Mortgage Loan Underwriter

Job Details

Level

Experienced

Job Location

Main Office Branch - Marlborough, MA

Position Type

Full Time

Salary Range

$36.00 - $48.00 Hourly

Job Category

Other

Description

Title: Mortgage Loan Underwriter Salary Grade:

FLSA Status: Non-exempt Employment Status:Full Time

Department: Retail Lending Location:Headquarters/Flexible/Hybrid Work Model Eligible

Reports To: AVP, Retail Lending Operations Manager

Date Prepared: Human Resources Review:

SUMMARY:

Reporting to the AVP/Retail Lending Operations Manager, the Underwriter will assist in the production of the Retail Lending Department in underwriting mortgages and home equity products. In this role you will be responsible for determining all underwriting criteria, interpretation, forms, and processes in meeting investor, portfolio, and mortgage insurance guidelines. You will ensure the sale ability of each investor closed loan, balancing risk management responsibilities with creative judgment to maximize lending opportunities. Using Lean principles, you will be looked to, to identify improvements for streamlining operations to optimize efficiencies and maximize profitability. You will assist with projects that affect the department and the bank and act as a resource and back-up for other team members in the Retail Lending Department and its supporting departments. Additionally, this position embraces the established sales and service culture while coaching employees to maximize their contribution to the Bank’s goals.

After successful completion of training and proven abilities, this position is eligible for a hybrid work arrangement with an agreed upon number of days per-week/month on site.

• Consistent availability is expected during core business hours. Work outside of regular business hours requires approval on an as needed basis to meet deadlines and fulfil the needs of both internal and external customers.

  ESSENTIAL DUTIES and RESPONSIBILITIES:

  In the performance of respective tasks and duties, the employee is expected to successfully perform quality work within deadlines with or without supervision, interact professionally with other employees, customers, and suppliers; work effectively as a team contributor on all assignments and work independently while understanding the necessity for communicating and coordinating work efforts with other employees and organizations .

• A ccurately underwrite loans and review conditions received based upon the criteria required for the submitted product type, while meeting established productivity and turnaround time goals.

• Apply current underwriting practices and policies to each loan file at the time of underwriting.

• Prepare final underwriting package to be submitted to MLC for approval as needed.

• Responsible for underwriting and issuing pre-approvals within 24 hours.

• Issue commitment and adverse action communications and take appropriate action to comply with ECOA and HMDA.

• Review output for Investor and regulatory acceptability of all third-party services.

• Complete all necessary steps and issue Clear to Close on assigned files.

• Assist Consumer Lending with the processing/approval of loan requests.

• present loans to the VP of Retail Lending through pipeline management and interactive involvement with the Loan Origination staff and Loan Committee.

• Act as back up for appraisal reviews.

• Acts as a resource in the training of Jr. Underwriters and Processors

• Perform HMDA review within Encompass to validate data points for submission to the CFPB and QC of HMDA reporting to ensure compliance.

• Maintain current working knowledge of the LOS/POS for processing and closing.

• Assist in the development of written processes including the use of the loan operating systems ensuring compliance with secondary market guidelines and state and federal regulations.

• Maintain a thorough knowledge of the Bank’s loan products and procedures.

• Work with the underwriting, processing, and origination staff to ensure that rate lock dates are met in accordance with delivery schedules.

• Provide support to borrowers and Loan Originators by initiating requests for appropriate information and documentation concerning the closing of each loan file.

• Work with the borrowers to answer and resolve any questions concerning the underwriting and closing of their mortgage.

• Work with all third-party vendors to facilitate each loan closing file.

• Provide backup to other members of the Retail Lending Team during high volume and vacation schedules.

  General:

• Assist internal, external, and regulatory auditors with the collection of requested materials as assigned with their respective engagements.

• Readily volunteer and accept assignments to special tasks established to address specific issues and opportunities within the department.

• Effectively use tools and systems to be able to self-manage, organize, and complete work independently, proactively recognizing potential obstacles resolving them before they become an issue, managing to deadlines, creating action plans when not on track, enabling job functions to happen with minimal oversite and meeting conditions of satisfaction.

• Use discretion in dealing with large amounts of sensitive, confidential information, while adhering to all Bank policies and procedures

• Adhere to all company policies, consistently demonstrating our core values and service standards

• Regular and consistent attendance is required to ensure the high standard of customer service.

• In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.

• Other duties as assigned, performing similar or related work as directed, required, or as situation dictates.

  LEVEL OF RESPONSIBILITY:

• Work is a mix of routine and non-routine responsibilities that can be moderately complex and can be analytical in nature.

• Working independently and under general supervision this position interacts independently with other employees and customers, relying on prior directly related experience and procedures adhered to are prescribed by bank, State and Federal policy and regulations.

• Sound decision making /recommendations for lending approvals impact the revenue of the institution

  EQUIPMENT REQUIRED:

• Smart Phone - To enable the MFA (Multi Factor Authentication) facilitating access to MSB systems .

