TITLE: Residential Loan Underwriter
Founded in 1891, Pentucket Bank is a mutually owned (non-publicly traded) financial institution focused on three key areas: our customers, the community, and our employees. With 6 branches and nearly $1 billion in assets, we are profitable, strong, growing, and committed to remaining a mutual bank for many years to come. We want team members who can bring their values, knowledge, creativity, and passion for helping people to Pentucket Bank. We have a strong commitment to celebrating each other, having fun, and recognizing the unique contributions that each of our employees makes. Do you have what it takes to be part of our team?
This role is responsible for the underwriting of residential loans, primarily first mortgages related to purchases and refinances. Reporting to the Senior Underwriter, this essential member of the Residential Lending team will be tasked with efficiently and accurately underwriting loan packages and clearing loans for closing. This will involve working collaboratively with loan originators (MLOs), processors, closers, and other underwriters to serve customers while ensuring adherence to state, federal, secondary market, and internal guidelines. Success in this position requires attention to detail, time management skills, and extensive knowledge of income, credit, asset, and collateral standards as they relate to residential lending.
DUTIES AND RESPONSIBILITIES:
Include the following; other duties may be assigned:
· Perform an in-depth underwrite of loans, to include the following:
o Review of credit reports to support credit worthiness and the ability to repay.
o Analysis of various types of income, including a wide range of individual and business self-employed tax returns.
o Evaluate assets to ensure proper reserves and legal use of funds.
o Review collateral to confirm the value and type are appropriate.
· Effectively utilize Mortgagebot as the bank’s loan origination system.
· Maintain a working knowledge of PMI guidelines and proper presentation to mortgage insurers.
· Approve loans within approval authority. Recommend counter-offers as applicable.
· Prepare commitment letters and adverse action notices based on regulatory requirements and timing.
· Clear conditions as loans move to closing.
· Make final determination on salability of loans based on secondary market guidelines. Submit loans to Freddie Mac Loan Prospector (LPA) for secondary market approval.
· Underwrite incoming preapprovals and prepare preapproval letters.
· Work with MLOs to discuss loan scenarios and proper documentation.
· Maintain an up-to-date and comprehensive knowledge on all related policies, procedures, and rules and regulations, including state, federal, secondary market, and internal bank guidelines.
· Provide secondary review of appraisals to ensure reports are suitable and approach to market value is reasonable.
· Underwrite participation loans on a case by case basis based on bank/seller contact.
SUPERVISORY RESPONSIBILITIES: This position does not have supervisory responsibilities.
EDUCATION and/or EXPERIENCE:
· 3-5 years of experience underwriting residential loans.
· Experience underwriting to FHLMC guidelines required.
· Experience submitting for 3rd party mortgage insurance required; Genworth and Mass Housing preferred.
· Working knowledge of TRID, state, and federal regulations related to residential lending.
TECHNICAL SKILLS, TRAININGS OR CERTIFICATIONS:
· Proficient with standard computer applications, including Word, Excel, and Outlook.
· Experience with Mortgagebot LOS and Loan Prospector strongly preferred.
· Regular professional development in order to maintain knowledge of current secondary market guidelines.
OTHER SKILLS or ABILITIES
· Strong desire to work within a community bank environment.
· Strong verbal and written communication skills and attention to detail; ability to write clearly and concisely.
· Effective time management; focuses on priorities, completes tasks on time, and updates colleagues regarding progress and potential concerns.
· Able to work independently.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to walk and stand; use hands to finger, handle, or feel objects, tools, or controls; reach with hands and arms; and talk or hear While performing the duties of this job, the employee is regularly seated at his/her desk. The employee pulls and moves files, and may be called upon to move a large number of files which can be quite heavy. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception, and the ability to adjust focus.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Professional demeanor is required at all times.
The noise level in the work environment is usually moderate.