Make independent underwriting decisions based on applicable guidelines.
SCOPE OF WORK FOR LIVE UNDERWRITER ROLE
• Loan Application Review & Credit Assessment:
Review and analyze loan applications and supporting documentation including income, credit reports, employment history, and property details. Assess borrower creditworthiness using the 4 C’s methodology (Character, Capacity, Capital, Collateral) to ensure sound lending decisions.
• Income Calculation & Financial Analysis:
Evaluate and calculate borrower income from various sources including salaried, hourly, commission, bonus, rental, and self-employment income. Analyze documents such as paystubs, W-2s, tax returns, and business financials (Schedule C, K-1, 1065, 1120S) to determine qualifying income accurately.
• Collateral & Property Evaluation:
Review appraisal reports, AVMs, and residential valuation documents to validate property value and ensure compliance with lending guidelines. Analyze title reports, lien positions, and ownership details.
• Underwriting Decision & Documentation:
Prepare detailed underwriting summaries, identify red flags, and document conditions and stipulations within the Loan Origination System (LOS), preferably Encompass. Recommend appropriate loan structures based on risk assessment.
• Workflow Management & Communication:
Collaborate with processors and internal stakeholders throughout the underwriting lifecycle. Provide clear communication on loan decisions, required conditions, and final clear-to-close (CTC) status.
• Risk Identification & Compliance:
Identify discrepancies, inconsistencies, and potential risks in loan files. Ensure all underwriting decisions comply with internal policies and regulatory requirements.
• Reporting & Reconciliation:
Handle reconciliation of complex borrower accounts and prepare daily aging and pipeline reports to track loan progress and turnaround times.
• System Utilization & Process Adherence:
Utilize LOS platforms (Encompass preferred) and adhere to underwriting workflows, ensuring accuracy, efficiency, and compliance with company standards.