  HYBRID/REMOTE ENVIRONMENT:

• Your physical remote location must provide a dedicated workspace that is free from distraction and provides adequate light to be regularly visible on video calls.

• You must have access to a reliable internet connection with adequate bandwidth to join Teams and other video calls.

  SKILLS REQUIRED:

• High School diploma or equivalent with 2-3 years relevant work experience typically in a mortgage underwriting role or 5+ or more years of experience in a mortgage loan support role involving knowledge of approval and guideline processes.

• Working knowledge of all current regulations governing mortgage lending

• Background in financial institution operating policies and procedures, banking regulations (state and federal);Knowledge of TRID, HMDA, RESPA, TIL, Fair Lending, CRA, ECOA, Reg O and all Lending related Regulations required.

• Experience with database software, Encompass, COCC and Mortgage Bot systems knowledge preferred.

• Knowledge of secondary market requirements and residential regulatory compliance is a must

• DU/LP experience required and strong underwriting background proficient in underwriting the self-employed borrower.

• Solid understanding of loan documentation criteria and business objectives for Residential Real Estate Lending

• Knowledge of residential real estate lending practices and related areas

• knowledge of underwriting, closing and compliance issues

• Proficient in Microsoft 365 Suite products including, but not limited to Excel, Word, Outlook, Teams, and Sharepoint.

• Solid understanding and application of administration activities with an understanding of office procedures and ability to operate standard office equipment.

  COMPETENCIES:

• Ability to multi- task, organize, work independently, accomplish tasks, and meet deadlines despite frequent interruptions in a fast-paced environment while maintaining attention to detail.

• A curious mindset that allows you to constantly learn and grow

• Coachable and demonstrable ability to take and implement feedback

• Excellent Communication Skills (written, verbal),

• Highly detailed, organized, and professional

• Problem solving abilities and superior follow up skills.

• Time management

• Ability to thrive within a fast-paced work environment and prioritize and the ability to handle shifting priorities.

• Relationship Builder - Develops and maintains relationships with officers, employees and external contacts and maintains alignment with core values, vision, strategy, and goals.

• Ability to interact on a professional level

• Outstanding customer service skills (in person, over the phone or video conference)

• Computer Technology Savvy - Utilize technology/systems to improve work processes and use a range of technology to solve problems.

  LANGUAGE/COGNITIVE SKILLS: Thework skills described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

  The person in this position frequently communicates with customers about banking products, their bank accounts & transactions and therefore must be able to exchange accurate information in these cases. They will need to use judgment and discretion in decision making situations, interpret and follow all Bank policies and procedures, write/create reports, and business correspondence, (Main Street Bank’s standard language is English). As well as the ability to:

• Speak and effectively present/communicate information and respond to questions from customers, groups of managers, vendors, and other employees.

• Define problems, collect data, establish facts, and draw valid conclusions.

• Read, analyze and interpret a variety of documents such as checks, underwriting guidelines, bank statements, Loan documents and Bank policies and procedures.

  WORKING CONDITIONS AND PHYSICAL EFFORT:

  The physical and work environment demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

  While performing the duties of this job, the employee is required to:

  Physical Demands/Efforts

• Occasionally lift and/or move up to 10 pounds, (i.e., files)

• Frequently required to remain in a stationary position, up to 80% of the time

• Occasionally required to stoop and bend

  Mental & Visual Demands

• Consistently operate a computer for extended periods of time

• Specific vision abilities may be required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus

• Regular use of office productivity machinery (i.e., a calculator, copy machine, fax machine, computer printer).

  Work Environment and Hazards

• Regularly move throughout the inside the Bank to access resources and individuals

• Occasional local travel for bank purposes and/or on behalf of the bank (i.e., bank meetings, networking, training).

• The employee must be able to work schedules that meet the needs of the bank, which may include early morning, evening and/or weekend hours.

• It is a general office environment when in the office where the noise level is moderate

Applicant Notice

The completion of this Application for Employment does not assure a position with Main Street Bank and any offer of employment is conditioned on the satisfactory completion of a background and credit review as determined by the sole discretion of Main Street Bank. Neither this Application for Employment nor any document constitutes a contract of employment for a specific term and that any employment relationship that may be established will be 'at-will' and if hired, may be terminated at any time, for any reason, by the applicant or Main Street Bank.

Massachusetts Law - It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

Massachusetts General Laws c. 151B prohibits employers from (1) terminating or refusing to hire individuals on the basis of genetic information; (2) requesting genetic information concerning employees, applicants, or their family members; (3) attempting to induce individuals to undergo genetic tests or otherwise disclose genetic information; (4) using genetic information in any way that affects the terms and conditions of an individual’s employment; or (5) seeking, receiving or maintaining genetic information for any non-medical purpose.

Main Street Bank is an Equal Opportunity Employer, we are committed to recruiting, hiring, training, and promoting persons without regard to race, color, religion, national origin, citizenship, age, sex, marital status, ancestry, physical or mental disability, veteran status, sexual orientation, military service, genetic information, and gender identity.