgage Underwriter

Job Summary

The Mortgage Underwriter is responsible for underwriting according to Federal Regulations and Investor Requirements in compliance with laws pertaining to mortgage lending and for making sound credit decisions based solely on the facts and information provided. This position is remote within the states of Mississippi, Alabama, Tennessee, Louisiana and Arkansas.

Primary and Essential Functions

• Document underwriting decisions on a timely basis, notifying the originator, processor or lending partner of the results. Insure all loans sold to secondary marketing are of investment quality.

• As a signature authority of Hope Credit Union/Loan Committee insure that loan has been reviewed in accordance with Hope Credit Union/Loan policy.

• Provide prequalification decisions on a timely basis notifying the originator, processor or lending partner of the results.

• Review Grant and State Bond package for compliance to Grant/Bond regulations and requirements.

• Track and Report in Calyx Point all loans submitted to underwriting department.

• Keep staff informed of changes in loan products and/or changes in underwriting requirements by investor/regulator.

Secondary Functions

• General administrative duties such as attending meetings, report production, etc.

• Assign HOPE Cenlar loan number and internal loan numbers as back-up.

• Assist in follow-up of investor conditions.

• Work with other departments when needed on projects related to the mission of HOPE.

Regulatory Compliance Requirements

• Must comply with registration requirements with National Mortgage Licensing System (NMLS)

• Must comply with provisions of the Bank Secrecy Act (BSA)

• Must comply with the provisions of the Privacy of Consumer Financial Information regulations

• Must comply with the provisions of the Right to Financial Privacy Act

• Must comply with the provisions of the Equal Credit Opportunity Act (Regulation B)

• Must comply with the provisions of the Fair Credit Practice Rule

• Must comply with the provisions of the Fair Credit Reporting Act

• Must comply with the provisions of the Fair Housing Act

• Must comply with the provisions of the Flood Disaster Protection Act

• Must comply with the provisions of the Home Mortgage Disclosure Act (Regulation C)

• Must comply with the provisions of the Homeowners Protection Act

• Must comply with the provisions of the National Flood Insurance Act

• Must comply with the provisions of the Real Estate Settlement Procedures Act (Regulation X)

• Must comply with the provisions of the Servicemembers’ Civil Relief Act

• Must comply with the provisions of the Truth in Lending Act (Regulation Z)

Accountability for Business Results

• Time sensitive decision making - from receipt of file from lender/processor to time of decision.

• Loan quality (delinquency, performance, etc.)

• Quality control and Fannie Mae audit

Specified Authority Level

• Loan approvals to Fannie Mae/Freddie Mac lending limits

• Loan approvals to FHA , VA, Rural Development, State Bond Programs

• Loan Sales to Fannie Mae and other approved investors

• Hope portfolio loans as stipulated in Mortgage Loan Policy

• Authority to sign documents as described in Memorandum from CEO

• Rate lock in absence of secondary lock person

Competencies/Skills

• Analytical and problem-solving skills

• Knowledge of Fannie Mae, Rural Housing, FHA, VA and other investor rules and regulations.

• Knowledge of compliance as related to mortgage lending

• Skilled in mortgage software, Desktop Underwriter/Desktop Originator, Loan Prospector, Microsoft Office Excel/Word and Outlook

• Good verbal and written communication Skills

• Ability to evaluate loan quality based on multiple structured and unstructured variables

Desired Qualifications

• College degree or equivalent of 3 Years or more of Mortgage Lending

• 3 Years Experience Underwriting of Secondary Marketing loans

• FHA Delegated Underwriting authority

• VA Lender Appraisal Processing Program (LAPP) Application approval

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c)