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Loan Underwriter

Lafayette Federal Credit Union

This is a Full-time position in Rockville, MD posted June 8, 2021.

Description

*ONLY HIRING IN DC, MARYLAND AND VIRGINIA*

Lafayette Federal Credit Union has been dedicated to providing the highest level of service to our members since 1935. We understand that in order to give the best to our members we must give the best to our team. As an institution, we are committed to the success of each employee and the betterment of our community. We are proud of our competitive pay and attractive benefits package that provides those with Lafayette Federal careers the resources needed to manage their heath, promote their well-being, and help plan an exciting future.

If you have experience in Underwriting and would like to work for a vibrant company committed to growth, the betterment of our community, and the success of our employees then you may be the one we are looking for. Join Lafayette Federal Credit Union’s winning team as a Mortgage Loan Underwriter and help our members make the dream of home ownership a reality.

About this Position

In this role as a Mortgage Loan Underwriter you will, under general supervision but following established policies and procedures, be responsible for underwriting first mortgage and home equity loans/lines of credit in accordance with Lafayette Federal and investor guidelines. The Mortgage Loan Underwriter will respond to audits requests and performs quality control on mortgage files. To be a leader within the department and to help Management achieve department goals and objectives. In addition, this position may act as a mortgage loan originator (MLO) as defined in the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act).

The Mortgage Loan Underwriter will also:

  • Complete a thorough analysis of the loan file to determine member credit worthiness and collateral value. Review legal documentation as applicable.
  • Evaluate geographic area, loan type, ownership and occupancy of the residence and assure proper adjustments are made to loan terms, rate or amount when applicable.
  • Underwrite to current Regulatory/FHLMC/Aggregator/Lafayette Federal guidelines.
  • Assist with maintaining Lafayette Federal’s compliance with all applicable federal, state and local laws, regulations and in ordinances with Lafayette Federal’s compliance program and all policies, procedures, rules and regulations.
  • Evaluate the entire credit package and collateral for residential mortgage loans and ultimately ensures an investment quality loan product. This includes full condominium reviews and complex tax returns when applicable.
  • Order and obtain mortgage insurance, if required, ensuring that loan also meets any underwriting guidelines and credit overlays by the mortgage insurance companies being used.
  • Analyze the information presented within the file with regard to the borrower’s ability to repay, the borrower’s willingness to repay and the collateral being given to determine if the risk of borrower default is low enough to merit a loan approval.
  • Determine that valid liens in the proper recording position can be obtained by analyzing title examination and public record reports.
  • Maintain a working knowledge of secondary market underwriting guidelines, investor, and private mortgage insurance guidelines.
  • Interpret policies and guidelines for loan processors and other Lafayette Federal employees requiring guidance.
  • Communicate clearly when documentation is inaccurate.
  • Verify that all information maintained in the loan application processing software is consistent with and supported by the documentation within the file.
  • Document conditions, conversations, and observations within the mortgage system of record.
  • Participate in the development of policy changes, program implementation, and procedural improvements.
  • Resolve complex member problems with-in delegated limits.
  • Discuss complex income calculations.
  • Actively look for exceptions within delegated authority. Present exceptions and recommendations to management.
  • Respond to post closing review and audits in a timely fashion.
  • Responsible for understanding and complying in an accurate and timely basis with all Bank Secrecy Act/Anti-Money Laundering/OFAC requirements that pertain to your position at LFCU and as directed by management and/or the Senior Vice President of Risk Management.
  • Performs other duties as assigned by the Vice President of Mortgage Lending and the Senior Vice President of Mortgage Lending.

Requirements

The ideal candidate will:

  • Demonstrate a working knowledge of FNMA/FHLMC guidelines.
  • Demonstrate a working knowledge of Mortgage Insurance guidelines.
  • Demonstrate the ability to conduct a detailed review of a loan file, analyze an applicant’s financial position, and evaluate the risk based on the loan profile under the terms requested
  • Demonstrate analytical decision-making ability with attention to detail.
  • Demonstrate the ability to learn and work in a fast-paced work environment.
  • Ability to multitask and prioritize work as required
  • Provide all members with professional support, accurate information, and friendly service.
  • Troubleshoot and resolve internal inquiries in a timely, friendly and professional manner.
  • Maintain positive member relations while adhering to policy and procedures.
  • Contribute to the successful achievement of Organizational and Departmental goals as set by management and/or the VP of Mortgage Lending and/or SVP of Mortgage Lending.
  • Adhere to Lafayette Federal’s Service Standards Policy.
  • Maintains confidentiality at all times.
  • Maintain a dependable record of attendance and timeliness.
  • Have a desire to work in an inclusive and diverse office culture
  • Be enthusiastic and positive about your role in the company’s success
  • Be excited to collaborate with others on strategic projects and daily operations

Competencies we’re looking for in this role:

  • Integrity
  • Accountability
  • Communication
  • Loyalty
  • Adaptability

Qualified candidates will have the following:

  • A positive credit standing

Experience:

  • Minimum of 3 years or more of equivalent experience in the area of underwriting conventional first mortgage loans and second mortgage loans.
  • 1-3 years’ experience within the primary market of the Mortgage Industry is preferred

Education:

  • High School Diploma or equivalent required.
  • Working knowledge of MS Office applications including but not limited to Outlook, Word, Excel and other applications.

Interpersonal Skills:

  • Excellent written and verbal communication skills.
  • Excellent organizational and time-management skills.
  • Ability to meet deadlines while prioritizing a changing workload.
  • Ability to work independently in a fast-paced environment
  • A significant level of trust and diplomacy is required, in addition to normal courtesy and tact. Work involves extensive personal contact with others and is usually of a personal or sensitive nature. Work may involve motivating or influencing others. Outside contacts become important and fostering sound relationships with other entities becomes necessary. Must have the ability to interact with people and focus on details and follow-up on time sensitive material.

Physical Requirements and Work Environment:

  • This position requires manual dexterity, the ability to lift files and open cabinets.
  • This position requires bending, stooping or standing as necessary.
  • This job operates in a clerical office setting. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines. Office environment with job duties conducted via telephone, face to face meetings, and on the computer.

*Lafayette Federal Credit Union is an Equal Opportunity and E-Verify Employer. *EOE/AA/VETERAN/DISABLED

Employment Type: Full Time
Years Experience: 3 – 5 years
Bonus/Commission: No

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