Underwriter - Residential and Multifamily

Underwriter - Residential and Multifamily

Provident Credit Union is hiring for the Underwriter – Residential and Multifamily position located in Redwood City, CA. This onsite requirement applies for the first 90 days at corporate HQ; thereafter, a hybrid schedule of 4 days onsite and 1 day remote is available.

To review and underwriting residential mortgage loans and multifamily mortgage loans in a timely manner, that adhere to the credit standards set by the Credit Union for inclusion in the Credit Union's loan portfolio or for sale on the secondary market.

• Make credit decisions on residential loans (1st & 2nd mortgages) as well as multi-family loans within established lending limits and provide approval within established credit limits, written recommendations for loans to be approved above the underwriter’s individual credit limits and request any documentation necessary to support lending decisions.
• Underwrite and evaluate loan submissions (1st & 2nd mortgages) according to investor (Agency) and the credit union’s credit guidelines. Perform analysis with and/or without the assistance of an automated underwriting system to determine borrowers’ credit worthiness and ability to repay the mortgage debt. All approved loans must meet the established credit union’s quality standards.
• Review and verify documents in loan files including income, asset, property documents, appraisal reports, credit reports, title reports, and HOA cert. Validate the loan application and supporting documentation and verify that the system reflects the correct information. Update system of record when required. Ensure all required property information is in the system.
• Run, review, and interpret DU/LP findings, when applicable. Confirm required documents are complete, accurate and up to date. Document the system with applicable dates and information. Review credit memos for completeness and accuracy for multifamily loans.
• Sign off on underwriting loan conditions according to underwriting guidelines. Re-underwrite loans when additional or new information has been received.
• Complete all required underwriting worksheets and/or checklists.
• Work with processors and loan closers to ensure timely closing of loans and meeting the required service standards.
• Help the department improve the underwriting process and procedures. Assist in the development of underwriting standards and the maintenance of all Loan Product Summaries. Answer and research general underwriting scenario and guideline questions.
• Maintain a thorough working knowledge of current loan underwriting guidelines and practices, California real estate law as it pertains to credit unions, and Provident's mortgage lending policies.
• Assist mortgage consultants and processors on credit, income, property and asset analysis of loan transactions.
• Provide training and mentor junior underwriters and/or senior processors.
• Provide second signatures to loan decisions for underwriters with lower-level authority and help cover other underwriters’ files when needed.
• Respond to and correct internal and external audit findings when needed.
• Performs other duties as assigned.
• Excellent listening and speaking skills.
• Understand and adhere to BSA and OFAC policy and procedures.

• Bachelor's Degree in related area is preferred
• 8+ years of experience underwriting FNMA and FHLMC loan packages.
• Knowledge and experience in multifamily underwriting preferred.
• Excellent understanding of Freddie Mac / Fannie Mae and other jumbo investor’s guidelines as well as portfolio guidelines.
• Perform credit analysis on all mortgage products.
• Knowledge of multifamily underwriting, to include: an understanding of DSCR calculations, Global Cash Flow analysis, Cap Rates and GRM’s for property valuations, environmental assessments, and proficient writing skills to make recommendations for approval through the creation of Credit Memos
• Strong understanding of multifamily ownership (non-natural entity) structures.
• Demonstrated expertise to use PC, Word, Excel, Windows and e-mail.
• Expertise in the use of multiple LOS systems used by Provident such us Encompass, including Freddie Mac & Fannie…