Mortgage Loan Underwriter

at Arkansas Federal Credit Union in Little Rock, Arkansas, United States

Job Description

GENERAL DESCRIPTION OF POSITION

The primary function of this position is to approve or disapprove mortgage loan applications by determining whether the borrower can reasonably be expected to maintain the repayment terms and if the loan meets the acceptable qualifications set forth by the applicable investor.  The Mortgage Underwriter should also be able to analyze appraisal reports and ensure the subject property meets the investor guidelines.

ESSENTIAL DUTIES AND RESPONSIBILITIES

1. Underwriting of credit and appraisal for mortgage loan files based on investor/AFCU established loan policies and credit evaluation system.
2. Determine the creditworthiness of applicants based on analysis of income, stability of income, other fixed monthly obligations, net worth, credit history, and credit union records.
3. Evaluate acceptability of member's loan request based upon the credit unions' and investors' established loan policies and credit evaluation system.
4. Analyze appraisal report for any discrepancies or deficiencies. Read appraisal report and interpret information pertinent to the underwriting of the loan.
5. Make recommendations to Loan Officers or Mortgage Loan Processors as to loan options available. Suggest alternative method of financing, if available, if request cannot be approved as submitted.
6. Approve loan requests within given authority, as established by the Board of Directors.
7. Refer loans that are outside of given authority for further consideration to the Mortgage Loan Operations Manager for review and possible approval, or forward to the Loan Review Committee, with recommendations and reasons for submitting.
8. Properly document loan rejections, as well as indicating the basis for declining the application.
9. Review loan file and include an acceptance or denial, and return file to Mortgage Loan Processor with any applicable conditions.
10. Perform any other related duties as required or assigned.

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty mentioned satisfactorily.  The requirements listed below are representative of the knowledge, skill, and/or ability required.

EDUCATION AND EXPERIENCE

Knowledge of a specialized field (however acquired), such as basic accounting, computer, etc. Equivalent of four years in high school, plus night, trade extension, or correspondence school specialized training, equal to two years of college, plus 5 years related experience and/or training, and 2 years related management experience, or equivalent combination of education and experience.

REQUIRED CERTIFICATES, LICENSES, REGISTRATIONS

Able to obtain FHA Direct Endorsement and VA automatic underwriting and appraisal review authorit



Equal employment opportunity, including veterans and individuals with disabilities.

PI275109168