Mortgage Underwriter
A professional who evaluates and approves or denies loan applications based on creditworthiness and risk, often for a bank or other financial institution.
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Sample Job Descriptions for Mortgage Underwriter
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
As a Junior Mortgage Underwriter, you will be responsible for evaluating and verifying loan applications, determining clients' creditworthiness, and ensuring compliance with banking regulations. This entry-level role requires attention to detail and the ability to work under tight deadlines.
Required Skills
- Basic knowledge of underwriting principles, practices, and procedures
- Familiarity with banking regulations, including the Truth in Lending Act and the Real Estate Settlement Procedures Act
- Proficiency with underwriting software and automated underwriting systems
- Teamwork and collaboration skills
- Time management and prioritization
- Capability to cope with pressure and tight deadlines
Qualifications
- A Bachelor's degree, preferably in Finance, Economics, or a related field
- Understanding of basic financial principles and terminology
- Strong analytical skills and proficiency in Microsoft Office (especially Excel)
- Ability to handle confidential information with discretion
- Excellent written and verbal communication skills
- Highly organized with a strong attention to detail
Responsibilities
- Reviewing residential loan application files to verify that application data is complete and meets establishment standards
- Using loan underwriting software, calculating ratios and thoroughly examining loan documentation for accuracy and completeness
- Discussing with applicants to obtain additional information on questionable findings
- Following up on discrepancies in financial statements, credit reports, and related documents
- Communicating loan acceptances, rejections, and requests for additional information
- Implementing and supporting compliance and risk management policies
- Collaborating with other team members, such as loan originators and processors
Intermediate (2-5 years of experience)
Summary of the Role
We are looking for a detail-oriented and analytical Mortgage Underwriter to join our lending team. The successful candidate will be responsible for assessing the financial history of loan applicants and deciding on the approval of mortgage loans
Required Skills
- Excellent analytical and decision-making abilities
- Detail-oriented with the ability to handle multiple tasks simultaneously
- Strong mathematical and accounting skills
- Superior communication and interpersonal skills
- Problem-solving and critical thinking abilities
Qualifications
- Bachelor's degree in finance, economics or a related field
- 2-5 years of proven work experience as a Mortgage Underwriter
- Strong understanding of lending procedures and customer service
- Certification in mortgage underwriting preferred
- Proficiency in financial software systems
Responsibilities
- Review and verify loan applications and supporting documentation
- Analyze loan risk and request additional information as necessary
- Prepare reports on assessment findings
- Make loan eligibility decisions and approve or reject applications
- Ensure compliance with regulatory standards and company policies
- Collaborate with loan processors and officers
- Stay updated with lending guidelines and loan criteria
Senior (5+ years of experience)
Summary of the Role
As a Senior Mortgage Underwriter, you will be responsible for assessing the risk of lending to potential homeowners. You must evaluate financial information, the property, and compliance with banking regulations to make informed decisions on loan approvals. With your expertise, you will mitigate risks for the institution while ensuring a fair and efficient mortgage process for applicants.
Required Skills
- Strong analytical and decision-making skills.
- Excellent attention to detail.
- Proficient in using underwriting and risk assessment tools.
- Effective communication and interpersonal skills.
- Ability to work independently and as part of a team.
- Strong organizational and time management skills.
- Knowledge of real estate markets and property valuation.
- Capable of managing multiple priorities under tight deadlines.
Qualifications
- Bachelor’s degree in finance, business, or a related field.
- Minimum of 5 years of experience in mortgage underwriting.
- Proven track record of underwriting FHA, VA, and conventional loans.
- In-depth understanding of underwriting guidelines and regulatory requirements.
- Must be intimately familiar with underwriting software systems.
- Certification in mortgage underwriting is highly desirable.
Responsibilities
- Analyzing applicants' financial status, credit, and property evaluations to determine loan feasibility.
- Developing and maintaining a deep understanding of various loan products and the associated requirements.
- Assessing the loan-to-value ratio of the property and the appraisal quality to ensure it meets the lending standards.
- Reviewing and verifying the income, employment, and asset documentation provided by borrowers.
- Recommending loan approvals or denials and suggesting mitigating options for high-risk loans.
- Ensuring compliance with governmental regulations and that all lending protocols are followed.
- Providing mentorship and guidance to junior underwriters and support staff.
- Communicating effectively with loan processors, originators, and senior management to resolve underwriting issues.
- Managing underwriting pipeline to ensure timely processing of loan applications.
- Keeping abreast of the latest compliance requirements, lending standards, and market trends.
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