Correspondent Underwriter
Basic Function:
Responsible for overseeing all aspects of functions related to the analysis, funding and acuisition of residential mortgage loans, including training and development of correspondents and junior staff.
Major Duties / Responsibilities:
- Primary liason to correspondents, title companies and borrowers concerning documentation issues. Must ensure timely responses. renewal credits to committee as requested by the servicing officer.
- Render and communicate decisions that most effectively mitigate the risks present in the case file, including data integrity ans validity of information submitted to company and all risk factors related to credit, income, assets, appraisal, title, survey and compliance.
- Verify case file data, including findings and calculations to determine loan compliance.
- Audit case files in Internal Loan Origination Systems and Automated Underwriting Applications. Update codes and other loan data, as required.
- Authorize loan fundings or acquisition requests.
- Monitor rate locks on loans to ensure that program, product and other loan feature changes are consistent with LOS/AU terms and guidelines.
- Provide regular status updates to correspondents, vendors and borrowers, as applicable.
- Review suspended case files to expedite resolution.
- Generate posting sheets, wire instructions and funding advice ensuring that all transactions are balanced.
- Prepare and audit loan servicing case files for each funded/purchased loan on funding date.
- Produce adverse action notices and perform systems updates to ensure that all regulatory requirements are complied with.
- Update loan origination systems to ensure tht pipeline report reflects the most current status for active loan in process. Generate, analyze and update pipeline reports on a weekly basis.
- Maintain current and relevant knowledge of all guidelines, processes and systems used within the area; including regulatory, statutory and investor related issues.
- Review case files of junior staff to ensure compliance. Train junior staff as assigned.
- Performa other duties as associated with the Correspondent Underwriter function as assigned by management
Requirements / Desired Qualifications:
- Minimum seven (7) years experience processing, underwriting and closing residential mortgages, preferably conventional and government loans
- Hands-on experience performing automated risk system data entry and output analysis preferablt most recent thre (3) years
- Thorough working knowledge or Fannie Mae/Freddie Mac underwriting requirements
- Minimum four (4) years document drawing or loan closing experience
- Ability to teffectively handle multiple tasks, under strict time constraints
- Regular and punctual attendance is required
- Individual should possess good interpersonal skills
- Individual shold be able to work effectively within a team environment
- Ability to communicate effectively, both verbally, and in writing
Software
- MS Excel
- MS Word
- Desktop Originator
- Desktop Underwriter
- MortgageWare
- Equivalent LOS
- Loan Prospector
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