Loan Underwriter

Job Title: Underwriter

Reports to:  Operations ManagerStatus:  Full-Time

 

DESCRIPTION:

Primary responsibility is the processing, approval, and closing of saleable conforming, government and Jumbo loan programs. This includes monitoring quality and volume of business, assisting in developing new ways to develop business opportunities, refining work flow procedures, and maintaining working relationships with investors for the sale of closed loans

PRINCIPAL RESPONSIBILITIES:

Essential Responsibilities:Review structure and accuracy of loans for automated underwriting, including initial reviewMaintain status sheet for each loan and notify (via e-mail) appropriate lending institution, Loan Consultant, Loan Officer and borrower regarding outstanding conditions.Underwrite loans to Investor Guidelines within 24 hours of submission.Obtain MI Certificate if required for approvalNotify processor and loan officer if any additional conditions are required.Re-run automated underwriting to match appraisal and all applicable documents prior to closing doc preparation.Clear closing conditions as required.Review closing documents for accuracy and completeness.Work with staff and help obtain post-closing conditions as necessary.Log and check purchase advices.Maintain accurate accounting on files and resolve any discrepancies with investors.Provide compliance review responses within five business days of request from corporate.

Duty Specific Responsibilities:

 

Ensure one-business hour loan approvals for all automated underwriting loan programs; this entails: Reviewing pre-qualification data in computer as received from Sales Department and Loan OriginatorsContacting the customer to complete application dataModify loan terms to best meet the customer?s needsSubmit to investors for automated underwriting approvals (AU) including DO, DU, LP, CLOUTModifying loan terms to obtain ?approval? or ?accept? underwriting ratingsUnderstand pricing and program markup requirements to accurately quote loan rates and fees  Submit loan applications that do not meet AU to approved broker investorsNotify the referral source, and the borrower directly of loan qualification status and conditionsAssure all loans with less than ?Approved/Eligible? have second signature authority by a designated employee prior to final disposition

 

Expedite loan origination and processing once an applicant has been pre-approved; this entails: List all required documentation and conditions for borrower to complete loan eligibility on loan status sheetCommunicate conditions and missing documentation to all parties by electronic messaging, or in writing when no other source is availableReview all conditions, verifications, and all file documentation daily and log status into computerMaintain current date fields in computer for all filesAssure Lock Agreements are contained in each file and evidence that the centralized secondary marketing department is in receipt of a copy. Rates will be updated and posted daily at http://www.premiermortgage.comCoordinate loan closing within 48 hours of all required conditions being met

 

Maintain investor relationships, this entails: Monitor all locks to ensure timely deliveryProvide or oversee prompt shipping and investor purchase of closed loans (This task function is dependent on loan volume)Monitor post closing conditions and follow up items

 

Maintain a minimum funding volume of $1,500,000 for automated underwriting home loan products, this entails: Provide feedback to marketing department, Production Manager, and Administrative Assistant for marketing material and campaigns.Provide feedback to Administrative Assistant to better screen loan prospects and file quality.Monitor Administrative Assistant for Prospect follow-up servicesProvide Premier Mortgage Capital, Inc. with any feedback that may make the loan process more efficient and or provide for higher quality controlNotify Premier Mortgage Capital, Inc. of file overloads so that job duties may be shifted to get maximize closed loan volume