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at Alerus Financial
This position is responsible for the underwriting of mortgage loans made by the Mortgage Loan Department. Areas include:
- Underwriting FHA, VA and Conventional files. Underwriting MI (Mortgage Insurance). Underwriting any other special programs Alerus Mortgage is offering, such as MHFA, Dakota County bond programs, Rural Housing, Alerus portfolio and Alerus construction loans etc.
- Maintaining a rapid turnaround time on new file submissions, resubmissions, clearing ‘PTC’ conditions and issuing NOVs on VA Appraisals.
- Responsible for keeping current on Agency, Lender and MI Company guidelines and overlays.
Job Function Number 1: Underwriting - 75%
- Primary responsibility will be to determine if application represents an acceptable risk. This includes assessing the collateral as being acceptable, and assessing the borrower as being an acceptable credit risk.
- Will underwrite each file first to agency guidelines, then to investor overlays, and if applicable overlays from the MI companies.
- Will be responsible for communicating directly with Appraisers for any additional items needed on appraisals.
- Will be responsible for communicating conditions of approval, or deficiencies that will need to be cleared in order for approval to be issued, to Loan Officers and Processors.
- Answer questions from production staff and assist them in structuring files as needed.
- Complete training as needed for participation in bond programs and rural housing.
- Communicate to Director, Underwriting areas where training of production staff may be needed.
Job Function Number 2: Underwriting Guidelines - 15%
- Responsible for being aware of agency, lender and MI (Mortgage Insurance) company guidelines changes.
Job Function Number 3: Turnaround Time – 10%
- Will strive to underwrite on average 4 - 5 new files per day while maintaining a turnaround time on new file submissions of 2 – 3 days (in times of higher volume will try to keep turnaround time within 5 days).
- Will strive to meet a turnaround time on resubmissions and clearing ‘PTC’ conditions of 24 – 48 hours.
- NOVs will be rotated between SARs and they need to be issued within 5 days of Appraiser uploading appraisal into WebLGY.
- High school diploma or equivalent.
- Four-year college degree preferred.
- Minimum of three to four years of conventional and government underwriting experience.
- Possess HUD Direct Endorsement (DE) designation.
- Possess VA Staff Appraisal Reviewer (SAR) designation.
- Attention to detail and ability to catch error made by production staff.
- Ability to work under pressure and maintain a pleasant disposition is key.
- Speed, while maintaining errors within an acceptable range.
- Ability to absorb and remember rapid and multiple guidelines changes from agencies, lenders and MI (Mortgage Insurance) companies.
- Good attitude and willingness to make adjustments as instructed.
Physical Demands: (must be met with or without a reasonable accommodation)
- Sitting extended periods of time at a desk.
- Extended time is spent reviewing documents, both actual papers or electronic.
- Must be able to access the community copier/scanner/printer.
- Periodically, large paper files need to be moved.
Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.