Mortgage Underwriter take part in approving or disapproving loan application in mortgage applications. They are involved in evaluating and verifying loan applications to see if the client has the capacity to repay their mortgage loan. Underwriters must ensure compliance with regulatory standards and complying with company policies and guidelines.
How to Become a Successful Mortgage Underwriter?
Mortgage Underwriters must have a bachelor’s degree in business-related field such as banking, finance, or business administration. Underwriters have good communication skills, both verbal and written, in order to articulate ideas to clients in an efficient manner.
Some technical skills such as being proficient in general computer applications such as Microsoft Office and other automated underwriting systems is important for the underwriter role. You must be able to review and specify loan conditions as necessary and make loan eligibility decisions and approving or rejecting applications.
Mortgage underwriters must be able to have great documentation skills in order to effectively communicate reasons for approval/rejection of loans. You will need to prepare reports on assessments findings and analyze loan risks.
Mortgage underwriters must have great teamwork skills and have a collaborative mindset in order to be successful in this role. Underwriters verify employment, income information, provide reviews on credit history, and compute borrower’s collaterals and assets respectively. In the mortgage underwriter role, you will need to be able to work in an office setting within financial institutions and mortgage companies. It is important that mortgage underwriters are comfortable dealing with large number data sets and articulating to clients.
The Best Mortgage Underwriter Resume Samples
These are some examples of job descriptions we have handpicked from real Mortgage Underwriter resumes for your reference.
- Responsible for examining loan documentations for accuracy and completeness while working with loan originators and production staff to secure all required documents.
- Rendering credit decisions according to the borrower’s credit score, history and depth.
- Evaluating the borrower’s capacity and ability to repay the loan based upon employment stability, strength and consistency of income/cash flow.
- Analyzing collateral (1-4 units, condos, co-ops) for marketability, eligibility and condition.
- Examining the borrower’s capital to ensure that there is sufficient reserves, equity and or down payment.
- Review credit, income, asset and property documentation for compliance with company and investor guidelines and add/clear conditions as applicable.
- Calculate income from paystubs, W2, 1099, trust and tax returns including 1040, 1065, 1120, 1120S and K-1 and income derived from assets.
- Identify and work through alternatives with Credit Risk Specialist for loans that fall outside of guidelines.
- Review and evaluate information on mortgage loan documents to determine if buyer, property, and loan conditions meet establishment and government standards.
- Coordinate underwriting activities with loan processing and loan closing to ensure loan requirements are met.
- Notify loan production personnel of incomplete files to obtain appropriate information necessary to complete loan packages.
- Received lending authority in record time completing all required trainings and test cases.
- Examines loan documentation for accuracy and completeness to specific agency and non-agency guidelines; effectively communicating decisions to sales and operations partners for top tier customer service.
- Evaluates the financial strength of borrowers to determine risk and repayment capacity for top quality submission to agencies and portfolio products.
- Conduct forensic quality control loan reviews on non-performing loans to determine compliance with guidelines.
- Review loans for possible misrepresentation, omissions, inaccuracies and red flags.
- Summarize and review findings or decisions in a formal written report.
- Provide recommendation of action in the form of claim letter or response to a claim.
- Input and validate data integrity for AUS loans, ensuring compliance to AUS guidelines.
- Examine AUS loan applications to determine corporate risk and acceptability according to agencies guidelines/
- Collaborate with senior management, loan processors, and closures before notifying individuals on credit decisions.
- Analyze title documents prior to loan closing; proactively attend seminars, webinars, and workshops to promote professional development.
- Produced loan decisions within required turn-times utilizing the desktop underwriting automated underwriting system.
- Ensured loan submittals met internal and external conventional eligibility requirements following the Fannie Mae, Freddie Mac, and HARP guidelines while simultaneously working in the retail and wholesale division.
- Provided meticulous attention to detail when evaluating the financial strength of borrowers to determine risk and repayment capacity while meeting the high standards of the quality control department with zero error ratings on audited files.
- Demonstrated excellent follow-up with brokers, loan processors, account managers, loan originators, account executives, and management throughout all phases of the underwriting process.
- Evaluate and verify applications related to residential mortgages.
- Ensure that the clients seeking loans have the financial abilities to repay the loans.
- Draft documents stating the requirements of the loans and other useful information.
- Determine if individuals should be granted a loan, after careful study of facts and figures.
- Top producing underwriter on a consistent basis with authority to sign off all conditions.
- Underwrote complex conventional loans ensuring compliance with appropriate company and secondary market investor standards.
- Performed credit and property analysis on conventional loan files submitted within the time frame established by departmental management.
- Analyzed personal and business tax returns, cash flow, financial statements, legal documentations, appraisals, title reports, and credit reports to determine credit eligibility.
- Responsible for evaluating loan files according to investor guidelines.
- Evaluate the completeness and accuracy of mortgage loan applications for credit, capacity and collateral risks, determine a net tangible benefit in accordance to compliance and investor requirements.
- Validate collateral value, marketability and equity position as well as ensure the appraisal meets investor guidelines.
- Perform quality residential mortgage underwriting for mortgage insurance while working independently using remote servers/services.
- Analyze borrower credit and collateral documentation to provide timely and sensible underwriting decisions for loan amounts up to $1,500,000.
- Effectively communicate credit decisions, both internally and externally; meet minimum production goals and quality control standards.
- Conventional Mortgage underwriter reviewing all loans from queue sent from processing for approval/counter-offer or denial.
- Determining eligibility of borrower’s base on credit findings, income documents, assets documents, and title commitments alone with collateral review.
- Making underwriting decisions based on company guidelines and FNMA and FHLMC guidelines.
- Reviews loan applications submitted by borrowers and makes credit decisions based on lender criteria.