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Mortgage Underwriter

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Posted: 01/09/2022

Under the direction of the Mortgage Pipeline Manager the Mortgage Underwriter underwrites loans in conformance with related regulations and established Credit Union policies and procedures including secondary market guidelines.

 

Performs functions, within scope of authority and expertise, to provide the highest level of service and responsiveness to members served by the Credit Union.

 

1.  Underwrites residential mortgage loans to ensure compliance with Credit Union, conventional, secondary market standards. Demonstrates knowledge of the CFPB’s Ability to Repay regulations, Qualified and Non-Qualified mortgage loans. Underwrites loans to meet contract deadlines and rate lock expiration dates and within LCU’s established timeframes. 

2.  Demonstrates knowledge of investor/secondary market guidelines. Ensures salability of loans to selected investors. Attends training as needed. 

3.  Communicates with processors, originators and members. Works with mortgage loan originators, processors and members when additional underwriting documents are required.

4.  Understands and can effectively apply mortgage lending policies to all mortgage lending situations.

5.  In conjunction with the Mortgage Pipeline Manager assists in the daily pipeline management to ensure mortgage applications are underwritten and processed with a focus on meeting rate lock expirations, mortgage commitments, financing contingency dates, settlement/closing dates on purchase transactions in keeping with department standards and turn-around times. 

6.  Reviews appraisals for quality and value as needed.

7.  Reviews purchase transaction to determine is member qualifies for grant funding. Trains on FHLB grants to understand the process.

8.  Prepares, issues and discusses adverse actions of counter offers with loan originator or member.

9.  Works with processors and loan originator to obtain and track commitment conditions to meet closing deadlines.

10. Keeps current on trends in the mortgage industry.

11. Adheres to all LCU policies and procedures. Responsible for compliance with the following regulations: BSA, OFAC, and other regulations as required.

12. Participates in internal employee mortgage training.

13. Serves as a backup to the Mortgage Pipeline Manager, as needed.

14. Serves as a backup to the Mortgage Closing Specialist in preparing and sending closing disclosures and closing documents and reviews for accuracy and compliance; may deliver closing packages to attorneys. 

15. Responsible for daily monitoring of pricing.

Requirements

Associate’s degree or its equivalent in coursework and training. At least three years’ experience in mortgage lending and three years of experience with the secondary market. Strong attention to detail, analytical and communication skills are required. Experience with web-based approval systems (DU/DO) required. Prior experience with Mortgagebot Software is preferred. In-depth knowledge of real estate lending procedures, regulatory compliance, secondary market investor guidelines and quality control guidelines required. Must be registered with the Nationwide Mortgage Licensing System (NMLS).

 

This position is eligible to work remotely up to 2 days per week after 3 months of hire in accordance with the Work From Home Policy. 

 

Employees are expected to exhibit LCU’s core values, You’re Somebody, Own It, Work Together, Be Caring, in all interactions with internal and external members to achieve the credit union’s goals and support a culture of inclusion.

 

Leominster Credit Union is an Equal Opportunity Employer: Minority/Female/Disability/Veteran. 

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