Scope/Purpose of the Position
Underwrite and apply needed conditions to mortgage applications to assure borrower meets program/product specifications. Communicate the decision (approval, suspense, denial) to the appropriate individuals within the firm while upholding fair lending practices of Prospect. Responsible for productivity targets, and ensure quality and customer satisfaction. The Underwriter III position underwrites both Conventional and FHA loans.
Key Responsibilities and Essential Functions
- Risk Analysis: Evaluate risk of each loan and ensure quality and salability of the loan. This includes conducting reasonableness tests and exercising good judgment on ratios or guidelines. Analyze counter offers for compliance and acceptability.
- Validate the accuracy and completeness of underwritten loans for compliance with specified Investor Guidelines
- Review and evaluate credit packages
- Review and evaluate appraisals
- Review and evaluate Asset documentation
- Review and evaluate condo-documentation
- Monitor and track Conditions for compliance in accordance with Underwriter Guidelines
- Monitor status of all Conditions
- Order PMI
- Clear Conditions that are within scope of job
- Customer Service/Communication:
- Work to provide a superior customer service experience to close borrowers loans within reasonable timelines.
- Regularly communicate loan status verbally and/or in writing to the Loan Officer, Borrower and branch, as applicable and in accordance with the policy.
- Work with credit to resolve conditions
- Product Review:
- Evaluate alternative solutions that will meet investor guidelines. This includes additional documentation or alternative programs.
- Pipeline Management:
- Manage pipeline to consistent service levels ensuring files are completed within each stage and within guidelines as set by management. Decision loans within established day turn time
- Performs miscellaneous duties, as required.
Work Experience and Knowledge, Skills and Abilities
- Functional and Technical Skills:
- In-depth knowledge of mortgage banking products for retail originations
- Knowledge of mortgage banking processing documents, processes and practices
- Working knowledge of Underwriting concepts, guidelines, and practices
- Basic level of computer skills (MS Office, database utilization)
- Drive For Results:
- Achieves results within established timelines. Works around obstacles to ensure that goals and objectives are met.
- Can get things done thru formal and informal channels.
- Customer Service/Communication Skills
- Strong level of customer service skills. Committed to servicing internal and external customers. Gains trust and is committed to providing an exceptional level of service. Acts with the customer in mind to meet commitments.
- Strong level of written and verbal communication skills. Writes clearly and can structure information to meet the needs and understanding of the intended audience.
- Adherence to Principals and Values:
- Acts in ways that demonstrate personal integrity. Can present the truth in an appropriate and helpful manner. Is accountable for actions.
- Analytical Skills:
- Strong level of analytical and mathematical skills. Ability to break down data or issues into sub-compartments in order to determine options or best approach.
- Makes good decisions and relies on experience, judgment and analysis of supporting documentation, investor guidelines and internal practices.
- Ability to deal with concepts and complexity and comfortably.
- Strong attention to detail.
- Working with Others:
- Ability to build effective relationships at all levels. Forms alliances by demonstrating concern and respect for others. Relates well to all and finds common ground to build trust to form a solid relationship.
- Is approachable and establishes a good rapport with others.
- Shows respect for the views and contributions of others team members.
- Reconciles conflict by finding common ground and cooperation from others.
- Is patient and listens to others views and opinions regardless if he/she is in agreement with them.
- Ability to maintain composure during peak periods or when under pressure. Does not become defensive and acts as a settling influence in a crisis.
- Dealing with Ambiguity:
- Ability to adapt to changing circumstances and environments; can adjust direction or focus as needed.
- Ability to solve problems independently and/or know what resources to access to assist in resolving issues.
- Time Management skills:
- Strong level of time-management and organizational skills. Can effectively adapt priorities as needed to meet work demands.
- Ability to work independently with minimal supervision
- Direct Endorsement Underwriter
- High School diploma or GED for basic analytical and math skills, or equivalent skills and knowledge.
- A minimum of three or more years experience working as an Underwriter.
Note: Management reserves the right to change or reassign job duties or combine positions at any time.