What are the responsibilities and job description for the Mortgage Underwriter I position at First Interstate Bank?
This position is located at our Sioux Falls, SD Downtown branch.
What's Important to You
We know your career is just one aspect of a meaningful, complex, and demanding life. That's why we designed our compensation and benefits package to provide employees and their families with as much choice as possible.
- Generous Paid Time Off (PTO) in addition to paid federal holidays.
- Student debt employer repayment program.
- 401(k) retirement plan with a 6% match.
- The health and happiness of the places we call home matter to us. Learn a little more about what we do for the communities we serve and why we want YOU to be a part of it.
We encourage you to apply. Reach for what you want and tell us why your work ethic and willingness to learn make you a natural fit for #TeamFirstInterstate.
SUMMARY
The Mortgage Underwriter I will underwrite and evaluate primarily conventional residential mortgage loan applications to provide quality loans for First Interstate Bank and its secondary market investors. This position is responsible for the review and evaluation of loan files and will make decisions on the files consistent to First Interstate Bank's lending policies and all appropriate program guidelines. Additionally, this position is responsible for the credit risk on all loans and must possess, and use, extensive industry, product, and Secondary Market knowledge to ensure compliance with regulatory and investor standards.
ESSENTIAL DUTIES AND RESPONSIBILITIES
- Examines residential mortgage loan applications for accuracy and completeness
- Ensures that all agency, investor, and/or private insurer's guidelines and overlays are strictly enforced.
- Reviews automated underwriting findings and loan files for adherence to requirements.
- Determines whether credit, income, and source of funds are stable and adequate for repayment and meet all applicable guidelines.
- Evaluates property to determine adequacy of collateral and adherence to all agency and/or investor requirements.
- Reviews title information for accuracy and adherence with all agencies and/or investor requirements.
- Approves or rejects loans based on findings and file documentation.
- Ensures compliance with government regulations and bank policies.
- Maintains current underwriting knowledge for all agency, investor, and private insurers.
- Remains current on Federal and State regulations, Fannie Mae, Freddie Mac, investor, and private mortgage insurer underwriting guidelines and industry trends.
- Maintains company service level and turn-time standards while maintaining production goals to include new submissions, re-submissions, and final conditions.
- Communicates effectively and engages proactively with loan originators, processors, closers, and post-closers in regard to loan decisions, assignment of loan conditions, investor guidelines/documentation requirements, and possible loan scenarios.
- Assists in development of consistent underwriting, quality control, and compliance testing procedures throughout the bank's mortgage lending operations.
- Participates in community involvement activities.
- Participates in work functions, trainings, meetings, and events.
- Assists training real estate staff.
QUALIFICATIONS
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
KNOWLEDGE, SKILLS AND ABILITIES
- Ability to set priorities and work in an organized manner.
- Ability to perform multiple tasks with great attention to detail.
- Ability to work under pressure with limited supervision.
- Ability to meet and deal with the public and co-workers in a friendly, professional manner.
- Accurate typing skills, computer experience, and good telephone voice.
- Strong verbal and written communication skills and ability to rework loans as needed with sales staff.
- Knowledge of federal, state, and regulatory requirements/guidelines related to secondary mortgage lending and internal processes and controls.
- Knowledge of overall mortgage lending processes including underwriting, funding, and loan processing.
- Knowledge of valid documentation related to processing secondary mortgage applications (e.g., tax returns, financial statements and records, verification of income and deposits, etc.).
- Knowledge of ATR/QM Requirements.
- Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations.
- Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
- Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.
- Ability to apply concepts of basic algebra and geometry.
- Ability to define problems, collect data, establish facts, and draw valid conclusions.
- Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.
- Actively support the goals of the Community Reinvestment Act (CRA) in the development and implementation of new lending programs
- Proficient in Microsoft Word, Excel, and Outlook.
- ICE Encompass LOS software experience a plus
- As a condition of employment, any successful job applicant will be required to pass a pre-employment screening against the Limited Denial of Participation (LDP), GSA Excluded Party List System (EPLS), and Freddie Mac Exclusionary List.
EDUCATION AND/OR EXPERIENCE
- High School Diploma or General Education Degree (GED) required
- 1-3 years mortgage experience required
PHYSICAL DEMANDS AND WORKING ENVIRONMENT
The physical demands and work environment are representative of those that must be met or encountered to successfully perform the essential functions of the job. In compliance with the Americans with Disabilities Act, the company provides reasonable accommodation to qualified individuals with disabilities and encourages both prospective and current employees to discuss potential accommodations with the employer.
- Dexterity of hands/fingers to operate computer keyboard and mouse - Frequently
- Lifting - Occasionally (up to 25 pounds)
- Sitting - Frequently
- Standing - Occasionally
- Noise Level - Moderate
- Typical Work hours - M-F (8-5)
- Regular and Predictable Attendance - Required
Our company is an equal opportunity employer. Employment here is based solely upon an individual's merit and qualifications directly related to the position. We do not discriminate on the basis of race, color, religion, national origin, ancestry, pregnancy status, sex, age, marital status, disability, medical condition, or any other characteristics protected by law. We make all reasonable accommodations to meet the obligations set forth under the Americans with Disabilities Act (ADA) and state disability laws.