The Mortgage Senior Underwriter is responsible for reviewing, analyzing and approving residential loan applications. The Mortgage Senior Underwriter is also responsible for verifying income, assets, credit and collateral documents including self-employed personal and business tax returns. The Mortgage Senior Underwriter may be involved in one or several types of mortgage lending (agency conventional, portfolio conventional, FHA/VA MI etc.). This position will also lend support to other underwriters on complex loan submissions. Lending authority to include conventional, government and jumbo loan programs for up to $750,000. Excellent phone and communication skills and a value of providing superior customer service to internal and external customers required. An exemplary customer service oriented attitude and the ability to work effectively in a Team Environment is essential.
Essential Job Functions
Evaluate creditworthiness of borrows in order to render a credit decision. This includes but is not limited to the review of paystubs, W2’s, financial statements, tax returns, asset statements, bank account statements, credit reports etc.
Must ensure all loans meet or exceed corporate credit policy and be in compliance with the Ability to Repay (ATR) and Qualified Mortgage provisions of the Dodd-Frank Act.
Ensure compliance with appropriate company and Agency/Investor/FHA/VA guidelines.
Review transmittal & 1003 to make sure it is accurate and complete and matches the final AUS findings
Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed.
Calculate income/self-employed cash flow using documentation and methodology required per investor, and CFPB regulations. Analyze the business’s financial strength by examining annual earnings to determine stability and validity. Income must be verifiable, stable and ongoing.
Review assets to ensure adequate funds to close and required reserves. Ability to analyze bank statements for any recent large deposits and possible other debts that might impact ATR.
Review appraisal to ensure the report is accurate, complete and the value is supported and the collateral is acceptable. Recognize when additional field reviews may be necessary to support value
Ability to review Condo/PUD projects to ensure they meet salable or non warrantable guidelines
Review file to make sure state regulatory guidelines have been met and federal (patriot act)
Calculate net tangible benefit for those states that require this test
Ensure all tax, title, insurance and closing documentation is accurate and complete
Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty
Review final conditions submitted to Underwriting Final Approval within SLA
Re-review all Suspended loans within SLA
Review a minimum number of files per month as determined by management which would include new submissions, re-submissions & final conditions
Maintain current and fluid knowledge of investor and agency guidelines and adapt to changes quickly
Communicate effectively and engages proactively with mortgage loan officers, processors, branch managers, funders and post-closers in regards to loan decisions, assignment of loan conditions, investor guidelines/documentation requirements and possible loan scenarios
Assists in the training of Key Bank Mortgage employees as needed
Perform other related duties as assigned
Work “underwriting help desk” on a rotational basis answering emails and phone calls from the sales force.
Demonstrate exceptional service philosophy in all interactions with internal peers and partners
Perform second level review on loans recommended for denial. Evaluate the application to determine if there are any other products or alternative terms available before issuance of denial.
Perform Second Level One up Reviews on those loans recommended for approval above someone’s lending authority.
Once approved, has lending authority up to $750,000
Required Qualifications
Bachelor’s Degree or equivalent work experience
5+ years of recent Mortgage Underwriting Experience (FHA, VA and Conventional) with strong agency guideline knowledge
DE, SAR and LAPP certifications strongly preferred ; experience with USDA is a plus
Strong working knowledge of ATR/QM Requirements
Proven knowledge of Mortgage Insurance Guidelines and rates
Working knowledge of Empower LOS is a plus
Strong analytical skills; accuracy, consistency and completeness is critical
Ability to work in a fast paced, fluid environment and be held to meet minimum production standards
High integrity and outstanding work ethic
Strong computer skills; proficient in Microsoft Word, Excel and Outlook
Must have proficient written and verbal communication skills
Proven knowledge of compliance and disclosure requirements
Proven knowledge of closing, post-closing & quality control responsibilities
SAFE ACT LANGUAGE
Mortgage Loan Originator (MLO) – A person who takes a consumer residential mortgage loan application that is to be secured by a dwelling and offers or negotiates terms of credit for compensation or gain. This Includes KBM, branch, private banking and call center personnel who originate first or subordinate lien mortgages, refinances, and/or home equity loans/lines of credit. Excludes a person who performs purely administrative or clerical tasks on behalf of a mortgage loan originator, those engaged in cost-free loss mitigation efforts or loan assumptions, and bank employees subject to the de minimis exception.
Compensation And Benefits
This position is eligible to earn a base salary in the range of $90,000 to $95,000 annually depending on job-related factors such as level of experience.
Please click here for a list of benefits for which this position is eligible.
Key has implemented a role-based Mobile by Design approach to our employee workspaces, dedicating space to those whose roles require specific workspaces, while providing flexible options for roles which are less dependent on assigned workspaces and can be performed effectively in a mobile environment. As a result, this role may be Mobile or Home-based, which means you may work primarily either at a home office or in a Key facility to perform your job duties.
Job Posting Expiration Date: 12/03/2024
KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to building a diverse, equitable and inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or other protected category.
Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.
Seniority level
Mid-Senior level
Employment type
Full-time
Job function
Legal
Industries
Banking
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