OneAZ Credit Union
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Mortgage Underwriter III
at OneAZ Credit Union
Candidates for this position will be required to sign an authorization for OneAZ to conduct a credit and criminal background check, pursuant to procedures in the Fair Credit Reporting Act and any other applicable laws.
All candidates will be considered for this position on an individualized basis, in compliance with all applicable equal employment opportunity laws.
Summary: Approves or denies mortgage loans based on credit union guidelines by performing the following duties. Provides guidance and support to Production and Operation teams which may include training. Keeps abreast of ongoing market changes and industry changes that would/could impact our underwriting process or collateral risk. Must be able to handle a variety of different investors, loan programs, and working with different production channels understanding the different risk levels for each.
Essential Duties and Responsibilities include the following. Other duties may be assigned.
Any individual who meets the definition of a mortgage loan originator and is employed by a federal agency-regulated institution will need to be registered on NMLS. Ensures compliance with applicable policies, laws, and regulations, including the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) compliance, USA Patriot Act, and Office of Foreign Assets Control (OFAC).
Reviews and evaluates information on mortgage loan documents to determine if buyer, property, and loan conditions meet credit union and government standards. Evaluates the entire credit package and collateral to ensure the credit union's position of a quality loan product.
Confirms accuracy of all income, indebtedness, ratios, loan-to-value and any other calculations necessary in determining final decision and compliance to investor guidelines and/or MI company.
Presents loans for higher lending authority, making recommendations for approval.
Elevate and present loans following the appeal process.
Works closely with processing, closing, funding and quality assurance to ensure member is receiving a product that will be beneficial to member.
Evaluates acceptability of loan to corporations that buy real estate loans on secondary mortgage markets, where existing mortgages are bought and sold by investors.
Determines terms and acceptability of risk of prospective business.
Sets prices for prospective mortgage loan applicants.
Approves or rejects loan application, based on RE Loan level, or requests additional information.
Clears credit and property conditions placed on loan as required.
Reviews title to ensure ALTA matters have been cleared and easements are within general guidelines as established by credit union.
Reviews flood certifications and compares to appraisal.
Records loan rejections, specifying investor and credit union guidelines and basis for declining application, such as insufficient cash reserves.
Assembles documents in loan files, including acceptance or denial, and returns files to originating mortgage loan officer.
Maintains underwriting activity logs and provides weekly or monthly underwriting reports to Mortgage Lending Manager.
Provide critical support to both processing and sales staff regarding loan guidelines, placement and possible scenarios
Stays informed of changing market guidelines and communicates to managers and staff critical market data
Communicates to management associate issues that may require additional training or management intervention
Develop an understanding of Credit Union philosophy, organization, bylaws, and operational procedures and comply with the requirements of the Bank Secrecy Act, AML, OFAC and all other applicable State and Federal Financial Institution Regulations.
Education and/or Experience
Associate's degree or specialized course of study or certification; eight to ten years underwriting experience with knowledge of FNMA/FHLMC guidelines. FHA/DE Certification is preferred if DE not obtained FHA/VA experience is required. Must have a high level of experience in appraisal reviews and PMI underwriting guidelines.
2355 W. Pinnacle Peak Rd., Phoenix, AZ 85027 USA