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|
|Days:||Monday - Friday|
|Hours:||8 hours/day hybrid|
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.
- 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
- 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.
- Receives direct supervision from Vice President, Mortgage Operations
- May receive direction or verbal instruction from Senior Vice President, Lending
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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