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Reports To: Mortgage Manager
Work Schedule: Exempt position. Work is based on results attained, not hours worked.
Summary: Reviews first trust deed mortgage files by calculating income, analyzing debt and assets and completing an in-depth review of the completed appraisal and title. Enters data into the loan operating system, utilizes automated underwriting system and manual underwriting experience to conditionally approve loans and later clear conditions for final approval.
Primary Duties & Responsibilities:
Loan Application/File Review
1. Performs complete and in-depth review of first trust deed loan files including income, assets, credit and collateral.
2. Utilizes the Credit Unions loan operating system to ensure accurate data entry.
3. Underwrites loans in accordance with Client, Credit Union, state and federal guidelines.
4. Ensures overall loan documents are accurate, complete and compliant.
5. Reviews and approves conditions for compliance and completion of the loan file.
1. Reviews all financial documentation for accuracy and authenticity. Calculates standard income based on documentation (paystubs, W-2 Forms, personal tax returns and occasionally business tax returns).
2. Reviews acceptable levels of loan risk predicated upon the Credit Unions lending policy and underwriting guidelines.
3. Ensures that loan requests meet program and product specifications.
4. Reviews and examines appraisals to ensure that the mortgaged property is at sufficient market value to secure the loan.
5. Reviews title insurance reports to ensure appropriate coverage for the loan product and that the Credit Unions lien position is secure.
1. Ensures exceptional member service by maintaining thorough knowledge of lending programs, policies, procedures and regulatory requirements, demonstrating a commitment to professional ethics, complying with all federal and state compliance policies and adhering to HMDA requirements.
2. Utilizes Credit Union reference tools and other resources to provide accurate and up-to-date loan program and policy information to external members and internal business partners.
3. Seeks ways to streamline work processes and continuously improve the Credit Union.
Supervisory Responsibility: This position has no direct supervisory responsibility.
Interpersonal Contacts: Frequent contact with members, employees and other financial institutions and businesses.
Education/Experience: High school diploma or equivalent. Coursework related to finance, Client or mortgage lending preferred. Minimum three years mortgage underwriting experience (including experience within the past year).
Requirements Skills, Job Knowledge & Abilities:
1. Must follow the Credit Unions written policies and procedures to ensure compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), to include completion of the registration process, use of the unique identifier and maintenance of this registration as required.
2. Well-developed skills in making sound, independent decisions.
3. Professional written and verbal communication skills.
4. Ability to function effectively as a member of a team or on individual tasks and assignments.
5. Proficiency with Microsoft Office software. Familiarity with loan processing systems.
6. Knowledge of credit union or financial institution loan procedures and compliance issues.
7. Thorough knowledge of federal and state lending laws, compliance policies and HMDA requirements.
ControlID: 14.234.89 SHR
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