US Mortgage Underwriter

Key Responsibilities

Loan Application Review:

• Evaluate mortgage loan applications to determine the applicant's creditworthiness, income stability, and ability to repay the loan.
• Review financial documents such as pay stubs, tax returns, bank statements, and credit reports to assess the applicant's financial situation accurately.
• Verify the accuracy and completeness of all information provided in the loan application.

Risk Assessment:

• Analyze the risk associated with each loan application based on factors such as credit history, debt-to-income ratio, employment stability, and property appraisal.
• Identify potential risks and assess the likelihood of default, ensuring compliance with lending regulations and internal policies.

Guideline Compliance:

• Ensure that all mortgage loan applications adhere to regulatory requirements, including those set by government agencies such as Fannie Mae, Freddie Mac, FHA, and VA.
• Interpret and apply lending guidelines, policies, and procedures to make informed decisions on loan approvals or rejections.

Communication:

• Communicate effectively with loan officers, processors, and other stakeholders to gather additional information, clarify discrepancies, or request documentation necessary for underwriting.
• Provide clear and timely updates to loan originators and applicants regarding the status of their loan applications and any additional requirements.

Decision Making:

• Make informed decisions on whether to approve, deny, or conditionally approve mortgage loan applications based on thorough analysis and risk assessment.
• Document reasons for approval or denial decisions and ensure accuracy and consistency in underwriting decisions.

Quality Assurance:

• Conduct quality assurance reviews to ensure the accuracy and integrity of underwriting decisions and documentation.
• Identify areas for process improvement and contribute to the development of best practices within the underwriting department.

Skills, Knowledge and Expertise

• Bachelor's degree in finance, accounting, economics, or a related field preferred.
• 5+ years of previous experience in mortgage underwriting.
• Strong understanding of mortgage lending regulations, guidelines, and compliance requirements.
• Excellent analytical skills with the ability to evaluate complex financial information.
• Attention to detail and accuracy in reviewing loan applications and documentation.
• Effective communication skills, both verbal and written, with the ability to interact professionally with internal and external stakeholders.
• Proficiency in using underwriting software and mortgage industry tools.
• Ability to work efficiently in a fast-paced environment while managing multiple priorities and meeting deadlines.
• Income calculations, for example W2, bonus, commission, OT, Schedule C, Schedule E, 1120, 1120S, 1065
• Comfortable with AUS findings
• Income calculations for non-QM lenders: DSCR, Bank Statements, Asset Depletion, etc.