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Mortgage Underwriter (Fairway Independent Mortgage Corporation)
Ref No.: 16-07412
Location: Lisle, Illinois
The Underwriter position underwrites residential loans ensuring compliance with appropriate company, secondary market Investor standards, and all applicable laws. Examines loan documentation for accuracy and completeness. Underwrites retail loans within the company and industry guidelines. Partners with Loan Originators, Branch Managers and Processors to secure all required documents.
Essential Job Functions:
  • Follows prescribed guidelines, receives and reviews loan applications and associated documentation to insure thoroughness and accuracy
  • Reworks loan to new terms or identifies additional conditions
  • Verifies loan-to-value ratios, completeness of application information and credit reports
  • Analyzes credit reports and associated documentation, analyzes appraisals, qualifies and classifies loans according to Company guidelines
  • Maintains acceptable turnaround times for applications submitted for pre-approval and on funding packages
  • Interacts with Quality Control, Compliance, and Funding for problem resolution, risk evaluation and compliance concerns
  • Develops and maintains an up to date and sound knowledge of multiple loan product guidelines offered by the company, DU/LP guidelines, and risk assessment tools used to decision mortgage loans
  • Reworks loans to new terms, identifies additional conditions as needed to insure a viable credit decision
  • Reviews and evaluates borrower(s) profile including but not limited to all income documentation, tax returns, credit reports, preliminary report, judgments, bankruptcy documents and appraisals
  • Analyzes and calculates income documentation such as personal and business income statements and ensures all necessary documentation is requested to support final loan decisions
  • Exercises good judgment, conducts reasonableness tests and issues quality decisions
  • Determines accuracy and completeness of files; ensures processes are consistent
  • Demonstrates proficiency in automated underwriting systems
  • Maintains a sound knowledge of secondary market activity, practices, and business/industry practices as they impact underwriting quality and origination activity
  • Communicates regularly with loan originators, management, processors
Non-Essential Job Functions:
  • Participates in and leads proactive team efforts to achieve departmental and company goals
  • Adopts Fairway values in personal work behaviors, decision making, contributions and interpersonal interactions
  • Contributes to a positive work environment by demonstrating cultural expectations and influencing others to reward performance and value "can do " people, accountability, diversity and inclusion, flexibility, continuous improvement, collaboration, creativity and fun
  • Performs other duties as assigned
Required Knowledge and Skills:
  • Solid knowledge and understanding of FHA\VA\USDA, Client and FHLMC policies and guidelines
  • Solid knowledge and understanding of TILA, RESPA and Predatory Lending
  • Solid knowledge and understanding of mortgage loan processing, compliance, investor products and underwriting guidelines
  • Solid knowledge and understanding of mortgage insurance (MI) guidelines
  • Solid knowledge and understanding of various fraud tools
  • Solid knowledge and understanding of processing and closing functions and a general understanding of the entire real estate lending process.
  • Solid knowledge and understanding of customer service and intrapersonal best practices
  • Extensive knowledge and understanding of Investor, FHA and Client guidelines
Required Education and Experience:
  • Bachelor's Degree in Business Administration, Finance, Accounting or Economics preferred
  • 4+ years of residential loan underwriting experience
  • Credit signing authority experience preferred
  • DE certification and recent FHA underwriting experience preferred
  • Secondary market experience preferred
  • VA SAR/LAPP experience preferred
  • Demonstrated experience with repurchase response and/or rebuttal review and response preparation
  • Demonstrated experience working with Client Desktop Underwriter and Freddie Mac Loan Prospector preferred
  • Demonstrated experience researching information, problem solving, and making solid business decisions
  • Demonstrated experience reporting, analyzing, interpreting, and critical thinking
  • Demonstrated experience working with Mortgage Brokers
  • Demonstrated experience effectively managing relationships with internal and external partners
  • Demonstrated experience working in a fast paced and changing environment
  • Demonstrated experience with attention to detail, written and oral communication, multi-tasking, and working in a team atmosphere adhering to tight deadlines
  • Demonstrated experience with MS Office software products
Physical Environment:
  • This position is primarily a work from home position
  • Normal home office environment
Travel Expectations:
  • Local travel may be required for company or career-related meetings, programs, and/or events.
Reasonable Accommodations
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Reasonable Accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
Job Type: Full-time

ControlID: 14.234.89 SHR