ELGA Credit Union
Mortgage Loan Underwriter
Department: Mortgage
Reports To: Mortgage Operations Supervisor
Classification: Non-Exempt
Supervises Direct: 0
Supervises Indirect: 0
Role: To ensure mortgage loans are properly documented and that the credit union's interest in the property is properly secured within secondary market guidelines and credit union policies and procedures.
Essential Functions & Responsibilities:
20% - Maintains thorough and up to date knowledge of underwriting guidelines and polices of Fannie Mae conventional lending with growth into the FHA, RD, and VA programs in addition to credit union products, guidelines, and policies for portfolio mortgage loans.
20% - Maintains through and up to date knowledge for federal lending regulations governing real estate lending to ensure compliance with various related regulations.
15% - Performs detailed analysis of all financial and collateral documentation required to satisfy the conditions of the loan and determine if it is sufficient and in compliance with secondary market mortgage requirements, or credit union policies and procedures, and federal and state regulations.
20% - Possesses the ability to apply appropriate judgement and knowledge to verify, add, or waive conditions and/or documentation as well as problem solve at a complex level related to mortgage lending issues.
15% - Acts as a liaison and subject matter expert to external members, internal members and third-party vendors.
5% - Performs other job-related duties as assigned.
Performance Measurements:
1. To meet established expectations of ELGA's Core Factors including but not limited to Accountability, Attitude, Communication, Competence, Continuous Improvement & Innovation and Relationship Building.
2. Complete initial underwriting and set conditions for each loan within 48 hours of receipt.
3. Communicate, share knowledge and problem solve with loan processor and/or loan originator to ensure understanding of requirements and allow files to move smoothly through the process.
4. Complete final underwriting, communicate any additional conditions or issues to the loan processor and/or loan originator, or clear the loan to close within 48 hours of receipt.
5. To support other associates and to take the initiative to offer help when needed.
Knowledge and Skills:
Experience: Minimum of 2 years of underwriting experience with demonstrated understanding of Fannie Mae guidelines. Experience as a processor in a Fannie Mae environment may serve as a suitable substitute.
Education: (1) A two-year college degree, or (2) completion of a specialized certification or licensing, or (3) completion of specialized training courses conducted by vendors, or (4) job-specific skills acquired through previous experience as a Mortgage Processor.
Interpersonal Skills: Work involves extensive personal contact with others and is of a personal or sensitive nature. Motivating, influencing, and/or training others is key at this level. Outside contacts become important and fostering sound relationships with other entities (companies and/or individuals) becomes necessary and often requires the ability to influence and/or sell ideas or services to others.
Other Skills: Must have good communication and computer skills. Must be or must be able to be successfully registered with NMLS in accordance with the SAFE ACT.
Work Environment: Work is primarily conducted in the office with flexibility for occasional remote work.
This Job Description is not a complete statement of all duties and responsibilities comprising the position.