Senior Residential Mortgage Loan Officer


This position will underwrite mortgage loans ensuring compliance with appropriate company and secondary market investor guidelines. Examine loan documentation for accuracy and completeness and work with Mortgage Loan Originator or production staff to secure all required documentation.

Essential Duties

Create and maintain the appropriate service and sales environment within the branch based on the Vision, Mission and Operating Principles of the Credit Union.

Loan Transmittal and 1003 – Review to ensure accuracy and completeness, validate findings to verify that all information matches. Instruct Mortgage Loan Originators and Mortgage Loan Processors on any errors for training purposes.

Technology – Navigate through both automated decision platforms to gain appropriate loan decisions and findings. Utilize software for Mortgage Insurance Certifications, Flood Certifications, 4506 Orders and other mortgage-related sites.

Income Analysis – Determine cash flow analysis through the use of Form 1084 (Fannie Mae Cash Flow Analysis form). Review pay stubs to determine monthly gross income.

Title – Review title to verify the consumer has ownership on a refinance transaction and that the seller has ownership for purchase transaction. Check that chain of title meets investor requirements. Verify there are no unpaid liens or judgments and that all mortgage liens are being paid off through the transaction.

Rate Locks – Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty.

Credit Analysis – Perform mortgage credit analysis, with or without the assistance of automated underwriting system, to determine borrower’s willingness and ability to repay the mortgage debt. Ensure that all decisions are made in accordance with specific investor guidelines. Evaluate risk to ensure a prudent decision is made. Illustrate strong capacity to address credit related issues and points of risk to ensure that all loans meet quality assurance standards.

Condition Sign Off – Promptly review and sign off on any conditions or stipulations relative to mortgage loan commitment to ensure the most expedited closing for the member.

Appraisal – Perform detailed review of appraisal for one-to-four family residential properties to determine acceptability of security for portfolio loans, loans sold to investors, HUD insurance and VA guarantee.

Pipeline Management – Partner with sales and team leaders to ensure that credit decisions are made within targeted timeframes and meeting purchase contract deadlines.

Loan Decisions Review all origination files to ensure the applicant has been offered the best mortgage program. Adhere to guidelines to ensure all loans are closed properly according to internal and external investors in a timely manner.

Compliance – Ensure that all fair lending and compliance policies are followed both in dealings with consumers as well as the underwriting decisions that are made. Monitor all Secondary Investor, Government and MI guideline changes and determine effect on current and future loans.

Guideline Knowledge – Regular review of investor guidelines such as Fannie Mae, Freddie Mac, FHA, VA and other known credit union investors to ensure most accurate loan decisions in accordance with every changing investor guidelines.

Effective Communication – Display appropriate communication skills including both verbal and written. Express complex issues and solicit input from a broad audience.

Exhibit attention to detail, a professional appearance, and a willingness to work flexible hours including extended hours as business needs require.

Participation in Events – Regularly attend and participate in Credit Union activities including but not limited to Leadership Team meetings and projects, Credit Union sponsored events, and workshops.

Knowledge and Skills

Minimum of three to five years’ mortgage experience preferred.

Minimum of three years’ experience in automated underwriting systems to include Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector.

Minimum of three years’ experience of FNMA, FHLMC, FHA and VA programs and underwriting guidelines, as well as conventional investors and private mortgage insurers.

Education: 1) A two year college degree or (2) Completion of a specialized course of study at a business or trade school or (3) Completion of a specialized and extensive in-house training or apprenticeship program.

Interpersonal A significant level of trust and diplomacy is required, in addition to normal courtesy and tact. Work involves extensive personal contact with others and/or can be or a personal or sensitive nature. Work involves motivating or influencing others. Outside contacts become important and fostering sound relationships with other entities (companies and/or individuals) becomes necessary.

Judgment: Diversified procedures, specialized job standards, and specific policies limit the latitude permitted for independent judgment. Work requires analytical ability, judgment and ingenuity. There is a moderate amount of discretion available in the job. Decisions made are normally reviewed by supervisor after they are enacted.

Other Skills: Ability to create an atmosphere that promotes teamwork, collaboration and initiative.Must be good with detail and numbers and have good organizational and interpersonal skills.

Ability to work in a fast-paced, high volume environment, while practicing sound lending judgment. Must illustrate time management skills and the ability to organize, prioritize and perform multiple tasks simultaneously.

Ability to be self-motivated and meet production, quality and service standards along with providing direct coaching and feedback to ensure quality.

Demonstrated experience in federal consumer lending regulations (TILA, RESPA, HMDA, ECOA, Flood Disaster Protection Act and other consumer protection laws and regulations).

Experience and knowledge of income analysis methods and tax return analysis including both personal and corporate.

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Posted in Events, NWCUA.