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MIT Federal Credit Union Career Opportunities

Job Openings: Mortgage Loan Underwriter

Announcement Number:Job Number: 19994
Announcement Date:October 14, 2021
Location of Position:MIT FCU Operations Center - 70 Westview St., Lexington, MA
Salary:TBD
Days:Monday - Friday
Hours:8 hours/day hybrid

Duties:

POSITION SUMMARY

The primary  function  of  the Mortgage Loan Underwriter  is  to effectively  use their  analytical  skills  and experience in lending to make quality  mortgage loan decisions  according to  MIT  FCU  mortgage policies, practices,  and procedures.  Must  stay  abreast  of  mortgage guidelines  and regulations  to  make sound credit decisions  within  their  lending  authority  within  credit  union  policy,  Mortgage Insurance Companies  and Secondary  Market  guidelines.   Must  be familiar  with all  regulatory  guidelines  to ensure compliance.   We are creating  an  in-house mortgage department  from  the ground up.   Come bring your  expertise and valuable input to help shape the department  and  create  a successful  and fun team  to be  a part  of.

PRIMARY  DUTIES  AND RESPONSIBILITIES

  • Reviews,  examines,  and underwrites  loans  to ensure soundness,  business  value and compliance with Credit  Union and Investor  guidelines.
  • Assesses  loan  attributes  and documentation for  soundness  and accuracy.
  • Reviews  and evaluates  data to determine  loan viability  and identify  risk  issues  and  potential  fraud, misrepresentation,  and red flags.
  • Determines  and documents  loan conditions  and  communicates  requirements  and decisions.
  • Assists  in identifying,  recommending  and/or  negotiating alternative loan requirements,  funding and/or loan structure solutions.   
  • Independently  conducts  full  and  comprehensive evaluations  of  a variety  complex  mortgage loan applications.   
  • Applies  specialized knowledge in the interpretation of  loan and underwriting criteria and the determination of  underwriting decisions  and final  courses  of  action.
  • Coaches  loan  processors,  junior  loan  underwriters  and loan originators  on technical  underwriting issues,  problems  and/or  questions.
  • Exercises  discretion and independent  judgment  in addressing critical  business  matters  that  have a significant  financial  impact.
  • Responds  to Quality  Control  and audit  reports  as  necessary.
  • Must be able to recognize credit  requests  that  do not  meet  mortgage department  criteria and refer  them to  VP  Mortgage  Operations
  • Ensure  that  documents  are consistent  and uphold to company  and industry  guidelines.
  • Prioritize  loan caseload to meet  various  deadlines  for  lock  expirations,  doc  expirations,  mortgage contingency  dates,  closing dates,  or  investors’  guideline changes.

OTHER DUTIES  AND RESPONSIBILITIES

  • Demonstrate  working  knowledge  of  TRID,  HOEPA,  ECOA,  HMDA,  RESPA,  Flood,  FNMA,  FHLMC,  BSA, OFAC, FHLB  and  other  investor  policies  and procedures  and  implement  as  necessary  in  daily  activities
  • Consistently  demonstrates  Credit  Union  Excellence  with  providing  service  to  the  membership,  credit union  employees,  and  third-  party  vendors.
  • Responsible  for  understanding  mortgage  department  goals  as  well  as  Credit  Union  goals  and  pro-actively works  toward  attainment  of  those  goals.
  • Identify  and  make recommendations  to  Mortgage  Processor  and  Mortgage  Originator  regarding process improvements,  quality  service  and  increased  efficiencies  within  the  processing  unit.
  • Performs  the  activities  and  projects  as  assigned  and  requested  by  the  Vice President  of  Mortgage Operations.
  • Underwrite  2-3  new  loans  per  day.
  • Perform  other  duties  as  assigned. 

Requirements:

  • Bachelor’s  degree in  business,  banking,  finance,  accounting,  or  related field
  • Minimum of  3 years’  experience as  a loan  underwriter.  Familiarity  with loan origination and/or processing
  • High level  of  professionalism  and  ability  to maintain confidentiality
  • Excellent  communication  skills
  • Ability  to multitask  and organize priorities
  • Strong attention to detail
  • High level  of  computer  literacy

SKILLS

  • Applicant  must  have extensive knowledge  of  mortgage underwriting guidelines  and  familiarity  of  TRID, Reg  B, C, Z, X
  • Experience with income analysis  with includes  exposure to reviewing,  Self-employment,  Corporate,  and Partnership tax  returns.
  • Thorough understanding of  underwriting policies  and procedures,  including investor  guidelines  and regulatory  updates.
  • Ability  to handle confidential  material  in a highly  ethical  manner.
  • Time management  and  organization  skills  to effectively  prioritize multiple objectives  and achieve volume goals.
  • Must be able to work  in a  fast-paced  production/flexible environment.
  • Work overtime as  needed.
  • Applicants  must  demonstrate the qualities  of  a self-starter  and one who follows  through and meets deadlines.
  • Applicant  must  have  positive,  well-developed communication skills,  both written and oral,  be detail oriented,  have  good organizational  and active listening skills,  the ability  to work  in  a fast-paced environment,  and proven ability  to work  with others.
  • The successful  candidate must  have excellent  communications  skills  and should have the ability  to interface with other  staff  members  to ensure smooth  workflow  and no interruption to the member experience.  
  • Continuing education via local  conferences  and workshops  is  required for  updates  on federal regulations  and secondary  market  requirements.   
  • Must be familiar  with lending and secondary  market,  mortgage insurance guidelines. 
  • Must  be able to work  independently  on a professional  level. 

SUPERVISION  RECEIVED

  • Receives  direct  supervision  from  Vice President,  Mortgage  Operations
  • May receive direction or  verbal  instruction  from  Senior  Vice President,  Lending 

Misc Comments:

Note:  The  duties, responsibilities, skills, and requirements contained in this  job description are not exhaustive. They may  be  supplemented  as necessary at  any time. 


How to Apply

To apply for a position with the credit union, please visit the MIT job search site and enter the "Job Number" in the Job ID field.

  • Click "Apply Now" and follow the instructions provided.

All applications must go through the MIT HR system. 


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