Mortgage Underwriter

EastRise Credit Union; Montpelier (VT); On-site; USD 60,000 - 90,000; Full time

Job summary

EastRise Credit Union in Montpelier, VT is seeking an experienced Mortgage Underwriter to review, evaluate, and decide on mortgage loan files while ensuring compliance with federal regulations, investor guidelines, and internal policies.

The role requires 3–5 years of underwriting experience, a college degree, and active NMLS registration; travel to branches may be required, with a strong emphasis on accuracy and discretion.

Qualifications

• Experience underwriting mortgage loans and evaluating documentation.
• Knowledge of federal lending regulations and investor guidelines.
• Strong communication and teamwork skills.

Responsibilities

• Underwrites mortgage loan files and determines compliance with policies and guidelines.
• Guides Origination and Processing teams on complex scenarios.
• Requests additional information when needed and documents exceptions.

Skills

Underwriting

Regulatory compliance

Communication

Education

Bachelor's degree

Job description

Reviews, evaluates, and approves, counters, or denies mortgage loan files ensuring compliance with federal lending regulations, the internal Real Estate Mortgage Lending Policy, as well as Fannie Mae (FNMA), Freddie Mac (FHLMC), Private Mortgage Insurance and other investor underwriting guidelines.

• Underwrites an equal share of overall mortgage loan volume and provides guidance to Origination and Processing team members on various complex scenarios. Demonstrates effective and timely communication with team members to meet deadlines.
• Receives and reviews loan files for sufficient documentation for analysis to make an informed loan decision based on the product description and standard underwriting guidelines. If there is insufficient information, requests the required information or documentation from the Processor or Originator, to acquire from borrower. Completes a thorough analysis of the loan package to determine compliance with internal policies and procedures and/or investor guidelines and regulatory requirements.
• Documents file if a policy, procedure, or guideline exception is made ensuring the type of exception and compensating factors to support the decision are present.
• Selects the private mortgage insurance company to ensure best option for both organization and borrower is provided to all loan files above 80% loan-to-value. Must adhere to PMI Company Guideline Requirements.
• When loan decision results in a denial, submits the loan file to appropriate party for dual review and prepares the Adverse Action Notice.
• Reviews and decisions Assumption Release (Release of Co-Borrower) requests, following standard underwriting guidelines, investor requirements and lending regulations as applicable.
• Provides second reviews of appraisals in a support capacity to Appraisal Department as needed. Confirm accuracy of information, determine if the comparable sales used are within reasonable tolerance to support the final value, and if any additional underwriting considerations need to be made based on the condition of the property and if other conditions are required by the appraiser.
• Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.

Experience

Three to five years of similar or related experience, including preparatory experience.

Education/Certifications/Licenses

A college degree or related experience. Must maintain active/current registration with the National Mortgage Licensing System (NMLS) throughout employment.

Interpersonal Skills

A significant level of trust, credibility and diplomacy is required. In-depth dialogue, conversations and explanations with customers, direct and indirect reports and outside vendors can be of sensitive and/or highly confidential nature. Communication may involve motivating, influencing, educating, and/or advising others on matters of significance. Typically, it includes subject matter experts as well as first to middle level managers.

Other Skills

COMPETENCIES: Must be at least 18 years of age. Favorable Background, Credit, Criminal, Bondability, and Reference Checks required. (Motor Vehicle check depending on position.) Travel to other branches or locations may be required depending on position. Knowledge of State and Federal regulations affecting consumer loans. Knowledge of consumer loan policies, procedures, products, and services.

Physical Requirements

Perform primarily sedentary work with limited physical exertion and occasional lifting of up to 10 lbs. Must be capable of climbing / descending stairs in emergency situation. Must be able to operate routine office equipment including telephone, copier, facsimile, and calculator. Must be able to routinely perform work on computer for an average of 6-8 hours per day, when necessary. Must be able to work extended hours whenever required or requested by management. Must be capable of regular, reliable and timely attendance.

WORKING CONDITIONS

Must be able to routinely perform work indoors in climate-controlled shared work area with moderate noise.

Mental And/Or Emotional Requirements

Must be able to perform job functions independently or with limited supervision and work effectively either on own or as part of a team. Must be able to read and carry out various written instructions and follow oral instructions. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines / requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising highest level of discretion on both internal and external confidential matters.