Mortgage Loan Underwriter
Notre Dame Federal Credit Union
Company Overview: Notre Dame Federal Credit Union humbly began in 1941 as a conversation between two professors form the University of Notre Dame. Now, over 75 years later, we have grown into a national, award-winning financial institution serving over 56,000 members worldwide. We consider our partners (employees) to be one of our greatest assets to this success. We strive to make great things happen for our members and partners by changing one life every day. If you share that same passion for making an impact on someone’s life, you should apply to join the Notre Dame FCU family.
Responsible for reviewing, analyzing, verifying, decisions, and underwriting customary to complex residential mortgage loan applications. In doing so, ensures underwriting standards, bank policy, program, investor, insurer, and governmental legal and regulatory guidelines are adhered to for both purchase and refinance mortgage loans.
In cases where automated underwriting is used, assures the integrity of the automated decision by comparing the loan file and supporting documentation data with the system data for accuracy.
Directly underwrites more complex loan applications such as construction, investment and other higher risk loans.
Provides assistance and training to Processors and Loan Originators on all underwriting issues. Proactively monitors pipeline reports to assure all service standards and turnaround expectations are being adhered to. Actively assists in the training and development of the processors including but not limited to providing feedback for ongoing performance reviews.
ESSENTIAL DUTIES & RESPONSIBILITIES:
This individual must effectively carry out the essential duties of this position in a manner that consistently demonstrates the core values of Notre Dame Federal Credit Union in a positive manner. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Swiftly assesses completeness of loan package and returns incomplete packages to processing for further preparation.
- Reviews and evaluates information on mortgage loan documents to determine if buyer, property and loan conditions meet established investor standards for all held portfolio, conventional, FHA, VA, USDA and private investor loans.
- Determines terms and acceptability of risk of prospective business.
- Ensures compliance with industry standards, state and federal laws, regulations, and disclosure requirements.
- Records all conditions required for final approval and signs off.
- Records all reasons for denied loans.
- Performs Clear to Close and Quality Control Reviews.
- Stays abreast of changes in investor, market, and regulatory guidelines.
- Continues education and skill attainment by attending seminars, training, or completing online training generally provided by GSEs, Investors, MI Companies, CU Management, or vendors.
- Performs other duties and projects as assigned.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. This position requires verifying and maintaining accuracy in documentation from application through closing and delivery following established policies, practices, and procedures for lending and collection. It also requires the ability to process loans expeditiously, obtain timely loan decisions, and close approved mortgage loans in a swift and accurate manner in accordance with secondary market guidelines, Credit Union policy/guidelines, and governmental compliance.
The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Ability to underwrite (multiple loan programs), process, and a general knowledge of secondary market commitment and fulfillment.
- Strong analytical skills; ability to analyze private and investor documents
- Must possess excellent communication, organization, time management and decision-making skills.
- Requires knowledge of several types of mortgage loan programs as well as thorough knowledge of secondary market underwriting guidelines
- Cognizant of and compliant with Federal and State regulations affecting mortgage lending.
- Computer proficiency/keyboard skills and knowledge of mortgage lending software is required.
- Experience with Ellie Mae Encompass 360 and working with mortgage loan subservicers would be beneficial.
EDUCATION AND/OR EXPERIENCE:
- Minimum of 3-5 years’ current mortgage underwriting experience for both purchase and refinance loans
- Bachelor’s degree in business, finance, accounting or related field preferred. An associate's degree in financial services or mortgage banking may be acceptable with commensurate experience.
- Non-financial bachelor's degrees considered, especially when supplemented with coursework in business law and accounting or commensurate industry experience.
- The following certifications considered a strong plus:
- Direct Endorsement (DE) Underwriter with ability to validate an active CHUMS number
- VA LAPP/SAR
- Experience with conventional and government loans (FNMA/FHLMC, FHA, VA) a plus.
- Qualified persons must be eligible for registration with the NMLS.
Qualified persons must be able to read and interpret documents such as credit bureau reports, debt to income ratio reports, policy and procedure manuals. Ability to write routine reports and correspondence along with the ability to speak effectively with borrowers and other partners of organization will be required.
Individuals must be able to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. The ability to compute rates, ratios, and percents and to draw and interpret bar graphs is also required.
The ability to solve practical problems and deal with a variety of concrete variables in situations where a considerable amount of standardization exists will be required. In addition, individuals must have the ability to interpret a variety of instructions furnished in written form, including but not limited to loan policy and procedural manuals, Regulation Z, The Fair Credit Reporting Act, various mortgage lending regulations, and secondary market requirements.
OTHER SKILLS & ABILITIES:
This position will require the use of several Credit Union computer systems. This person must possess strong computer proficiency and be able to utilize a variety of software programs, such as: Excel, Word, Adobe and Automated Underwriting Systems (working knowledge of Encompass loan origination software is highly valued).
A qualified individual will also need the ability to utilize on-screen loan processing provided by the Credit Union's core processing or by a stand-alone Personal Computer system tied to the primary mortgage system as well as other ancillary software programs. Also, the ability to operate standard office machines such as a photocopier; fax machine, personal computer and any such equipment normally found in a modern mortgage loan department of a bank or credit union.
Must possess ability to:
- Perform normal to complex income validation for both personal and corporate tax returns.
- Analyze Debt to Income requirements and compare to investor overlays.
- Evaluate credit reports.
- Review appraisals and LTV requirements.
- Assess asset information such as- bank statements, 401ks, stocks/bonds, etc.
- Construct and enforce proper closing requirements.
- Read, comprehend, and apply guidelines and requirements from investor standards.
- Advanced knowledge of mortgage documentation, products, and procedures.
- Strong background with several residential mortgage investor and insurer guidelines, including state and governmental regulations that relate to underwriting.
- Exercises sound reasoning and good judgment to assess loan scenarios and weigh various compensating factors for potential exception approval.
- Utilizes solid business communication skills (both written and oral).
- Strong organizational skills.
- Excellent customer service skills.
- Ability to give and receive constructive feedback.
The physical demands described here are representative of those that must be met by a partner to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the partner is regularly required to use hands to finger, handle or feel objects, tools, or controls and talk and hear. The partner frequently is required to walk and sit. The partner is occasionally required to stand, reach with hands and arms and stoop, kneel, crouch or crawl. Specific vision abilities required by this job include close vision, peripheral vision, and the ability to adjust focus. The partner must occasionally lift and/or move up to 50 pounds.
The partner is frequently required to use alertness, precision, resourcefulness, problem solving, numeric, persuasiveness, auditory perception, memory, creativity, concentration, judgment, writing ability, reading ability, reasoning, imagination, initiative, patience, visual perception, comparing and analyzing.
The work environment characteristics described here are representative of those a partner encounters while performing the essential functions of this job. The noise level in the work environment is usually quiet to moderate.
REGULATORY COMPLIANCE & CONFIDENTIALITY:
Follows regulatory and policy compliance requirements, which would include those efforts in compliance with Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC) and Anti-Money Laundering (AML) Regulations, and other compliance related Policies. Also, this position requires maintaining confidentiality with regard to non-public information about our members and Notre Dame Federal Credit Union.
To Apply for this position:
To apply for this position, please visit our website at https://secure3.yourpayrollhr.com/ta/TPCA283.careers?rnd=YJY&JobsSearch=1.
Relevant Military experience is considered for veterans and transitioning service men and women.
Notre Dame FCU is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran.