Residential Loan Underwriter

Responsible for underwriting residential 1-4 family mortgage loans in accordance with the bank’s policies and procedures and all applicable agency and investor guidelines. Conventional, FHA/VA, DE sponsored

Major Duties and Responsibilities
Upon receipt of a file, it is the underwriter’s responsibility to review the file and have back to the processor with credit decision and any conditions within 24 hours.  The underwriter will utilize the “Underwriting Analysis Worksheet” in Encompass to list all required conditions and indicate if loan is approved, pended for further information, or denied.

It will be the underwriter’s responsibility to edit any income, asset and liability changes required, and should re-run LP to match the underwriting changes.  If the loan is denied, the underwriter should prepare the adverse action, status Encompass, and move to the “Adverse Loans” folder in Encompass.

All denials should have a second review/signoff by the Sr. VP of Residential Lending; denials should be issued the day of the credit decision to ensure timely notification of adverse action taken.

If the loan is pended, the file should be returned to processor with list of items needed before decision can be made.

If the loan is approved, the underwriter should advance the loan status to “Approval” in Encompass and returned to processor to clear conditions to close.

Underwriters should utilize the Conversation Log to track all important comments and any information that is useful for others when looking at the file.  Underwriters are also responsible for ensuring accurate data on the HMDA Reporting screen of Encompass. This includes any loan action type, whether loan is originated, denied, counter-offered, or withdrawn.

In addition to the above workflow duties, the underwriters’ responsibilities also include:

• Maintaining status and appropriate conversation logs in Encompass
• Complete & thorough review of file and adherence to product/investor guidelines.
• Identify risk factors and formulate sound underwriting conclusions that adhere to investor requirements.
• Review of signatures and early disclosure compliance; ensure we are in compliance with all applicable agency regulatory requirements
• Verification of loan officer calculations, and making corrections to income, assets, debts on the 1003 as files reviewed
• Review and clearing of conditions within timeframes.
• Review of property valuation/appraisals to ensure compliance with investor and regulatory  guidelines
• Responsible for ensuring FINAL AUS, 1003 and 1008 matches underwriting conditions
• Assist and support operations and branch staff as needed (research of guidelines, calculating income, etc)
• Timely review of all agency feedback/qc requests.

Organizational Relationships
Daily interaction with branch staff.  Interacts on a regular basis with appraisers, credit reporting agencies, title companies,  and other real estate-related vendors.

Education, Skills and Experience
HS equivalent or higher and related experience and/or training. Must possess good organizational and time management skills and must have good overall knowledge of residential mortgage guidelines, products, and regulatory requirements. Minimum 1 year DE. In addition, the underwriter must demonstrate good overall verbal and written communication skills and have good mathematical skills and reasoning ability.

ADA or Physical Requirements
Requires limited lifting, bending and twisting – 25lbs.  Good vision, good hand dexterity with moderate data entry skills.

Compliance Criteria
Fair Labor Standards Act – FLSA;  EEOC; ADA

References:

Records:  Draft for approval to HR Procedure Manual

Job Location
Territory ranges from South Loop to St. Charles. Main office is in St. Charles, IL.

Location
St. Charles, IL.