Underwriter

Weichert Financial Services is hiring an Underwriter in Morris Plains, NJ.

The Underwriter is responsible for reviewing each mortgage loan file submitted for approval consideration, including applicant's work and credit histories, and all liabilities and assets documentation to determine the applicant's credit worthiness. The position uses industry tools such as Fannie Mae & Freddie Mac's (GSE's) automated underwriting systems (AUS) to assist with their decision-making efforts. The Underwriter applies Ability to Repay (ATR) and Qualified Mortgage (QM) standards and uses fraud tools to ensure complete and consistent compliance with federal regulations, Government-Sponsored Enterprises' (GSE's), government agencies, and investors' guidelines. The positions also underwrites Conventional (conforming and non-conforming), USDA, State Bond, and Correspondent mortgage loans.

Job responsibilities include, but are not limited to, the following:

• Determines applicants' ability to repay mortgage loan.
• Reviews and verifies income and employment documentation; reviews credit history; reviews assets documentation, and validates that all fits within the underwriting parameters of the selected investor/government agency.
• Reviews appraisal reports and determines if final valuation is accurate and supported according to selected investor's or government agency's guidance, and if they are compliant with ECOA's Valuation Rule. Further ensures that data integrity exists in every appraisal report.
• Updates loan origination system (Encompass) with verified data.
• Scores and/or re-scores loans via GSE's/government agency's AUS, when necessary.
• Consistently meets daily production standards as announced by the VP of Underwriting.
• Reviews all potential adverse action loans with management before notifying Mortgage Advisors and Destination Managers and issuing final decision.
• Ensures that the Mortgage Advisors and Destination Managers are spoken to before issuing a denial; suggests alternatives; prepares counteroffer if applicable, and allows appropriate time for resolution.
• Completes adverse action tasks, when applicable.
• Orders and obtains mortgage insurance, when applicable.
• Maintains a consistent open line of communication with Processors and Mortgage Advisors and Destination Managers, assisting and coaching when necessary.
• Manages a pipeline of loans daily, ensuring that timelines for tasks to be completed are consistently met.
• Returns all phone calls as soon as possible, but no later than by day's end (Sundown Rule).
• Attends and actively participates in regularly scheduled Underwriting Meetings and other meetings as requested by management.
• Reviews and clears conditions when submitted, but no later than 48 hours of submission.
• Consistently maintains superior customer service with both internal and external customers.
• Attends training classes as requested by management.
• Completes ATR & QM testing and ensures loans pass prior to releasing loan to Closing Department.
• Records all conversations and/or updates in the conversation log in Encompass.
• Maintains underwriting consistency, underwriting according to the AUS findings report and/or investor's credit overlays and guidance.
• Ensures that underwriting quality exists with every loan underwritten.
• Responds to and resolves all Quality Control and/or Post-Closing reported underwriting exceptions in the designated timeline.
• Completes required fraud and compliance tests; all alerts, warnings and/or failures must be appropriately addressed before releasing loans to the Closing Department.
• Issues "clear to close" status for loans when the prior to closing conditions have been received and accepted.
• Performs other duties as assigned.
  
  

Requirements

The ideal candidate will meet the following requirements:

Education, Certification, And License Requirements

• High School Diploma or GED,
• Associate's or Bachelor's degree preferred
  
  

Experience

• A minimum of three (3) years of government-related and Jumbo-loan underwriting experience required
  
  

Knowledge, Skills, And Abilities

• Ability to independently analyze self-employment income tax returns, including all schedules
• Thorough understanding of underwriting/credit policies and procedures
• Solid knowledge of and practical experience with applicable technology tools including but not limited to Microsoft Office suite of products as well as loan origination system (Encompass), AUS, fraud detection and compliance tools
• Ability to handle confidential material in a professional, highly ethical manner
• Time management and organization skills to effectively prioritize multiple objectives and achieve production and turn-around-time goals
• Good verbal and written communication skills are necessary along with good listening skills
• Ability to interact effectively with employees at all levels and from all business units in person or via telephone.
• Solid mathematical skills; ability to calculate income, debt-to-income ratios, and assets required for closing, etc.
• Strong analytical and problem-solving ability