Mortgage Underwriter II

Coastal1 Credit Union; Pawtucket (RI); On-site; USD 70,000 - 90,000; Full time

Benefits offered by this job

Medical, dental and vision coverage

On-site fitness center

401(k) with company match

Employee homebuyer assistance

Job summary

Coastal1 Credit Union in Pawtucket is hiring an experienced Mortgage Underwriter II in our Real Estate Lending Department to underwrite residential mortgage loans including Jumbo and Complex Self-Employed loans. Under the VP Real Estate Lending, you will review applications, verify documentation, ensure compliance, and communicate decisions to Loan Officers and processors.

This on-site role requires NMLS registration, strong math and communication skills, and the ability to manage multiple

Qualifications

• Minimum of a high school diploma or equivalent required; associate degree preferred.
• At least 2 years of lending experience; mortgage lending experience preferred.
• Must register by the Nationwide Mortgage Licensing System (NMLS).
• Proficient with Microsoft Office and banking software.
• Excellent written and verbal communication; strong math skills.
• Ability to manage multiple priorities and meet deadlines.
• Ability to handle confidential information securely.
• Collaborative across Coastal1 teams.

Responsibilities

• Review residential mortgage applications to determine if borrower, property and loan conditions meet investor, FNMA and/or FHLMC underwriting guidelines.
• Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, ability to repay and risk mitigation.
• Calculate income and assets accurately and require sufficient documentation to support findings; follow AUS findings as a requirement.
• Make adjustments to underwriting as necessary based on QC findings.
• Ensure loans meet the ATR rules established by the CFPB by considering the eight underwriting factors.
• Make an underwriting decision on each loan file within service level agreements and communicate decisions.
• Confer with Loan Officer to aid in resolving mortgage application conditions.
• Enter all underwriting conditions and HMDA data into Encompass LOS system.
• Order PMI as per investor and program requirements.
• Responsible for timely response on audits of loan files.
• Underwrite Jumbo and Complex Self-Employed loans.
• Advise Supervisor of factors affecting lending policies.
• Make recommendations and assist in changes to Coastal1’s policies and procedures.
• Sign off on closing conditions and finalize loans.

Skills

Mortgage underwriting

Lending experience

Microsoft Office

Communication skills

Time management

Education

High school diploma or equivalent

Associate degree preferred

Tools

Encompass LOS

Job description

Coastal1 is looking to hire an experienced Mortgage Underwriter II in our Real Estate Lending Department!

The Mortgage Underwriter II, under the direction of the VP Real Estate Lending, will be responsible for underwriting and evaluating residential mortgage loans including Jumbo Loans and Complex Self-Employed loans.

This role requires ON SITE availability in Pawtucket, Rhode Island.

Education and Experience Requirements

• Minimum of a high school diploma or equivalent required. Associated degree preferred.
• At least 2 Years demonstrated successful lending function or closely related field experience required; Mortgage lending experience preferred.
• Must register/be registered by the Nationwide Mortgage Licensing System and Registry.
• PC Proficiency to include Microsoft Office and other banking software.
• Excellent communication skills, both written and verbal. Must understand basic math concepts.
• Ability to manage multiple priorities simultaneously with time management/organizational/multi-tasking skills.
• Must be able to work under pressure and have the ability to meet deadlines.
• Ability to maintain a positive and upbeat Credit Union image.
• Ability to handle confidential information securely.
• Must be capable of accurate and timely performance of duties.
• Ability to work collaboratively across all levels and functions of Coastal1 to coordinate solutions.

Founded in 1928 and based in Pawtucket, Coastal1 Credit Union is a growing, member-focused organization serving over 130,000 members. Today, Coastal1 has 19 branches throughout RI and MA, including Bristol, Cranston (2), Cumberland, East Greenwich, East Providence (2), Johnston, North Kingstown, North Providence, Pawtucket (3), Providence, Smithfield, Wakefield, Warwick (2), and North Attleboro.

We are committed to helping members achieve their financial goals. Coastal1 Credit Union is committed to providing the best in products, services, rates and changes in technology for our members convenience and security providing "The smarter way to bank." We are focused on simply being the best overall community financial institution in the markets we serve.

Coastal1 offers competitive pay and great benefits including medical, dental and vision for you and your dependents. In addition, we offer paid time off to promote work/life balance, on-site fitness center, 401(k) with a company match, employee homebuyer assistance, plus much more!

Job Responsibilities

1. Review and evaluate residential mortgage applications and documentation to determine if borrower, property and loan conditions meet investor, FNMA and/or FHLMC underwriting guidelines and render a loan decision ensuring completeness, accuracy and compliance.
2. Review all documentation submitted in a file for compliance with product and investor guidelines, borrower validation, ability to repay and risk mitigation.
3. Calculate income and assets accurately and require sufficient documentation to support findings and decision. Follow AUS findings is a requirement with no exceptions. Adhere to overlays as dictated by the private investors, agencies and Coastal1.
4. Make adjustments to underwriting as necessary based on QC findings.
5. 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; such as: employment status, debt obligations, etc.
6. Make an underwriting decision on each loan file within determined underwriting service level agreements and effectively communicate all underwriting decisions to the appropriate parties.
7. Confer with Loan Officer and/or Mortgage Processor to aid in resolving mortgage application conditions.
8. Enter all underwriting conditions and all HMDA data specific to the underwriting decision into Encompass LOS system.
9. Order PMI as per investor and program requirements through approved PMI companies.
10. Responsible for timely response on audits of loan files underwritten prior to and after funding is obtained.
11. Underwrite loan products such as Jumbo Loan and Complex Self Employed loans.
12. Advise Supervisor of external factors that may affect lending policies, such as new or revised legislation and regulations.
13. Make recommendations and assist in implementation of appropriate changes to Coastal1’s policies and procedures.
14. Sign off on satisfied closing conditions on all approved mortgage loans, including appraisal review.Finalize all loans for closing.
15. Ensure compliance with Coastal1's Bank Secrecy Act/Anti-Money Laundering Policy and related procedures, Member Identification Program, and the Office of Foreign Assets Control screening and record keeping requirements.
16. Analyze, evaluate and decision loan request according to applicable underwriting procedures.
17. Make recommendations to the VP Real Estate Lending of any possible exceptions.