The Underwriter underwrites residential loans ensuring compliance with appropriate company, secondary market Investor standards and all applicable laws. The Underwriter will be responsible for examining loan documentation for accuracy and completeness; limited to conventional program loans. Must be able to underwrite retail loans within the company and industry guidelines. The Underwriter will also be working with Loan Originators, Branch Managers and Processors to secure all required documents.
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Underwrite conventional loan Program Loans to verify for completeness, accuracy, and compliance to guidelines
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Develop 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.
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Adhere to policies and procedures set forth by brand and Panorama Mortgage Group, LLC.
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Verify mortgage insurance is obtained on applicable loan files
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Revise loans to new terms, identifies additional conditions as needed to insure a viable credit decision.
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Review and evaluates borrower(s) profile including but not limited to all income documentation, credit reports, preliminary report, judgments, bankruptcy documents and appraisals.
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Ensure loans meet the Ability to Repay (ATR) rules established by the Consumer Financial Protection Bureau (CFPB) by considering and documenting the following eight underwriting factors:
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Borrowers current or reasonably expected income or assets
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Borrowers current employment status.
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Borrowers monthly payment on the mortgage transaction.
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Borrowers monthly payment on any simultaneous loan.
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Borrowers monthly payment for mortgage-related obligations.
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Borrowers current debt obligations, alimony, and child support.
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Borrowers monthly debt-to-income ratio or residual income.
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Borrowers credit history
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Adjust underwriting as necessary based on QC findings and keep QC informed of the changes.
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Exercise good judgment, and issues quality decisions.
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Determine accuracy and completeness of files; ensure processes are consistent.
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Demonstrate proficiency in automated underwriting systems (DU, LP).
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Maintain a sound knowledge of secondary market activity, practices, and business/industry practices as they impact underwriting quality and origination activity.
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Maintain pre- established service level standard of decisions within the time frame set by the company.
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Communicate regularly with sales team, processors, and management.
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Consistently meet or exceed established minimum productivity and quality goals set forth by management.
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Respond according to deadline on audits of loan files underwritten prior to and after funding is obtained.
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Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, Ability to Repay and risk mitigation.
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Calculate income and assets accurately and require sufficient documentation to support findings and decision. Follow AUS findings is a requirement with no exceptions.
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Adhere to overlays and/or guidelines as dictated by the private investors & agencies.
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Perform other duties as assigned.
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Comply with the policies and procedures outlined in the Company Handbook.
This position has no supervisory responsibilities.