Residential Mortgage Loan Underwriter

Central Bank Illinois; Geneseo (IL); Sur place; USD 59 000 - 67 000; Plein temps

Résumé du poste

Central Bank Illinois is seeking a Residential Mortgage Loan Underwriter to ensure secondary market loans meet FNMA and bank policies. You will analyze, approve or modify loan requests, review appraisals, and ensure proper documentation for funding.

The role requires strong regulatory knowledge and communication with loan officers and processors, plus ongoing adherence to audits and policy changes.

Qualifications

• Associate degree required with 2–5 years in banking or mortgage underwriting.
• Strong knowledge of FNMA underwriting guidelines and regulatory requirements.

Responsabilités

• Underwrite FNMA Secondary Market and in-house residential mortgage loans.
• Analyze, approve, deny, or modify loan requests for Mortgage Loan Officers.
• Review appraisals and UDCP findings; ensure documentation supports loan requests.
• Maintain compliance with federal regulations, FNMA, PMI guidelines.
• Communicate changes and updates to loan officers and processors; participate in audits.
• Assist in training monthly for the residential department; stay current with rule changes.

Connaissances

Underwriting analysis

Regulatory knowledge

Communication skills

Audit response

Multi-tasking

Formation

Associate’s degree

Outils

FNMA Desktop Underwriter

Microsoft Excel

Microsoft Word

Microsoft Office

Description du poste

Anticipated hiring range $58,600 to $67,000/annual salary

FUNCTION OF JOB:

The Residential Mortgage Loan Underwriter has the responsibility of ensuring that all secondary market mortgage loans meet all regulatory, FNMA, Private Mortgage Insurance, and in house loan policy underwriting requirements for the entire bank.

MAJOR DUTIES AND RESPONSIBILITIES:

• Responsible for underwriting FNMA Secondary Market and in house residential mortgage loans, which includes analyzing, approving, denying, or modifying submitted loan requests for all Mortgage Loan Officers at all Central Bank branches.
• Responsible for Appraisal Review, utilizing Collateral Underwriter and review of UDCP findings.
• Ensure that all Secondary Market residential mortgage loan applications are in compliance with all federal regulations, as well as in compliance with all FNMA and PMI underwriting guidelines and requirements.
• Ensure that all loan files underwritten contain all of the appropriate documentation to support the loan request.
• Responsible for communicating with the Loan Officer and/or Loan Processor for each file any changes or additional information that may be needed to complete the underwriting prior to funding with FNMA.
• Responsible for communicating changes and updated FNMA underwriting guidelines to Loan Officers and Loan Processors as they occur, and for assisting management in implementing process changes as needed.
• Responds to Audit findings from FNMA LQC, Tena, Wipfli, or any other audit performed for Mortgage Loans.
• Assists Bank Compliance Officer and Secondary Market Loan Operations Officer in staying abreast of new rules and regulations related to mortgage loan origination and underwriting processes.
• Advises the Secondary Market Loan Operations Officer and the Chief Credit Officer of any emerging loan underwriting issues that could lead to potential loan repurchases.
• Guides the Secondary Market Loan Operations Officer and the Chief Credit Officer in the establishment of controls, policies or process that may mitigate secondary market or in-house loan loss risk.
• Stays abreast of legislative and regulatory changes affecting FNMA and PMI Underwriting criteria and requirements, as well as any applicable state and federal laws and regulations.
• Assists in any other activities in the Secondary Market quality control and Secondary Market loan servicing as needed.
• Supports the Strategic Initiatives of the bank and the Loan Department, and strives to meet and/or exceed the bank and department goals set forth in the bank’s incentive plan.
• All other duties as assigned by management.
• Coordinate with the Secondary Market Loan Operations Officer and Real Estate Processing Officer on monthly training for the residential department.

KNOWLEDGE AND SKILLS ESSENTIAL FOR SUCCESSFUL JOB PERFORMANCE:

• Must be able to input information in various computer programs with a high degree of accuracy and efficiency.
• Must possess proficient use of FNMA Desktop Underwriter, Microsoft Excel, Microsoft Word, Microsoft Office, internet, calculators, copy and fax machines, etc.
• Must possess knowledge of federal laws and regulations governing lending, such as (but not limited to) TRID-TILA RESPA Integrated Disclosures, ECOA-Equal Credit Opportunity Act (Reg. B), RESPA (HUD's Reg. X), HMDA- Home Mortgage Disclosure (Reg. C), CRA-Community Reinvestment Act (Reg. BB), UDAA (Unfair, Deceptive or Abusive Acts or Practices), Homeowner's Protection Act, FCRA (Fair Credit Reporting Act), and Flood Disaster Protection, including the ability to apply these requirements to business practices and systems.
• Must be capable of analyzing financial statements and tax returns of individuals and businesses for the purposes of underwriting self-employed mortgage loan applicants.
• Must have effective written and oral communications skills to organize and present data, and describe conclusions and recommendations and provide consultative guidance.
• Must be trustworthy and discreet regarding confidential information of Central Bank customers and fellow employees.
• Must be able to analyze credit data of several types and sources and exercise adequate judgment associated with approving or declining residential mortgage loan requests.
• Must have the ability to multi-task while handling multiple job responsibilities and deadlines simultaneously.
• Self- motivated- ability to perform job functions and meet time deadlines related to loan closings.
• Strong interpersonal and communication skills.
• Must have the ability to work harmoniously and effectively with co-workers throughout the Bank.
• Must have knowledge of banking laws and regulations, with emphasis in real estate lending, and residential mortgage loan underwriting, as well as have a general understanding of banking operations.
• Minimum of at least an Associate’s degree and at least 2-5 years of previous banking or secondary market mortgage loan underwriting experience is required.Residential mortgage loan underwriting training or certifications are advantageous, but not required.