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1st Mortgage Underwriter (Credit Union 1)
Ref No.: 16-08051
Location: Oak Lawn, Illinois
As a 1st Mortgage Underwriter at Credit Union 1, you will underwrite 1 st Mortgage loan files to Secondary Market standards in order to maximize profit and minimize risk or loss. The Underwriter provides checks and balances to the work previously performed by the originator and the processor. The Underwriter will conduct a thorough review of the file received from the Processor for proper documentation and compliance. These reviews shall include completeness, accuracy, timely disclosures with the objective of rendering an approved/declined decision.

Specific duties for 1st Mortgage Underwriter include (but are not limited to):
  • Review and analyze Automated Underwriting Findings and determine acceptability to agency standards.
  • Verify accuracy and integrity of file documentation and that it corresponds with the data logged into the loan origination system.
  • Analyze employment profile, credit strength, property characteristics and other assets as required in the DU/LP verification messages and CU policy.
  • Review credit report and address any inconsistencies identified in the DU/LP findings.
  • Review appraisals to ensure they adhere to Secondary Market requirements.
  • Review purchase contract to avoid potential problems against agency policies or at closing.
  • Review title policy to ensure all conditions have been cleared and easements are within the general investor guidelines.
  • Review Flood certification, Homeowners/Hazard insurance binder Private Mortgage Insurance (if applicable) so they conform to set limits of investor.
  • Verify that the loan will close within the lock period and under the conditions it was locked and that all pricing adjustments are accurate.
  • Render approval/decline decision ensuring file will be originated consistent with internal, secondary market and insurer policies and standards. Issue a "clear to close” when all conditions are met.

Job Requirements This position requires Underwriting Certification. Master Mortgage Underwriter Certification currently requires a minimum of 20 hours mortgage underwriting education, passing an exam and clearing a criminal background check

Have a working knowledge of 1 st Mortgage real estate lending practices, including federal regulatory requirements, state regulations, and agency requirements.

High school diploma or equivalent required; but college degree or equivalent work experience preferred

Minimum 4 years experience underwriting, processing, originating, or closing conventional 1 st mortgage loan products.

The ability to render on-the-spot decisions when required (weighing member satisfaction issues with the credit union's exposure to loss or fraud and the ability to think through and rationalize)

Must have a thorough knowledge of the laws that impact credit granting specific to real estate

Ability to work in a fast-paced environment & under pressure

Detail oriented, high degree of accuracy and strong command of math skills.

Strong time management and organizational skills

Benefits:

As an employee with Credit Union 1, you will be part of a well-established and respected financial organization that offers you both stability and the opportunity for a great career path. No matter how large we grow, we continue to give our employees the individual attention they deserve. We are committed to your success and processional development and will provide extensive training and coaching as you hone your skills. Your hard work and dedication will be rewarded with competitive compensation and benefits.

Here's some of what we offer:
  • Medical insurance (low cost)
  • Dental & vision insurance (100% company paid)
  • Paid life, AD&D, and long-term disability insurance
  • Paid holidays, vacation, & sick leave
  • 401(k) retirement and profit sharing plan
  • Tuition reimbursement
ControlID: 14.234.89 SHR