Underwriter II

The Servion Group; New Brighton (MN); On-site; USD 43,297 - 54,125; Full time

Benefits offered by this job

Medical Insurance

Dental Insurance

Vision Insurance

401k Plan with up to 5% company match

Variable Bonus Pay

Job summary

The Servion Group, located in New Brighton, Minnesota, is seeking a mortgage underwriter to evaluate and process loan submissions in compliance with HUD/VA guidelines. This entry-level role involves examining loan documents for accuracy, reviewing appraisals, and ensuring timely processing.

The position offers a competitive pay range of $31.43 – $39.29 per hour along with comprehensive benefits including medical, dental, vision insurance and a 401k plan with company match.

Qualifications

• Entry level requires 3+ years in mortgage banking.
• Intermediate level needs 5+ years in FHA/VA mortgage underwriting.
• Senior level demands 7+ years in FHA/VA/USDA mortgage underwriting.

Responsibilities

• Underwrite conventional purchase and refinance loans submissions.
• Review appraisals, validate estimated values, and issue approvals.
• Prepare required reports and maintain loan status information.

Skills

Attention to detail

Ability to work under stress

Knowledge of Fannie Mae/DU and Freddie Mac/LP guidelines

Data entry accuracy

Education

Bachelor’s degree in business, finance, or related field

Tools

Encompass

Job description

SUMMARY

This position completes underwriting reviews of residential first mortgages in accordance with HUD/VA Credit and Appraisal Guidelines and special investor overlays in a timely manner, ensuring compliance, quality and meeting closing schedules. This position counsels production and processing staff as related to current and proposed loan submissions.

Contacts are primarily with outside partner credit unions and community banks.

ESSENTIAL RESPONSIBILITIES & DUTIES

Entry Level – Level I

• Underwrite conventional purchase and refinance loans submissions in accordance with all handbooks, mortgage letters and investor guidelines. Critically examine credit, income, asset documents and review title policy and appraisals.
• Responsible for examining loan documentations for accuracy and completeness while working with loan originator or production staff to secure all required documents
• Review appraisals, validate the estimated value, add required repairs in accordance with and issue the conditional/final approval
• Complete all underwriting reviews in a timely manner, ensuring compliance and meeting the proposed closing schedules.
• Respond to emails and phone calls from internal and external loan officers and loan processors.
• Underwrite files to ensure secondary market salability (FNMA, FHLMC)
• Calculate income from employment verification, paystubs, W2’s, tax returns, etc.
• Determine eligible funds for closing/reserves from various asset documentation including bank verifications, bank statements, retirement account documentation, trust documents, etc.
• Review purchase agreements for collateral acceptability.
• Monitor daily workload and update loan status information in mortgage software (Encompass).
• Prepares required reports as necessary.
• Meet or exceed productivity standards.

Intermediate – Level II

• Must be able to perform all responsibilities and functions listed for Level I with a high degree of efficiency and independence
• Underwrite FHA or VA residential mortgage loans to federal, state, and investor guidelines
• Underwrite government loans submissions in accordance with all handbooks, mortgage letters and investor guidelines
• Approval by the Department of Housing as a Direct Endorsement Underwriter or Veterans Administration Staff Appraisal Reviewer and have the ability to sign loan approvals
• Ability to underwrite all levels of government loan submissions and to independently make prudent lending decisions based on regulations and guidelines
• Review government appraisals, validate the estimated value, add required repairs in accordance with Government Handbook instructions and issue the final Conditional Commitment.
• Overall understanding of economic and real estate markets from the locations where loan production originates.

Senior – Level III

• Must be able to perform all responsibilities and functions listed for Levels I & II with a high degree of efficiency and independence
• Underwrite FHA/VA/USDA mortgage residential mortgage loans to federal, state, and investor guidelines

ESSENTIAL DUTIES, KNOWLEDGE, SKILLS, ABILITIES

• Current knowledge of and ability to apply mortgage industry and quality control standards, laws, and regulations.
• Working knowledge of underwriting and quality control software.
• Ability to work under stress; monitoring and reviewing details of loans and loan packages in a high-volume and fast paced environment.
• Knowledge of Fannie Mae/DU and Freddie Mac/LP guidelines and automated underwriting systems
• Ability to input data accurately and efficiently into computer software systems.
• Ability to attend accurately to many details in a timely manner.
• Maintain the confidentiality of all information processed.
• Perform related duties as required.

COMPENSATION

$31.43 – 39.29 per hour plus bonus

Servion has provided a salary range that represents its good faith estimate of what the company may pay for the position at the time of posting. The specific salary offered will be determined based on factors such as the qualifications of the selected candidate, departmental budget, internal salary equity considerations, and available market information.

General Description of Benefits

All full-time employees are eligible for Medical Insurance, Telehealth Services, Dental Insurance, Vision Insurance, Life Insurance, Short-term Disability, Long-term Disability, Legal and Identity Theft Protection, Critical Illness Insurance, Hospital Insurance, Accident Insurance, Participation in 401k Plan with up to 5% company match, and Variable Bonus Pay.

PREFERRED QUALIFICATIONS

• Education: Bachelor’s degree in business, finance, or a related field preferred but not required.
• Experience: Entry level 3+ years in mortgage banking; Intermediate level 5+ years mortgage underwriting with FHA/VA; Sr level 7+ years mortgage underwriting with FHA/VA/USDA.
• Licenses/Certifications: Intermediate level Direct Endorsement (DE); Sr level Staff Appraisal Reviewer (LAPP / SAR).