at First National Bank of Waterloo in Waterloo, Illinois, United States
Job Description
Position: Underwriter Department: Lending/Loan Processing
Reports to: Loan Processing Manager Job Grade: 6
FLSA Status: Hourly Non-Exempt Full Time Job Posting:
Summary: Responsible for underwriting all levels of complexity of mortgage loan applications and evaluating loans in order to maximize organizational profit and minimize risk or loss. Responsible for collateral evaluation in accordance with bank guidelines. Well-versed in standard concepts, practices, and procedures of residential underwriting and is able to ensure that loan meets FNMA insurability. Able to manually underwrite loans and is not reliant on automated underwriting to make a sound credit decision.
Primary Accountabilities:
- Underwrites FNMA and Conventional loan applications ensuring adherence to Company and investor credit quality standards.
- Analyzes mortgage loan files, which includes customer’s application, income documentation, appraisal and title reports, to ensure compliance with the company's policies, as well as, state and federal regulations.
- Analyzes loan attributes and documentation for soundness and accuracy.
- Analyzes loan applications to identify any risk issues
- Evaluates overall income, credit and equity of each loan application.
- Ensures all required documentation have been received and completed for the loan process approval.
- Determines the amount of loan to be approved when all criteria for underwriting have been met. Makes recommendation for loan approval.
- Supports Loan Officers during the qualification process and for turndown decisions.
- Provides support to Loan Officers and Processors regarding questions and/or clarification of inquiries, loan files, and underwriting guidelines.
- Ensures timely review and follow-up steps in order to meet and exceed customer’s expectations.
- Keeps up-to-date on investor and regulatory policies, procedures and changes that affect mortgage underwriting.
- Communicates with customers, team members and management on outstanding requirements and conditions, as well as, the status of each loan application.
- Other duties as assigned.
