Job Summary: The Residential Home Mortgage Underwriter is responsible for evaluating and assessing mortgage loan applications to determine the risk level of lending to borrowers. This includes reviewing financial statements, credit reports, and property appraisals to ensure the borrower meets the qualifications set by regulatory guidelines, investor requirements, and company policies. The role demands attention to detail, the ability to analyze complex data, and the ability to make sound, fair, and timely decisions.
Key Responsibilities
- Review Loan Applications: Analyze mortgage loan applications, credit reports, and financial documentation to ensure accuracy, completeness, and compliance with regulatory and company standards.
- Assess Borrower's Financial Information: Evaluate borrower's income, employment history, assets, and liabilities to assess the ability to repay the mortgage loan.
- Risk Assessment: Identify and evaluate risks associated with lending to a borrower, including credit risk, market conditions, and other factors that could affect repayment.
- Compliance & Regulations: Ensure all loan transactions comply with federal, state, and local regulations, as well as investor guidelines and company policies.
- Decision Making: Approve, deny, or request additional documentation for mortgage loans, making final decisions based on thorough analysis.
- Loan Condition Management: Communicate with loan processors, brokers, and clients to clarify and resolve any issues or additional requirements for the loan approval process.
- Documentation & Reporting: Maintain accurate and detailed records of underwriting decisions, conditions, and communications.
- Collaboration: Work closely with other departments such as loan processing, closing, and compliance to ensure timely and accurate loan processing.
- Problem Solving: Proactively address issues and resolve challenges related to underwriting decisions or loan conditions to ensure smooth loan processing.
- Continuous Improvement: Stay updated on industry trends, guidelines, and changes to improve underwriting efficiency and minimize risks.
Qualifications
- Bachelor's degree in Finance, Business, Economics, or a related field (preferred).
- Proven experience as a mortgage underwriter, preferably with residential home loans.
- In-depth knowledge of mortgage lending guidelines, regulations (e.g., FHA, VA, USDA, conventional), and industry best practices.
- Strong analytical skills with a high attention to detail and accuracy.
- Ability to interpret financial documents, such as credit reports, tax returns, and bank statements.
- Excellent written and verbal communication skills for collaborating with clients, loan officers, and other stakeholders.
- Proficient in using underwriting software, loan origination systems (LOS), and Microsoft Office Suite (Word, Excel, Outlook).
- Strong organizational and time management skills, with the ability to handle multiple tasks simultaneously.
- Familiarity with risk management and loan quality control processes.
