Real Estate Lending Underwriter

$1000 Signing Bonus effective 1/20/2025  

Note:  All full-time positions include the option of $0 out-of-pocket premium cost for Employee Only PPO AND exceptionally low premiums for all other PPO coverage levels.      

HOURS: Monday-Friday 8:00am-4:30pm 

Hiring Range - $40.04 /hr - $50.04 /hr

SUMMARY OF POSITION: 

The Real Estate Lending Underwriter (RELU) will be responsible for examining, evaluating and underwriting all first mortgage loan applications in order to assess the risk, confirm compliance with guidelines and all regulatory requirements and to render a credit decision. The Real Estate Lending Underwriter will have the authority to approve/deny/counter-offer mortgage loans along with the ability to recommend guideline and policy exceptions to Management. This position will be responsible for the review of specific agency Automated Underwriting System (AUS) findings and recommend loan decisions that differ from those findings to Management for consideration.

PRINCIPAL ACCOUNTABLITIES AND FUNCTIONS:

Underwrite first mortgage loans to ensure compliance with state and federal regulations to include but not limited to the CFPB (Consumer Financial Protection Bureau) and in accordance with the Dodd-Frank Act regarding the ATR (Ability to Repay) and the QM (Qualified Mortgage), as well as underwriting guidelines from FNMA, VA, Tower FCU, MI, and other investors.

Underwrite and evaluate the risk on all real estate lending mortgage loan applications daily in accordance with established service and production levels in order to render a timely prudent underwriting decision.

Review and analyze all information on the loan application matching it to the documentation in the loan file and data in the Loan Origination System (LOS).

Review debts listed on credit report, calculate income, determine available assets and cash to close/reserves, calculate the debt to income ratio and loan to value in order to ensure loan meets all guidelines, overlays and other applicable requirements.

Perform a careful in depth examination of the appraisal report and collateral for the loan. Analyze the appraisal report to determine the acceptability of the collateral, that the value is supported, that marketability is acceptable and supported by the report data and that it meets Tower FCU, FNMA, USPAP, and investor requirements.

Review and update all information and data on the loan in the LOS as necessary.

Enter all applicable loan conditions in the LOS and update the loan status accordingly.

Update and validate the AUS findings, finalize the Loan Application, and finalize the Transmittal Summary (1008) making detailed comments supporting the credit decision.

Order and obtain mortgage insurance, if required, ensuring that the loan also meets any underwriting guidelines and credit overlays by the mortgage insurance companies.

Issue Internal Loan Approval and prepare Commitment Letter, ensuring accuracy of product information, underwriting conditions and commitment expiration dates.

Obtain necessary lending authority signatures and approval when terms of loan are outside of underwriter’s lending authority level.

Recommend loans for denial to Management when loans cannot be restructured or counter-offered to meet guidelines.

Review supporting documentation for “underwriter to review conditions”, as well as any follow-up documentation on the loan, that is submitted by the Mortgage Loan Consultant in order to advance loan to Clear to Close.

Review any changes in loan terms, income, asset, etc. made to the loan throughout the process, evaluate the effect on the original decision, and make necessary adjustments/updated as required.

Transmit, submit and update loan to the AUS each time there is a change in the loan terms, value, income, and/or assets with changes that exceed allowable FNMA/Tower FCU tolerance levels.

Document conditions, conversations, and observations within the LOS of record.  

Communicate file status and/or any problems that arise with all appropriate parties.

Submission of loans to FNMA Early Check and correction of any defects prior to sale of loan to FNMA.

Diligent monitoring of underwriting pipeline to ensure timely movement of files in order to meet deadlines for rate locks, financing contingencies, settlement dates, and established Service Level and Performance Standards set forth by Tower FCU Management.

Work in collaboration and partnership with other members of the Real Estate Lending Team and Tower FCU Team.

Track common and consistent errors made by Mortgage Loan Consultants during the loan origination process and provide underwriting feedback to Management, when appropriate.

Provide support and back-up underwriting on home equity loans as needed.

Maintains a thorough knowledge of Tower FCU, FNMA, VA, MI guideline and requirements ensuring all loans underwritten are in compliance.

Maintains a thorough knowledge of all state and federal regulatory requirements ensuring all loans underwritten are in compliance.

Provide training for new hires as requested by Management.

Assist in researching background information and regulations related to issues effecting real estate lending; recommend design and implementation of new procedures as required.

Support management with special projects and other assignments as requested.

Access Member personal and financial information only as required by the job. Maintain confidentiality and security of all Member information.

Successful registration, including compliance and maintenance of registration, with Nationwide Mortgage Licensing System and Registry in compliance with Secure and Fair Enforcement Licensing Act (SAFE Act).  

REQUIRED QUALIFICATIONS:

B.A. or B.S. degree in business or equivalent education or work experience.
At least 3 years of underwriting or quality control experience with first mortgage loans.
Experience with DU or LP automated underwriting systems
Possesses a thorough knowledge of conventional and private investor loan programs and demonstrates an understanding of the primary and alternative documentation requirements for obtaining underwriting approval.
Thorough knowledge of real estate lending practices, including federal regulatory requirements, state regulations, FNMA/FHLMC guidelines. VA and private investor guidelines.

COMPETENCIES:

Analytical decision making ability with attention to detail.
Ability to learn and work in a fast paced environment.
Ability to multi-task and prioritize work as required.
Ability to effectively work with mathematical concepts with a high degree of accuracy.
Ability to interpret, understand and apply Tower FCU Real Estate Lending Guidelines and FNMA/FHLMC/Investor Guidelines.
Ability to work and communicate effectively with Tower FCU members, real estate agents, title companies and other members of the Real Estate Lending team.
Ability to work independently and to identify/solve problems and to seek guidance when necessary and to resolve them in an expeditious manner.
PC Proficient to include: Word, Excel, Outlook, internet, e-mail and mortgage loan origination software
Ability to verbally convey work process issues to other members of the Real Estate Lending Department.
Ability to adapt to changes within internal, market or regulatory environments.
Ability to effectively organize loan files and documents.
Ability to exercise prudent judgment in decision-making and protection of member confidential information.
Ability to arrive at work routinely and promptly.
Ability to work within stringent time constraints and in a high pressure environment.
Ability to receive constructive feedback from co-workers and management.
Ability to work in a team environment and demonstrate the ability to help others.
Ability to write operational reports, business correspondence and complete required loan origination forms.
Ability to interpret various procedures and instructions provided in written form.
Ability to identify emerging problems in the loan origination process and resolve them in an expeditious manner.
Ability to effectively represent the credit union to members and third-party strategic partners.
 

WORKING CONDITIONS:

TFO clearance.
Ability to sit for an extended period of time and demonstrate sufficient dexterity and vision to skillfully operate a variety of office equipment.
Ability to periodically work overtime when operating conditions dictate.