Government Underwriter

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ABOUT THE JOB (JOB BRIEF)

The Mortgage Senior Underwriter is responsible for reviewing, analyzing and approving residential loan applications. The Mortgage Senior Underwriter is also responsible for verifying income, assets, credit and collateral documents including self-employed personal and business tax returns. The Mortgage Senior Underwriter may be involved in one or several types of mortgage lending (agency conventional, portfolio conventional, FHA/VA MI etc.). This position will also lend support to other underwriters on complex loan submissions. Lending authority to include conventional, government and jumbo loan programs for up to $750,000. Excellent phone and communication skills and a value of providing superior customer service to internal and external customers required. An exemplary customer service oriented attitude and the ability to work effectively in a Team Environment is essential.

ESSENTIAL JOB FUNCTIONS

• Evaluate creditworthiness of borrows in order to render a credit decision. This includes but is not limited to the review of paystubs, W2’s, financial statements, tax returns, asset statements, bank account statements, credit reports etc. 
• Must ensure all loans meet or exceed corporate credit policy and be in compliance with the Ability to Repay (ATR) and Qualified Mortgage provisions of the Dodd-Frank Act.
• Ensure compliance with appropriate company and Agency/Investor/FHA/VA guidelines.
• Review transmittal & 1003 to make sure it is accurate and complete and matches the final AUS findings
• Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed.
• Calculate income/self-employed cash flow using documentation and methodology required per investor, and CFPB regulations. Analyze the business’s financial strength by examining annual earnings to determine stability and validity. Income must be verifiable, stable and ongoing.
• Review assets to ensure adequate funds to close and required reserves. Ability to analyze bank statements for any recent large deposits and possible other debts that might impact ATR.
• Review appraisal to ensure the report is accurate, complete and the value is supported and the collateral is acceptable. Recognize when additional field reviews may be necessary to support value
• Ability to review Condo/PUD projects to ensure they meet salable or non warrantable guidelines
• Review file to make sure state regulatory guidelines have been met and federal (patriot act)
• Calculate net tangible benefit for those states that require this test
• Ensure all tax, title, insurance and closing documentation is accurate and complete
• Verify that the …