Residential Mortgage Underwriting Manager

Centreville Bank; West Warwick (RI); On-site; USD 90,000 - 120,000; Full time

Job summary

A regional banking institution is seeking a Residential Mortgage Underwriting Manager to oversee the daily operations of their underwriting team. Responsibilities include managing the underwriting pipeline, ensuring compliance with regulations, and reviewing residential loan applications. The ideal candidate has over 8 years of mortgage experience, strong analytical skills, and is proficient in various underwriting systems. This full-time position requires effective communication and a customer-centric approach.

Qualifications

• 8+ years of related mortgage experience.
• FHA Direct Endorsement and/or VA SAR designation required.
• Experience with Microsoft Office product suite.

Responsibilities

• Manage daily activities of the underwriting team.
• Review and approve residential loan applications.
• Ensure compliance with bank policies and regulations.

Skills

Strong technical experience with systems

Excellent organizational skills

Detail oriented

Strong analytical skills

Education

Bachelor’s degree in Accounting, Finance, or related field

Tools

Desktop Underwriter

Ellie Mae Encompass

Job description

Residential Mortgage Underwriting Manager

Centreville Bank

The Mortgage Lending Underwriting Manager will manage the daily activities of the Bank’s residential underwriting team. Responsible to ensure a quality and timely process is maintained with the underwriting pipeline. This position will be responsible for providing a customer centric experience and will lead underwriters to perform duties with a collaborative style when working with the Borrowers, Loan Officers, Processors, Closers, and Servicing Department. The Underwriting Manager will work in tandem with departmental managers in the development, implementation, maintenance, and communication of policies, procedures, and the monitoring of pipeline performance and will be responsible for reporting and compliance of the Underwriting team. This position will also assist their Manager with other matters as appropriate and will also be actively involved in some underwriting production when necessitated by volume. Responsibilities also include reviewing, analyzing and approving residential loan applications including but not limited to, verifying income, assets, credit and collateral documents including self-employed personal and business tax returns. This position requires involvement in the review of various types of mortgage lending products (agency / jumbo conventional, portfolio conventional, FHA / VA / USDA, Mortgage Insurance). This position will also lend support to the underwriters on complex loan submissions and will be responsibility for training and expanding the skill sets of the underwriting team. Lending authority to include conventional, government and jumbo loan programs on both Portfolio and saleable loan products up to credit authority limits that are established by the Bank. Excellent phone and communication skills and superior customer service to internal and external customers required. An exemplary customer service oriented attitude and the ability to work effectively in a team environment is essential.

• Underwrite 1st and 2nd lien conventional and jumbo mortgage loans including FHA, VA, and USDA for both Portfolio and Saleable loan products.
• Gather and research all pertinent information to support the credit decision including credit analysis, financial analysis, and collateral valuation through review of all appraisals. Implements fraud detection techniques in loan review process.
• Reviews residential loan application file to verify application data is complete and meets required standards, including but not limited to, type and amount of mortgage, borrower assets, liabilities, and length of employment. Reviews Automated Underwriting system conditions ensuring that the loan meets the eligibility and underwriting guidelines and all conditions for closing are met.
• Assures compliance with Bank’s credit policy, portfolio underwriting guidelines and/or investor guidelines. Reviews loan documentation and applicable ratios (i.e. debt ratios, loan-to-value). Reviews appraisals for industry standards and guideline requirements.
• Ensures that the required level of appraisal fieldwork has been completed, are of professional quality, and are prepared consistent with AUS requirements.
• Reviews flood guidelines and regulations and ensures proper flood insurance is in place when required.
• Issues loan decision with the ability to explain rationale behind decision. Has the ability to customize responses and recommendations to reflect the specific conditions which may apply to each loan based on investor requirements. Recommends alternative structuring, if necessary.
• Works with staff and co-workers as a team in analyzing and solving situations that may arise in the mortgage origination loan process. Provides support in answering questions and resolving problems for MLOs, Processors, Closers, Post Closers, and Servicing.
• Review and respond to QC reports and investor requests.
• Knowledge of emerging trends in lending affecting the organization including but not limited to, secondary market / compliance / regulatory lending criteria (FHLMC, Fannie Mae, HUD, VA, USDA, HMDA, CFPB). Ability to comply with all Federal and State Regulations and internal banking procedures.
• Communicates industry, strategic direction, and company changes in order to maintain team unity and comprehension. Exhibits accessibility to take on issues / concerns that need immediate attention.
• Expected to maintain minimal number and non-material severity of audit exceptions as reported by internal or external audit through the maintenance of data integrity, accuracy, and compliance standards on all loan processing through the underwriting department. Expected to assist in gathering, commenting, researching, and correcting audit related items.
• Ability to multitask and meet deadlines is necessary. Expected to minimize turn around times.
• Maintain current knowledge and consistent compliance with regulations, bank policies and procedures related to the position, including but not limited to Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) requirements.
• Manages the secondary mortgage market function and performs various related duties as illustrated by the following.
• Reviews, interprets, and implements the operational policies for the Bank's secondary market function; develops policies and procedures for packaging and selling mortgages; recommends changes to such policies to the Residential Lending Manager.
• Develops, recommends, and administers the procedures necessary to ensure the complete evaluation, documentation, and underwriting of secondary market loans; conducts research and recommends various methods for making sales of mortgages on the secondary market.
• Assembles purchase packages that meet Bank lending and revenue criteria and forwards documents along with own analysis and recommendations to the Residential Lending Manager.
• Monitors rates on a daily basis to determine appropriate time to sell.
• Coordinates the assembly and perfection of loans for sale in the secondary market; participates in establishing rates and terms for the sales packages.

Requirements

• Bachelor’s degree in Accounting, Finance, or related field.
• 8+ years of related mortgage experience.
• FHA Direct Endorsement designation and / or VA SAR designation required.
• Knowledge of all mortgage, consumer lending, and industry regulations.
• Ability to work extended hours if needed.
• Ability to make high quality decisions in a time sensitive manner.
• Strong technical experience with systems (Desktop Underwriter, Loan Product Advisor, Government Underwriting System, FHA Scorecard, Ellie Mae Encompass).
• Excellent organizational, written, verbal communication, and relationship building skills. Ability to train others.
• Detail oriented and strong analytical skills.
• Experience with Microsoft Office product suite.

Seniority level

Director

Employment type

Full-time

Job function

General Business

Industries

Banking