Credit Union of Colorado

Denver, Colorado, United States

Mortgage Loan Underwriter (76441)

Posted over 1 month ago

Job Description

Job Details
Level
Experienced
Job Location
CENTRAL DENVER - Denver, CO
Remote Type
N/A
Position Type
Full Time
Education Level
2 Year Degree
Salary Range
$65,500.00 - $80,274.00 Salary/year
Travel Percentage
None
Job Shift
Full-time
Job Category
Banking
Description

GENERAL PURPOSE OF THE POSITION:

Responsible for reviewing and underwriting mortgage loans per Credit Union and/or Fannie Mae guidelines. Identifies, analyzes, and evaluates loan risks and compensating factors, and ensures the marketability of closed loans and the safety of Credit Union assets. Approves, suspends, or denies loan applications. Ensures that loans are approved within the terms of the Credit Union's standards and procedures, regulatory underwriting guidelines, and other secondary market requirements. Provides support to Mortgage Loan Personnel.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following.

  • Reviews appraisals and ensures that risks are appropriate and meet all guidelines of the applicable loan type per Credit Union and/or Fannie Mae guidelines.
  • Evaluates collateral and ensures property does not need repairs. Sets conditions for inspections if repairs are needed.
  • Reviews comparables to ensure they meet the guidelines for adjustments.
  • Evaluates applicant's employment history to meet Credit Union and/or Fannie Mae guidelines. Assesses overtime, bonuses, and commissions used to qualify. Analyzes tax returns and balance sheets of self-employed applicants.
  • Evaluates the adequacy of the applicant's income and the probability that the member will be able to meet expected financial obligations per Credit Union and/or Fannie Mae guidelines.
  • Assesses potential borrower's assets. Ensures that assets meet closing requirements, are derived from acceptable sources, and that acceptable levels of reserves will remain after closing per Credit Union and/or Fannie Mae guidelines.
  • Reviews borrower's credit. Reviews the manner in which obligations have been met and financial affairs managed. Investigates derogatory credit. Ensures that all previous mortgage histories are rated and all debts are appropriately listed and rated per Credit Union and/or Fannie Mae guidelines.
  • Completes all underwriting functions in accordance with various program requirements, Credit Union standards, and related legal and regulatory requirements.
  • Completes related documentation and reports. Maintains files and ensures their completeness.
  • Ensures that all lending conditions have been satisfactorily met prior to closing. Ensures the marketability of closed loans and the safety of Credit Union assets.
  • Assists and supports Credit Union personnel as needed. Answers questions of Mortgage Loan personnel regarding policies and procedures.
  • Keeps management informed of area activities and of any significant problems.
  • Attends and participates in meetings and committees as required.
  • Completes required reports and records.
  • Answers questions and resolves problems.
  • Conveys correct information regarding loan policies and procedures.
  • Maintains the Credit Union's professional reputation.
  • Maintains and updates knowledge of underwriting requirements and policies, and investor guidelines.
  • Stays informed of modifications and updates in software applications.
  • Completes special projects as assigned.
  • Keeps work area clean, secure, and well maintained.
  • Provides suggestions for improvements in underwriting policies and procedures.
  • Provides backup for secondary marketing functions including posting rates.
  • Responsible for locking loan rates and loan processing to meet Credit Union requirements.
  • Is required to comply with NCUA requirements and register as a Mortgage Loan Originator and keep a current registration in compliance with the SAFE Act.
  • Adhere to all Federal and State laws and regulations applicable to the credit union, including the Bank Secrecy Act and OFAC.
  • Responsible for compliance with the Fair and Accurate Credit Transaction Act (FACTA), the Bank Secrecy Act (BSA) and the Anti Money Laundering Act, including monitoring for such illegal activity as it applies to this position.
Qualifications

EDUCATION and/or EXPERIENCE:

Associates degree (A.A.) or equivalent from two-year college or technical school; plus five years of mortgage processing experience or two years of mortgage underwriting experience. (Related experience may be substituted for education.)

CORE COMPETENCIES and SKILLS

MEMBER FOCUSED Creates trust by building relationships and actively discovers the right solutions for Members and peers; understands that the credit union exists as a result of Member trust and loyalty in the organization and employees; is passionate and dedicated to meeting the expectations and requirements of internal and external Members.

COOPERATION AND

TEAMWORK Relates well to all kinds of people; builds appropriate rapport; works harmoniously with others; uses and understands diplomacy and tact; encourages collaboration; seeks opinions; is candid with peers; values working relationships. Readily puts in extra effort to accomplish important tasks.

DECISION QUALITY Understands the Members best interest is first; demonstrates decisions which are based on creating the best possible outcome for the member; makes decisions based on a mixture of analysis, wisdom, experience, and judgment; most recommendations and decisions turn out to be correct and accurate when judged over time; is widely trusted and sought out by others for advice and solutions.

PROBLEM SOLVING Uses rigorous logic and methods to solve difficult problems with effective and innovative solutions; is resilient and will own the solution and the problem; can see hidden problems; is excellent at honest analysis; looks beyond the obvious and doesnt stop at the first answers.

ACTION ORIENTED Pushes self and others to achieve the best possible results for the Member, organization and employees; proactively seeks out opportunities; raises hand, rather than waits to be asked; not fearful of acting with a minimum of planning; understands that its OK to make a mistake (fail forward).

ADAPTABLE Learns on the fly; is a relentless, versatile and active learners; open to change; can learn new skills and knowledge; analyzes both successes and failures for opportunities to improve; experiments and will attempt multiple ideas to find solutions; understands that different situations and levels may call for different skills and approaches; works to deploy strengths; works on compensating for weakness and limits.

OTHER SKILLS and ABILITIES:

Full understanding of financial statements, credit reports, tax returns, and appraisals. Full understanding of FHA and conventional underwriting requirements. Full understanding of Credit Union lending programs, policies, procedures, and standards. Advanced knowledge of all related computer applications (Calyx loan origination software and Docuprep). Good organizational skills and attentive to detail. Able to operate required computer applications, typewriter, 10-key, and other basic business machines. Ability to apply interpersonal skills that develop member confidence, respect and trust in Credit Union of Colorado and develop cooperative relationships with all levels of people throughout the organization.

PHYSICAL DEMANDS:

The physical 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 typically required to sit and use hands to finger, handle, or feel objects, tools, or controls. The employee continually is required to talk and hear. The employee is occasionally required to stand; walk; reach with hands and arms; and stoop. The employee must occasionally lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, and the ability to adjust focus.

WORK ENVIRONMENT:

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

No hazardous or significantly unpleasant conditions (such as in a typical office). Subject to periodic stress.

We Are A EEO Employer

18699982

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