Residential Loan Underwriter

This position is primarily responsible for the underwriting of portfolio and secondary market loans that comply with Finance Factors, Ltd.'s loan policy and investor guidelines. The position provides administrative support for the Residential Loan Underwriting Department which includes: reviewing mortgage files for accuracy and compliance, underwriting and presenting loans to senior management for approval, preparing files for loan closing, reviewing and analyzing reports, sending internal and intra-company correspondence, inputting data, and meeting all scheduling requirements. Other responsibilities include providing working direction to the loan officers and processors and complying with internal and external guidelines and requirements. Furthermore, this position is responsible for the coordination and communication with branches and other departments on lending and other matters pertaining to the Residential Loan Underwriting Department.

ESSENTIAL FUNCTIONS:

• Performs final review & underwriting of complete loan application (Portfolio & Secondary Market) packages, including appraisals, grading sheets, credit reports, loan write-ups, etc. and approves loans within authorized limits and makes recommendations on loans above authorized lending limits. Assures that loans are in compliance with Regulatory requirements and Finance Factors, Ltd. lending guidelines and policies
• Provides recommendations for loan restructuring in situations where loans cannot be made as submitted
• Serves as a resource person for loan officers needing assistance in structuring or packaging of a residential loan
• Performs pre-qualifications and generates preliminary checklists for new loan applications
• Provides working direction and support to the loan officers during the loan origination process
• Provides ongoing technical underwriting training to the loan officers, processors, & other employees
• Attends scheduled loan reviews and staff meetings
• Assists with the origination and implementation of loan products and procedures
• Complies with company policies and procedures
• Assists with analysis and tracking of information
• Prepares follow up correspondence
• Completes underwriting review of loan files within 60 minutes per file, including the review of applicant's credit worthiness, loan structure, pricing, margins, rate caps, etc. and recommending loans for approval
• Maintains a 48 hour response/approval to Loan Officer on files submitted for underwriting
• Completes preparation of mortgage files for Closing Department within 60 minutes per file (Preparation includes placing required documents in folder with appropriate tabs, ensuring that all necessary information is within the file such as insurance, broker fees, etc. prior to transferring the file to the Closing Department)
• Prepares follow up correspondence as required with little or no supervision within specified timeframes
• Thorough knowledge of Finance Factors, Ltd.'s Portfolio loan products, programs, guidelines, & policies

• 2 years experience in underwriting Conforming and/or Non-Conforming real estate loans
• Working knowledge of secondary market, nonconforming and correspondent/brokered loan products and underwriting guidelines
• Ability to review, interpret and analyze loan applicants' credit histories, income and assets, tax returns, financial statements, and other complex financial information to render a loan decision, and effectively present loans to higher lending authorities
• Thorough understanding of residential real estate appraisal report requirements and the ability to review appraisals for accuracy
• Demonstrated ability to be flexible and open-minded in restructuring a loan to mitigate risks
• Excellent computer skills, proficiency with word processing and spreadsheet programs and a working knowledge of automated systems used in loan underwriting
• A thorough understanding of FDIC compliance regulations, as related to lending practices
• General knowledge of the bank secrecy act, branch security and safety requirements and other regulations
• A general knowledge of financial principles and concepts to interpret financial reports as it relates to loan underwriting; use of a financial calculator
• Must be able to efficiently multi-task and work with minimal supervision
• Able to support multiple departments and respond to directives from different supervisors
• Must be able to compose professional correspondence in English and possess oral communication skills to deliver clear, concise, and effective oral reports and presentations
• Excellent interpersonal skills with the ability to influence action through follow up