What are the responsibilities and job description for the Mortgage Loan Underwriter position at Bank of England Mortgage?
Bank of England/Bank of England Mortgage
Mortgage Underwriter
Job Description
Typical business work hours are 8:00 A.M. to 5:00 P.M. Monday through Friday, this will depend on time-zone support needed and some over-time may be required. As a Mortgage Underwriter, you will be expected to demonstrate a sense of urgency, willingness to work closely with others, and be part of a team whose primary
focus is service to our internal and external customers.
Purpose:
The position is responsible for the underwriting of portfolio and secondary market loans that comply with Bank of England/Bank of England Mortgage loan policy and
investor guidelines. This position provides administrative support for the Residential Loan Underwriting Department which includes: reviewing mortgage files for accuracy and compliance, underwriting and presenting loans to senior management for approval, preparing files for loan closing, reviewing and analyzing reports, sending internal and intra-company correspondence, inputting data, and meeting all scheduling requirements. Other responsibilities include providing working direction to the loan officers and processors and complying with internal and external guidelines and requirements. This position is non-exempt.
Essential Functions/Duties:
* Perform loan file review and underwriting to determine compliance with investor guidelines, underwriting philosophy, policy and procedures. Ensure timeliness, accuracy and productivity levels established by management.
* Review sources of income and verifiable income amount in order to ascertain correct debt-to-income calculation. Assess the overall risk and credit quality of loans
based on transaction type, analysis of income, assets, credit and collateral.
* Ability to review, interpret and analyze loan applicants' credit histories, income and assets, tax returns, financial statements, and other complex financial
information to render a loan decision, and effectively present loans to higher lending authorities.
* Review documentation including flood certification, insurance documentation and property tax information to ascertain that correct proposed loan payment amount
was calculated correctly. Use of a financial calculator.
* Thorough understanding of residential real estate appraisal report requirements and the ability to review appraisals for accuracy.
* Demonstrated ability to be flexible and open minded in restructuring a loan to mitigate risks.
* A thorough understanding of FDIC compliance regulations, as related to lending practices with a general knowledge of the bank secrecy act, branch security and safety requirements and other regulations. A general knowledge of financial principles and concepts to interpret financial reports as it relates to loan underwriting and use of a financial calculator.
* Determine if LTV, DTI and other criteria comply with lending parameters of various loan programs and investor requirements.
* For loans declined, forward file and findings to second reviewer and communicate results to Loan Officer. For loans conditionally approved, communicate conditions to close to Loan Processor and review additional information once it is provided. For loans approved as submitted, document work and approval and communicate results to Loan Processor.
* Comply and stay abreast with Bank Secrecy Act rules, regulations, loan program requirements and investor requirements that may affect underwriting standards or processes.
* Assist in any quality control audit findings.
* Assist as needed with annual HUD and financial audits.
* Other duties as assigned.
Essential Requirements:
O High School Diploma or GED equivalent required, some college preferred; BS degree desired.
O A minimum of three (3) years current Mortgage Underwriting work experience in Underwriting Conforming and/or Non-Conforming mortgage loans.
O Excellent Proficiency in computer skills with Microsoft Office/Word, Excel, Financial Calculator and Mortgage Loan Applications/Software) Encompass 360.
O Excellent customer service skills; written and oral communication skills and ability to demonstrate control, flexibility and maintain quality and high productivity
when dealing with changing work demand.
O Working knowledge of various fraud tools
O Working knowledge of mortgage insurance (MI) guidelines
O Possess strong analytical and decision making skills.
O Ability to multi-task and operate in a high-volume, fast-paced environment.
O FHA, FNMA, FHLMC, VA, and/or RD experience is preferred.
O Must be able to perform essential responsibilities with or without reasonable accommodation.
Bank of England Mortgage is an Equal Opportunity Employer. It is the policy of the Company to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.
