The Mortgage Underwriter is responsible for due diligence credit decisions and credit management for mortgage loans.
Education & Experience:
- Associates degree or a minimum of four years directly related experience required.
- Minimum three years of mortgage loan experience with at least one year as a mortgage underwriter.
- Underwrites mortgage loan applications and evaluates loans in order to maximize organizational profit and minimize risk or loss.
- Assesses risks to determine approval status.
- Responsible for conducting a detailed credit analysis based on information furnished by the borrower, publicly available information, the lender's evaluation of the borrower's credit needs, and the ability to pay across a range of products against credit standards set by Teachers
- Reviews various documents which define the assets, credit, collateral, and income of a member
- Determines if the member has met all of the established FNMA guidelines that regulate the mortgage lending process.
- Issues and reviews conditions needed to approve a loan
- Ensures that all information presented and contained in the mortgage loan file is complete and accurate, and performs necessary calculations of income, mortgage payments, and financial ratios, and related items.
- Periodically reviews loan samples to ensure that all loan requirements have been satisfied by inspecting documents and recalculating various loan requirements and provisions.
- Provides detailed explanations to members of the reasons why their loan was not approved by meeting with members or communicating through other means.