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Underwriter

Online/Remote - Candidates ideally in
Duluth - Gwinnett County - GA Georgia - USA
Company: Alterra Home Loans
Remote position
Listed on 2021-04-03
Job specializations:
  • Finance
    Financial Analyst, Mortgage Underwriter
Job Description & How to Apply Below

Job Summary:



Underwrites residential loans ensuring compliance with appropriate company, secondary market Investor standards and all applicable laws. The Underwriter will be responsible for examining loan documentation for accuracy and completeness; is involved in one or several types of mortgage lending including but not limited to conventional program loans. Must be able to underwrite wholesale and retail loans within the company and industry guidelines. The Underwriter will also be working with Loan Originators, Branch Managers and Processors to secure all required documents.


Responsibilities:

• Underwrites loan Program Loans to verify for completeness, accuracy, and compliance.

• Develops and maintains an up to date and sound knowledge of multiple loan product guidelines offered by the company, DU/LP guidelines, and risk assessment tools used to decision mortgage loans

• Adherence to policies and procedures set forth by brand and Panorama Mortgage Group, LLC

• Revises loans to new terms, identifies additional conditions as needed to insure a viable credit decision

• Reviews and evaluates borrower(s) profile including but not limited to all income documentation, tax returns, credit reports, preliminary report, judgments, bankruptcy documents and appraisals

• Analyzes and calculates income documentation such as personal and business income statements and ensures all necessary documentation is requested to support final loan decisions

• Ensure loans meet the Ability to Repay (ATR) rules established by the Consumer Financial Protection Bureau (CFPB) by considering and documenting the following eight underwriting factors:

1. Borrower’s current or reasonably expected income or assets

2. Borrower’s current employment status.

3. Borrower’s monthly payment on the mortgage transaction.

4. Borrower’s monthly payment on any simultaneous loan.

5. Borrower’s monthly payment for mortgage-related obligations.

6. Borrower’s current debt obligations, alimony and child support.

7. Borrower’s monthly debt-to-income ratio or residual income.

8. Borrower’s credit history

9. Make adjustments to underwriting as necessary based on QC findings and keep QC informed of the changes.

• Exercises good judgment, conducts reasonableness tests and issues quality decisions

• Determines accuracy and completeness of files; ensures processes are consistent

• Demonstrates proficiency in automated underwriting systems (DU, LP)

• Maintains a sound knowledge of secondary market activity, practices, and business/industry practices as they impact underwriting quality and origination activity

• Maintains pre- established service level standard of decisions within the time frame set by the company

• Communicates regularly with sales team, processors and management

• Consistently meet or exceed established minimum productivity and quality goals set forth by management

• Responsible for timely response on audits of loan files underwritten prior to and after funding is obtained.

• Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, Ability to Repay and risk mitigation.

• Calculate income and assets accurately and require sufficient documentation to support findings and decision. Follow AUS findings is a requirement with no exceptions. Adhere to overlays and/or guidelines as dictated by the private investors & agencies

• Perform other duties as assigned.


Supervisory Responsibilities:

This position has no supervisory responsibilities.


Requirements:

• Two to Four years underwriting experience in mortgage banking and/or training; or equivalent combination of education and experience.

• The knowledge of the principles and theories

• Three to five years of current frontline mortgage Underwriting required; DE highly desired

• Appraisal review and tax return analysis skills required

• Prior credit signing authority a plus

• Experience with repurchase response and/or rebuttal review and response preparation

• Secondary market experience a plus

• Understanding of TILA, RESPA and Predatory Lending

• Strong analytical and decision making/problem solving skills

• Possess a keen eye for accuracy, attention to detail and ability to handle a high-volume work load

• Excellent interpersonal, organizational, prioritization and time management skills

• Proficient in computers including LOS systems, Microsoft Office and Excel. Ability to adapt/ learn/utilize multiple software programs. Experience with paperless environment preferred.

• Ability to deliver effective results and to meet deadlines with minimal supervision

• Self-starter, adapt to a changing environment and have the ability to communicate and work well with Investors and co-workers

• Possess clear, concise and effective written and oral communication skills

• Professional demeanor in appearance, interpersonal relations, work ethic and attitude

• High School diploma or equivalent

• Timely communication and response times according to department standards


Physical/Sensory Requirements:

• Must be able to lift 25 pounds at a time

• Bend, stoop and stretch as needed

• Prolonged periods of sitting, standing and or ambulating (Employee has some control over the length of time)

• Prolonged use of computers, telephone, and other standard office equipment which includes reading, writing, listening or speaking

• Fluency in English language (written, oral, spoken); fluency in a second language desirable
Position Requirements
Less than 1 Year work experience
 
 
 
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