Mortgage Underwriter Job Description

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Mortgage Underwriter Job Description

Job descriptions
Banking and Financial Services

Job summary 1

The Mortgage Underwriter decides on mortgage loans and follows established lending policies and procedures. Development in this role is progressive and begins with Mortgage Underwriter I, which involves mastering underwriting conventional loans to agency guidelines and portfolio loans to Bank guidelines. All Mortgage Underwriters are multi-functional, customer-oriented individuals who rely on instructions and pre-established procedures to perform the functions of this job. They work under the immediate supervision of the Mortgage Support Manager.

Duties & Responsibilities 1

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Requirements & Skills 1

All employees must be able to relate well to customers and coworkers in a positive atmosphere of mutual respect without exhibiting behavioral extremes
Speak English clearly
- Demonstrate regular attendance and punctuality
- Basic computer skills with interest and ability to learn new applications
- 1-3 years experience in Mortgage Underwriting preferred or equivalent combination of education and experience

Job summary 2

The Mortgage Underwriter is responsible for risk mitigation for all mortgage lending products. The Mortgage Underwriter will perform risk reviews on all mortgage applications ensuring that the applications meet portfolio and/or secondary market guidelines. The Mortgage Underwriter will recommend approval/denial of applications that do not meet portfolio and/or secondary market guidelines. The Mortgage Underwriter will professionally communicate with appropriate parties to obtain or clarify information necessary to accurately assess risk and deliver a loan decision.

Duties & Responsibilities 2

Manages a pipeline of mortgage loan applications. Completes thorough risk analysis of mortgage loan applications, including but not limited to legal document review, income analysis (including self-employment and tax return analysis), and asset analysis. Through this analysis, determine if the application meets the guidelines for the credit union portfolio or the secondary market and issue approval/denial based on the findings. If applicable, recommends alternative approval requirements.
Performs all self-employment income analysis and condominium projects to determine eligibility.
Responsible for staying current on all state, local, and federal regulations and ensuring guidelines are followed, including but not limited to Ability to Repay (ATR), Qualified Mortgage (QM), Real Estate Settlement Procedures Act (RESPA), Truth in Lending (TILA) and all other applicable mortgage lending rules.
Collaborate, train, and coach other teams in regulatory and/or secondary market updates, income analysis, asset calculations, and condominium reviews.
Responsible for staying up to date on all secondary market guidelines, with a special focus paid to the investors set up with the credit union, including but not limited to FNMA, FHLMC & FHLB. Responsible for effectively communicating changes to these guidelines promptly.
Responsible for identifying any fraud and misrepresentation for accuracy and compliance.
- Manages changes on all portfolio product guides. Recommends changes to portfolio product guides as necessary.
- Regular and consistent attendance required.
- Completes all other tasks, assignments, or functions as assigned and/or required.

Requirements & Skills 2

Three years to five years of similar or related experience.
A two-year college degree or completion of a specialized course at a business or trade school equivalent to approximately 64 credit hours.

Job summary 3

The Mortgage Underwriter must possess the ability to analyze information from multiple sources to perform a thorough evaluation and assessment of each borrower. She/he will identify the risk associated with each mortgage loan and provide sound lending decisions.

Duties & Responsibilities 3

Requirements & Skills 3

5 years of mortgage-related experience.
Equivalent to a 2 or 4-year college degree, or completion of a specialized course of study in business, finance, or a related field.
Strong communication, analytical, auditing, research, and decision-making abilities. Excellent verbal and written communication and problem-solving skills.

Job summary 4

As a Mortgage Underwriter you will be the financial expert that assesses Company’s financial risk on a potential borrower and is ultimately responsible for approving or denying mortgage loans. The primary function of our Underwriters is facilitating the underwriting function to ensure the continuous production of business products that are compliant with all regulations of law and internal company principles.

Duties & Responsibilities 4

Prepare careful, detailed analysis of loan packages to determine if a potential borrower presents an appropriate level of risk.
Maintain full knowledge of the Company’s policies and procedures, using this knowledge to make a sound judgment on every package reviewed.
Ensure a high level of understanding of business products, process flow, and financial underwriting practices.
Evaluate applications for loans and make decisions regarding whether to approve financing.
Performs all necessary functions to effectively and efficiently process the underwriting roles.
- Communicates areas of accountability and performance expected of personnel assigned.
- Fosters a cooperative and harmonious working climate conducive to maximizing employee morale and productivity.
- Performs other duties and responsibilities as required or requested

Requirements & Skills 4

Job summary 5

The Mortgage Underwriter is responsible for underwriting mortgage loan files to secondary market investor(s) and Bank loan guidelines. Ensuring all files are of high credit quality and compliant with all federal and state regulations.

Duties & Responsibilities 5

Responsible for determining credit decisions on loan applications for initial file submission. Review all loan documentation to ensure accuracy, completeness, and compliance with all investor guidelines, loan policies, and federal and state regulations.
During review analyze; credit report, income and asset documentation, appraisal, title work, and any additional documentation needed to satisfy investor requirements.
Clears conditions on file for final approval.
Work as a team with other underwriters, processors, and mortgage bankers to help meet closing deadlines and provide an outstanding customer experience.
- Monitor Underwriting helpdesk mailbox.
- Participate in departmental projects as required.
- Work to create a positive, supportive, and fun work environment.

Requirements & Skills 5

Seven+ years of mortgage experience, a strong background in conventional, government, and secondary market regulations and guidelines, and working knowledge of the mortgage industry.
Excellent communications skills - phone, personal contact, and written.
Strong desire and ability to work with employees and customers in a cooperative, professional, and friendly manner.

