Job Description

PRIMARY FUNCTION:

Responsible for underwriting conventional loans following established VACU, agency and investor guidelines. Evaluates mortgage loan files and assesses risk based on compliance, agency, investor, and VACU guidelines to ensure salability. Mortgage Underwriter I are service-focused with good time-management and communication skills, have the ability to multi-task, and possess keen attention to detail. Must conduct business with integrity and in a highly ethical manner. Works to examine loan documentation for accuracy and completeness to determine credit worthiness. Partners with the production staff to secure all required documentation.

JOB DUTIES AND RESPONSIBILITIES:

Mortgage Underwriting

• Independently underwrites conventional mortgages
• Reviews/analyzes loan files submitted for members/applicants to ensure file meets loan program requirements. Includes individual analysis of: loan application, credit profile/report(s), debt and assets, income/financial statements, loan values/loan-to-value ratios, appraisal reports, collateral and supporting documentation.
• Stays current on all underwriting related industry/agency changes
• Maintains a basic understanding of available tools and resources available (i.e. MRC, agency selling guide, etc) and is able to find applicable guidelines/procedures/policies
• Maintains a basic understanding of various income documentation as well as asset documentation and can determine income/asset values for qualifying purposes for all types for all types
• Maintains a basic understanding of appraisal/property valuation reports and is able to review and confirm the value presented as well as ensure all agency requirements are met
• Maintains a basic understanding of how to review title work
• Maintains a working understanding and ability to use agency tools and interpret automated underwriting findings (Desktop Underwriter, Loan Product Advisor, Early Check, Loan Quality Advisor, etc)
• Assist VACU staff and members with questions regarding first mortgage underwriting decisions
• Underwrites files within acceptable time frames that are determined by the mortgage management team
• Accurately and correctly condition files for required documentation according to secondary market, agency and VACU guidelines.
• Ability to professionally discuss loans decisions with loan officers, loan processors and management
• Underwrites quality loan files as demonstrated by minimal and non-repetitive quality control errors, loan re-purchases, indemnifications and agency/external/internal audits
• Proven ability to perform quality work while maintaining productivity and compliance standards.
• Must have good problem solving skills and ability to partner with loan officers, processors and management to ensure all avenues are explored for loan approval

Member Service

• Provide quality member service to meet the standards set by the mortgage management team and the Member Experience team.
• Supports the mortgage loan officer and mortgage processor with member communication from initial application through closing to ensure a smooth mortgage process.
• Actively communicates with teammates regarding application status (approval, denial, additional documentation, etc.).
• Communicate with mortgage loan officers, loan processors, and closing regarding needed changes and any other issues/concerns with the loan.
• Consistently demonstrates top notch member service through consistent exemplary member service scores, member/business partner feedback and teammate feedback

Communication and Partnership

• Proactively communicates with teammates, management, business partners and settlement agents as needed regarding loan status to ensure on time closing
• Champions the use of the tools/procedures provided
• Demonstrates/promotes collaborative engagement with peers; active participation in meetings, being a positive contributor; creative/collaborative problem solving; and championing of our process, tools, and product offerings
• Is an active member and contributes positively to the success of the underwriting team and the mortgage department
• Consistently demonstrates prompt attendance

Compliance

• Complete all required credit union wide training (i.e. BSA, Fair Lending, OFAC, TRID, etc.)

• Complies with policies, procedures, practices, documents, and controls for the Mortgage function to protect the interests of the Credit Union, and ensures compliance with state, federal, NCUA and other applicable regulations including but not limited to National Flood Insurance Program (NFIP), Regulation B, Regulation C, Regulation X (RESPA), and Regulation Z (Truth in Lending), Potential Transfer of Servicing Form, and if required, the Adverse Action form.

• Comply with all published enterprise level policies and procedures including, but not limited to, Risk Management policies.

Other

• Assist management to investigate audit exceptions and formulate responses.
• Assists Post Closing in obtaining outstanding documentation for all closed mortgage loans
• Contributes towards team and departmental goals
• Other duties may be required and assigned.
• Assist with testing the mortgage loan origination system new product and program releases and updates/upgrades as needed.

Prerequisites for Position:

Minimum Education and Experience

High school graduate. Experience underwriting or processing conventional mortgage loans following established agency and investor guidelines. Experience evaluating mortgage loan files and assessing risk based on compliance, agency, investor, and VACU guidelines to ensure salability.

Knowledge, Skills, and Abilities

Maintains an basic working knowledge of conventional residential mortgage guidelines, products and terms. Basic ability to interpret GSE and Agency origination policies, products, and have a general understanding of Rate Lock practices. Strong oral and written communication skills combined with the ability to make sound decisions. Ability to work in a deadline oriented environment. Must have strong problem solving and excellent organizational skills. Must be a self starter.

Desirable Traits:

Must have good problem solving and excellent organizational skills. Must be detailed oriented. Must be a team player. Experience with Encompass Loan Origination System preferred.

PHYSICAL REQUIREMENTS:

This job requires the ability to sit for long periods of time.

This job requires infrequent lifting or carrying of objects up to 10 pounds.