Underwriter III (Jumbo)
The Underwriter reviews documentation, including 1003, credit reports, income and assets, and property documentation in accordance to agency and Opes Advisors’ policies, procedures and guidelines. The Underwriter will make the final loan decision. They will review specific guidelines to ensure that each loan risk is properly managed on a loan-by-loan basis. Once the Underwriter determines a decision, he/she is responsible to communicate that decision to the Loan Advisor or Processor.
Underwrite submitted loan files to agency and investor guidelines – delegated to the current high balance limit, delegated for jumbo. May underwrite FHA/VA/USDA if underwriter carries those credentials. Underwrites condo projects and issues necessary warranty. Underwrites loans for borrowers with more than 4 financed properties.
Reviews and analyzes appraisals for value. Reviews all property documentation (preliminary title report, sales contract, flood, insurance).
Analyzes credit, income, assets, LTV/CLTVs in accordance with policies, procedures and guidelines. Makes decisions on the credit worthiness of the borrower based on underwriting guidelines.
Assess overall risk of each loan and issues underwriting decision within posted turn times.
Stays current with all jumbo guidelines (if underwriting these products). Stays current with all product guidelines of product underwritten.
Responsible for clearing all conditions.
Ensure compliance with applicable federal, state and local laws and regulations. Complete all required compliance training. Maintain knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Take responsibility to keep up to date with changing regulations and policies.
- HS Diploma, GED, or Foreign Equivalent required\
- 3+ years of current underwriting experience
- Solid experience in underwriting multiple loan types
- High School Diploma or GED
- FHA CHUMS with current FHA Underwriting experience
- VA Automatic Authority with current VA underwriting experience
- USDA with GUS AUS experience
- Encompass experience
- Extensive knowledge of FHA/VA/USDA and Jumbo programs, if underwriting these products
- Excellent attention to detail
- Excellent written and verbal communication skills
- Excellent analytical skills
- Extensive knowledge of conforming underwriting programs
- Excellent credit risk and self-employed analysis skills
- Strong mathematical and computer skills (AUS systems and Encompass experience/knowledge a must)
- Superior internal/external customer service skills
- Ability to multi-task and work in a fast pace environment
- Ability to work independently, as well as part of a team
- Effective and responsive telephone etiquette
- Willingness/ability to work overtime as requested by Manager when business needs require