What are the responsibilities and job description for the Residential Mortgage Underwriter position at Franklin Savings Bank?
Franklin Savings Bank is looking to add to our amazing Residential team!
This position is responsible for underwriting residential mortgage loan applications while providing a thorough analysis of all documentation and evaluating risks to make loan eligibility decisions. This position reviews, interprets and adheres to bank policy as well as state and federal regulations and delivers consistent, high-quality service through courteous, professional, and confidential exchanges with all internal and external stakeholders.
Key Responsibilities:
- Review and evaluate residential mortgage loan applications for secondary market (FHLMC), government agencies (MSHA, RD) and portfolio loan products. Essential duties include the following:
- Verify and analyze loan applications and other necessary documentation required for approval while adhering to Bank, Secondary Market, Governmental and/or Regulatory policies and procedures
- Analyzing income and asset documentation for qualifying and determining ability to repay for borrowers, including for those who are self-employed
- Review and approve all third-party documentation such as credit reports, flood certifications, appraisal and title reports, etc.
- Make decisions based on calculated risk while documenting reasoning for all loan approvals and/or denials
- Prepares presentations for Management or committees for loan requests that exceed the approving parties lending authority
- Communicates lending decisions through the preparation of commitment letters and/or adverse action notifications
- Review loan files for completeness, identify missing documentation and generate and maintain underwriting conditions to track documents needed for final approval
- Ability to read, interpret and comply with AUS findings
- Updating the bank’s loan origination system according to regulatory compliance and bank policy
- Maintain knowledge of and adhere to secondary market guidelines including FHLMC, USDA, MaineHousing’s first time homebuyer programs as well as mortgage insurer guidelines
- Review regulation changes and assist in implementing those changes into the bank’s loan and underwriting process
Qualifications:
- In depth knowledge of the mortgage industry including fair lending, regulatory compliance and bank policy pertaining to mortgage lending
- Encompass LOS experience preferred
- Excellent organizational skills and attention to detail
- Interacts harmoniously and effectively with others, working collectively to achieve bank goals while fostering excellent teamwork
- Effective problem-solving skills
- Highly motivated and excel in a fast-paced environment
- Adaptable to a flexible, fast-changing industry
- Strong written and verbal communication skills
- Ensure timely review and effective follow up to meet and exceed customer’s expectations
- Bachelor’s degree, or equivalent experience
Location:
- This position is based in Farmington, ME
- This position can be in person, hybrid or remote
- All candidates must live in, or be relocating to, the state of Maine
Why Join Our Team?
At Franklin Savings Bank, we value our employees as our greatest asset and are committed to their growth and well-being. We are proud of our culture, where we are dedicated to providing our employees with an environment of caring, comradery, and fun!
In addition, we prioritize our commitment to our communities in which we live and work. We sponsor over 100 events each year and in 2024 we donated more than $575,000 to local non-profits and community organizations!
Embrace the opportunity to grow with a team where your contributions are truly valued. Apply today at www.franklinsavings.bank/careers and include your cover letter, resume, and three professional references. This position will remain open until the right candidate is found.
Franklin Savings Bank is an Equal Opportunity Employer. All persons shall have the opportunity to obtain employment without discrimination.
Job Type: Full-time
Benefits:
- 401(k)
- Dental insurance
- Health insurance
- Paid time off
- Parental leave
- Vision insurance
Work Location: Hybrid remote in Farmington, ME 04938
Salary : $575,000