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Senior Underwriter (Envoy Mortgage, Ltd)
Ref No.: 16-07289
Location: Shelton, Connecticut
PRINCIPAL FUNCTIONAL RESPONSIBILITIES:
  • Make decisions on underwriting expectations in accordance with corporate policy.
  • Assist in management of workload for team members and ensure service levels are met.
  • Review test cases/recommend level for all new hires and promotions as directed by Center Manager.
  • Act as resource for team members and branches assigned to team.
  • Provide second signatures when required.
  • Arbitrate appeals and disagreements with respect to lean files; elevate as needed.
  • Complete daily workload of direct underwriting in timely manner.
  • Review and complete PhaseWare incidents as needed.

SIGNATURE AUTHORITY

Recommended:
  • Validation authority limited to $650,000. for any one transaction. Single signature authority to $5000,000 aggregate for any one transaction. Dual manual signature authority to $729,250 aggregate for any one transaction.
  • The Underwriting Manager will set dollar levels of authority for each underwriter in writing.
  • Those levels may be adjusted from time to time, but will, in no event, exceed $650,000 aggregate for validation and $5000,000 aggregate for single signature authority.

EXCEPTION AUTHORITY
  • Internal guideline exception authority as specified in individual approval document
  • Credit exception authority granted for deviations from credit guidelines, ratio guidelines, and asset guidelines within investor requirements
  • Loan Parameter Exception Requests to investors for program guideline exceptions.

PRODUCT AUTHORITY
  • Products eligible in Desktop Underwriter and Loan Prospector
  • Initial approval of jumbo products or non-delegated correspondent products within signature authority limit
  • First lien products eligible for manual underwriting.
  • Second lien products eligible for manual underwriting.
  • All document types.

COMMUNICATES REGULARLY WITH THE FOLLOWING:

1. Branch management

2. Sales staff

3. Customers/branches

4. Local, regional, and corporate underwriting

5. Private investors

THIS JOB DESCRIPTION IS NOT INTENDED TO BE ALL-INCLUSIVE. THE INCUMBENT WILL ALSO PERFORM OTHER REASONABLY RELATED BUSINESS DUTIES AS ASSIGNED BY MANAGEMENT.

MINIMUM QUALIFICATIONS:

Experience:
  • Minimum 5 years underwriting experience
Education:
  • Minimum high school education
  • College courses in mortgage banking and/or finance a plus
  • Industry training courses in underwriting and appraisal review required
  • Approved Direct Endorsement Underwriter
  • Approved VA Automatic Underwriter within one year of hire
  • LAPP SAR required within one year of hire
Requirement Skills:
  • Ability to review documents and spot inconsistencies and errors
  • Ability to accurately calculate income in accordance with standard industry practice
  • Ability to review appraisals, assess accurate and appropriate data, and determine value range
  • Accuracy in data input
  • Ability to review guidelines, memos, manuals; absorb and comprehend information; incorporate changing guidelines into everyday work
  • Excellent oral and written skills required
  • Ability to work within a fast-paced environment that often demands multiple tasks in a short time frame
  • Ability to coach and mentor
  • Make decisions is a quick and timely fashion
  • Elevate problems when needed
  • Excellent presentation skills
Knowledge:
  • Familiar with government and conventional agency Underwriting Guidelines
  • Familiar with input into and use of Desktop Underwriter and Loan Prospector
  • Familiar with credit reports and credit standards
  • Familiar with standard appraisal practices.
  • Familiar with major correspondent lenders (Chase, Wells Fargo, Client, our financial client, etc.)

PHYSICAL REQUIREMENTS:
  • The employee must occasionally lift and/or move up to 25 pounds.
  • Specific vision abilities required by this job include close vision.
  • While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle, or feel; reach with hands and arms; and talk or hear.
  • The employee is occasionally required to stand, walk, climb or balance and stoop, kneel, crouch, or crawl.

PERFORMANCE METRICS:

Metric #1: Reports from government agencies, investors, and Quality Control indicate acceptable error rate in validation.

Target: Less than 5% error rate for team

Metric #2: Feedback from investors and Quality Control indicates acceptable appraisal quality.

Target: Less than 5% response regarding unacceptable appraisals for team

Metric #3: Government loans are underwritten in accordance with guidelines and requirements.

Target: No principle reductions required. No significant findings on HUD audits. Indemnification requests repurchase requests, and NOR for underwriting errors less than 2% of total production for team.

Metric #4: Maintain productivity to maintain branch target turn time

Target: No more than 5% of new loans to exceed 48 hours turn time nor 5% of conditions and changes to exceed 24 hours turn time

Metric #5: Maintain service levels in PhaseWare according to severity of each incident

Target: No more than 5% of incidents to exceed severity turn time as selected by branch or adjusted by Team Lead or Center Manager

Metric #6: Maintain personal productivity that contributes to branch target turn time of 48 hours or less when required.

Target: 2.5 loans per day/average monthly.

Metric #7: Book of business underwritten to be commensurate with signature and product authority.

Target: 25% total loans underwritten to be manually underwritten, niche type product.

Metric #8: Provide leadership to team members. Mentor and train junior team members needed. Mentor assigned certified Master Processors.

Target: Quarterly review with Center Manager regarding activities completed in addition to underwriting

Metric #9 Team to minimize traffic in underwriting department by maintaining acceptable first time decision and approval ratios to total loans underwritten.

Target: 90% first time decision ratio

75% first time approval ratio

Minimum average monthly production of 65 loans per month for team members.

Job Description:
The Senior Underwriter is responsible for providing timely and accurate decisions on conventional loans processed to Client, FHLMC, and private investor requirements. Provide timely and accurate decisions on FHA and VA loans.

ControlID: 14.234.89 SHR