[Hiring] Underwriter III, Specialty Loans @Guild Mortgage

Role Description

The Underwriter III plays an important role in the organization by performing a number of activities related to the company’s retail operations functions. The role is primarily responsible, under intermittent to infrequent supervision, for underwriting specialty loans such as jumbo, renovation, FHA, VA, USDA, new construction condominium project loans according to company, secondary market investor, and government agency standards. This includes ensuring condominium project documentation associated with the loan applications are accurate and complete, and approving or denying loan applications based on compliance with underwriting standards and risk management factors. The Underwriter III is considered the “go to” subject matter expert when the Lead/Supervisor/Manager is not available.

Essential Functions

• Review and evaluate loan documents to ensure accuracy, completeness, and compliance with company standards, federal and agency standards and guidelines, as well as any applicable state-specific and or local regulations, ordinances, etc.
• Analyze customer’s loan-to-value ratio, debt-to-income ratio, credit report, application, income and assets, source(s) of down payment funds, and supporting documentation to identify potential fraud or misrepresentation.
• Review appraisals to ensure that loans meet secondary market, investor, and company standards.
• Work with Loan Processors and Loan Officers on collecting information and documentation necessary to finalize incomplete loan packages.
• Determine if additional documentation or information would aid loan decision; request additional documentation or information accordingly.
• Perform condominium project eligibility reviews for conventional, FHA, and VA financing programs, including complex project types such as new construction, conversions, and mixed-use developments.
• Analyze condominium project legal, financial, insurance, occupancy, reserve, and operational documentation to determine project eligibility in accordance with agency and investor guidelines.
• Prepare and submit FHA and VA condominium project approval documentation and coordinate with applicable government agencies regarding approval requirements and project status.
• Serve as a resource to loan origination staff, developers, and other stakeholders regarding condominium project approval requirements, documentation deficiencies, and project eligibility determinations.
• Provide options and recommendations to borrowers regarding suitable loan programs.
• Stay abreast of current regulations and industry trends that affect compliance and decision-making.
• Verify that system input is accurate and that company systems match Automated Underwriting System (AUS).
• Use expertise to answer questions and resolve escalated issues from junior-level teammates.
• Perform other duties as assigned.

Qualifications

• High School Diploma or equivalent, required
• College courses/technical training related to Business, Finance/Accounting, Legal, or related field is preferred

Requirements

• 8 or more years as an underwriter preferably with three years of specialty experience such as jumbo and renovation loans.
• Direct Endorsement, VA, Auto and SAR endorsements; must have current certifications for any region with state-specific requirements to underwrite loans.
• Advanced condominium project underwriting experience, including review and approval of conventional, FHA, and VA condominium projects.
• Experience underwriting new construction condominium developments, condominium conversions, and mixed-use projects preferred.
• Expert-level knowledge of overall mortgage lending processes, including underwriting, funding, and loan processing.
• Expert-level knowledge of valid documentation related to the processing consumer mortgage applications (e.g., tax returns, financial statements and records, verification of income and deposits, etc.).
• Expert-level knowledge of underwriting and regulatory requirements; detailed knowledge of federal, state, and regulatory requirements/guidelines related to consumer mortgage lending and internal processes and controls.
• Ability to think critically, including the ability to evaluate facts and data to draw conclusions, and determine the downstream impact of decisions and associated risks.
• Ability to prioritize multiple tasks in a deadline-driven environment; strong sense of urgency and responsiveness.
• Expert knowledge of Fannie Mae and Freddie Mac condominium project eligibility requirements.
• Advanced knowledge of FHA condominium approval requirements, including HRAP and DELRAP review processes.
• Knowledge of VA condominium project approval requirements and submission processes.
• Experience reviewing homeowners association (HOA) financial statements, reserve studies, governing documents, insurance coverage, special assessments, and litigation disclosures.
• Ability to evaluate and document condominium project-level risks, including financial stability, reserve adequacy, insurance sufficiency, ownership concentration, and marketability.

Benefits

• Competitive compensation
• Medical, dental, vision, life insurance, AD&D, LTD
• 401(k) with employer match