Retail Mortgage Underwriter
Job Description
I. OVERVIEW:
Under the direction of the Team Leader or Regional Underwriting Manager, underwrites residential mortgage loans submitted by Loan Processors in accordance with company policies, investor/agency guidelines, and applicable federal and state requirements. Reviews credit, income, assets, collateral, and loan program eligibility to ensure sound underwriting decisions, clear and accurate conditions, and investment-quality loans within established turn times.
II. EXPECTATIONS:
- Completes thorough analysis of loan files to determine compliance with company overlays, investor/agency guidelines (FNMA/FHLMC), and government program guidelines (FHA/VA/USDA), as applicable (including Bond programs).
- Evaluates borrower credit, income, assets, and collateral to ensure the loan meets program eligibility and represents an investment-quality product for secondary market delivery.
- Validates the accuracy and completeness of underwriting calculations (DTI, LTV/CLTV/HCLTV/residual income, income analysis, and cash-to-close) and confirms required documentation supports the decision.
- Partners with Loan Processors, Loan Officers and Loan Officer Assistants, and internal operations to resolve file issues, obtain documentation, and support efficient loan movement from initial decision through clear-to-close.
- Underwrites Conventional (including MI) loan amounts up to Agency high-balance limits and applies automated underwriting findings (DU/LP) and lender/investor overlays appropriately.
- Underwrites portfolio and specialty products (Jumbo, Non-QM, HELOC, and/or other lender-specific programs) as assigned, including layered risk assessment and compensating factors. (Specialty Underwriting Team)
- Meets established productivity standards and underwriting turn times while maintaining quality and adherence to guidelines.
- Communicates underwriting decisions, conditions, suspensions, and denials clearly and professionally to appropriate parties (Loan Processor, LO, LOA) both verbally and in writing.
- Requests and reviews additional documentation as needed, explains underwriting policies and guideline interpretations, and provides guidance to facilitate timely and complaint closing.
- Identifies and escalates exceptions and policy questions, documents rationale for credit decisions and compensating factors in accordance with delegation authority and quality standards.
- Maintains accurate, timely underwriting notes and status updates in the loan origination system (LOS), including condition placement/clearing and decision documentation.
- Responds to internal/external quality control findings, investor suspense, and audit requests in a timely manner and supports corrective action as needed.
- Adheres to company policies and procedures, regulatory requirements (e.g., ECOA/Fair Lending), and confidentiality and data-security standards.
- Performs other duties as assigned.
III. REQUIRED EXPERIENCE & KNOWLEDGE:
- High school diploma or equivalent required; college coursework or degree preferred.
- Demonstrated experience underwriting mortgage loans including Conventional (FNMA/FHLMC), FHA, VA, and USDA, as applicable; DE and/or VA SAR designations preferred where required by role.
- Strong written and verbal communication skills, with the ability to explain conditions and guideline interpretations to internal partners and third-party originators.
- Excellent organizational and time management skills; ability to prioritize a pipeline to meet service-level expectations.
- Demonstrated ability to collaborate effectively Branch partners, and internal operations teams (UW Manager, processing, closing, post-closing, and QC).
- Demonstrated judgment, analytical ability, and sound decision-making, comfortable documenting rationale and escalating exceptions as appropriate.
- Aptitude for figures and detailed analysis; proficiency with underwriting/LOS systems and tools (e.g., DU/LP) and ability to work effectively under time constraints.
DISCLAIMER: The above statements are intended to describe the general nature and level of work being performed by individuals in, or assigned to, the above position and are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required and may be changed at the discretion of the company.