Mortgage Underwriter

Position Summary

The Real Estate Loan Underwriter at LAFCU is responsible for underwriting, approving, denying, or counter offering all real estate loans in accordance with the credit union's guidelines and the FNMA/FHLMC Secondary Market standards. This individual must possess exceptional knowledge of all job functions, exercise good judgment, and be capable of recommending effective solutions in challenging situations. This position is a full-time position and reports to the AVP, Real Estate at the employee's assigned location and/or hybrid work model.

• 20% Review and evaluate all mortgage loan documentation - including credit reports, income verification, property appraisals, title reports, and purchase agreements - to determine if the borrower, property, and loan terms meet Los Angeles Federal Credit Union (LAFCU), FNMA/FHLMC, and regulatory standards.
• 15% Approve, deny, or counteroffer mortgage loan and equity line applications based on comprehensive risk analysis and underwriting guidelines. Request additional documentation when necessary to complete the evaluation.
• 15% Originate and process loan applications using Mortgage Software, ensuring compliance with Secondary Market standards and Credit Union policies. Assemble and maintain complete loan files, including approval or denial documentation, compliance checklists, and investor eligibility records. Return finalized files to the originating mortgage loan department for archiving.
• 10% Assess the acceptability of loans for sale to secondary market investors such as FNMA and FHLMC, ensuring all conditions and documentation meet investor requirements for purchase. Record loan rejections with detailed rationale, citing specific investor and Credit Union guidelines and the basis for declining the application.
• 10% Set up and conduct loan closings, funding, and post-funding procedures to ensure member satisfaction and loan completeness. This includes verifying all required documents, completing post-closing checklists, and ensuring timely disbursement of funds. Respond to member inquiries regarding real estate loan programs and rates via phone and in person, requiring extensive use of the telephone and strong communication skills.
• 10% Maintain all required forms and documentation. Assist in related areas of Credit Union lending as needed, including clerical support and departmental collaboration. Adhere strictly to Credit Union lending policies and procedures, ensuring compliance with all applicable state and federal regulations. Comply with all Bank Secrecy Act (BSA) requirements, including proper documentation and reporting of suspicious activity. Comply with all Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requirements, including registration and maintenance with the Nationwide Mortgage Licensing System and Registry (NMLS).
• 10% Provide superior member service by delivering efficient, accurate, and courteous processing of loan requests and inquiries. Promote and maintain positive relationships with members, staff, and external contacts. Represent LAFCU professionally in all interactions.
• 10% Actively cross-sell LAFCU products and services - including CUSO offerings - at every opportunity to meet member needs and support Credit Union goals. Perform other job-related duties as assigned by management to support departmental and organizational objectives.
• Two years to five years of underwriting real estate loans, plus three years of experience in processing loans according to Secondary Market standards; experience in prequalification. Ability to analyze rental income and self-employment income from personal income tax returns. Knowledge of regulations relating to real estate lending. Required experience with PC based loan processing software.
• (1) A two-year college degree, or (2) completion of a specialized certification or licensing, or (3) completion of specialized training courses conducted by vendors, or (4) job-specific skills acquired through an apprenticeship program.
• Work involves extensive personal contact with others and is of a personal or sensitive nature. Motivating, influencing, and/or training others is key at this level. Outside contacts become important and fostering sound relationships with other entities (companies and/or individuals) becomes necessary and often requires the ability to influence and/or sell ideas or services to others.
• Good interpersonal, oral and written communication skills; very good mathematical, analytical and mental concentration skills; experience in quality control and documentation requirements of Secondary Market. SAFE ACT STATEMENT:
  This position requires the employee to register as a mortgage loan originator with the Nationwide Mortgage Licensing System and Registry (Registry) and obtain a unique identifier from the Registry before engaging in mortgage loan originator activities, to maintain and renew that registration on an annual basis, to update registration…