Job summary 6

The Mortgage Underwriter will be responsible for but not limited to the underwriting of Mortgages along with the documents provided for them and ensuring compliance with appropriate company guidelines.

Duties & Responsibilities 6

Evaluate the creditworthiness of borrowers and their ability to repay to render a credit decision.
Review outstanding conditions on loans for acceptance, including reviewing requested documents and the credit bureau.
Works with Team Managers and other underwriters to ensure proper turnaround parameters and goals are met.
Must ensure all loans meet or exceed corporate credit quality.
Ensure all documentation is accurate and complete.
- Involved in the daily management and workflow of the production pipeline. Work with and interact with processors, a customer support unit, and closers.
- Maintain current and fluid knowledge of Underwriting Guidelines and adapt to changes quickly.
- Evaluate the application to determine if there are any other products or alternative terms available before issuance of a denial.

Requirements & Skills 6

Bachelor's Degree, or equivalent work experience.
3-5 years of work experience required.
Minimal physical effort such as sitting, standing, and walking.

Job summary 7

The Mortgage Underwriter is responsible for approving or denying mortgage loans while following credit union policies and procedures.

Duties & Responsibilities 7

Approves or rejects loan applications or requests additional information.
Evaluates acceptability of loan to a corporation that buys real estate loans on secondary mortgage markets (where existing mortgages are bought and sold by investors).
- Reviews and evaluates information on mortgage loan documents to determine if buyer, property, and loan conditions meet Credit Union and government standards.
- Records loan rejection, specifying investor and Credit Union guidelines and the basis for the declining application.
- Assembles documents in the loan file, including acceptance or denial, and returns file to originating mortgage loan department.

Requirements & Skills 7

Five to eight years of similar or related experience.
Working knowledge of information including but not limited to the Company's mortgage loan interest rates, commitment/rate lock/relock fee procedures, consumer loan products/rates/guidelines that are used in conjunction with Mortgage Lending (Execulines, second mortgage products, swing loans, land loans, etc.), and loan origination software systems.

Job summary 8

The Mortgage Underwriter reviews residential loan packages for compliance with regulatory, investor, bank, and agency guidelines and makes credit decisions.

Duties & Responsibilities 8

Requirements & Skills 8

Job summary 9

The Mortgage Underwriter eagerly assists with mortgage loan underwriting by reviewing, evaluating, and decisioning mortgage loans. We know when you grow, we grow! By supporting you with education, leadership, and advancement opportunities, we will make an extraordinary impact together!

Duties & Responsibilities 9

Review mortgage loan applications, and verify for accuracy and completion.
Evaluate mortgage loan information to determine if conditions meet credit union and agency standards.
Decision loans based on credit union guidelines and policies.
- Communicate the status of loans to a mortgage loan officer and processor.
- Comply with all regulations as required by law.
- Actively participate in continuing education related to credit union career development.

Requirements & Skills 9

A two-year college degree, or completion of specialized certification or licensing.
3-5 years of prior lending experience preferred.
Proficiency in Microsoft Applications.
- Timely and meticulous attention to verbal and written communication with members.
- Devotion to earning and maintaining member trust.
- Attentiveness to professionalism in appearance and action.

Job summary 10

We are currently recruiting for an on-site Mortgage Underwriter.

Duties & Responsibilities 10

Requirements & Skills 10

Two-year degree, completion of a specialized course of study OR two years of relevant experience.
Strong analytical and Multitasking skills.
Ability to apply concepts of algebra and arithmetic.
- Excellent interpersonal and communication skills, both written and verbal.
- Knowledge of CUDL 360, Symitar; Microsoft Excel and Microsoft Word Processing software.
- Professional appearance and demeanor.

Frequently asked questions

What are the five major parts of a mortgage underwriter's job?

The job of a mortgage underwriter involves assessing and evaluating loan applications to determine whether borrowers meet the eligibility requirements for a mortgage loan. The following are the five major parts of a mortgage underwriter's job:

Reviewing Loan Applications: The underwriter reviews loan applications to ensure they are complete and accurate, and verifies the borrower's income, employment, and credit history.

Evaluating Risk: The underwriter assesses the risk of lending to the borrower by analyzing various factors, including credit score, debt-to-income ratio, and the loan-to-value ratio.

Making Loan Decisions: Based on their analysis, the underwriter decides whether to approve or deny a loan application, or request additional documentation or clarification.

Communicating with Borrowers: The underwriter communicates with borrowers and their loan officers to provide updates on the status of their loan application and to request additional information if necessary.

Ensuring Compliance: The underwriter ensures that the loan application and approval process is compliant with all applicable laws and regulations.

What are the skills of a mortgage underwriter?

The skills required for a mortgage underwriter may include:

Strong analytical and critical thinking skills to evaluate loan applications and assess risk.

Excellent communication and interpersonal skills to interact effectively with borrowers, loan officers, and other stakeholders.

Knowledge of mortgage lending regulations and compliance requirements.

Attention to detail and accuracy in reviewing loan applications and documentation.

Ability to work in a fast-paced and deadline-driven environment.

Proficiency in mortgage underwriting software and tools.

Flexibility and adaptability to changes in lending guidelines and regulations.

In summary, a mortgage underwriter's job involves reviewing and evaluating loan applications, assessing risk, making loan decisions, communicating with borrowers, and ensuring compliance with lending regulations. A mortgage underwriter should possess strong analytical, communication, and interpersonal skills, knowledge of mortgage lending regulations, attention to detail, and proficiency in underwriting software and tools.

Olivia Powell
Recruiting expert

Last updated Sep 30

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Mortgage Underwriter Job Description

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Frequently asked questions

What are the five major parts of a mortgage underwriter's job?

What are the skills of a mortgage underwriter?

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