Job Description: Overview: Responsible for underwriting mortgage loans, including government loans to determine acceptability with M&T Bank and secondary market standards set by the investor to ensure saleability and sound credit quality while adhering to the requirements of Federal registration under the SAFE Act.
Underwrite conventional (conforming and non-conforming) FHA, VA residential mortgage loans per product and investor guidelines through AUS and/or manual underwriting.
Ensures loans are in compliance with investor requirements, federal and state laws and regulations.
Performs risk assessment of credit and collateral ensuring loan saleability and sound credit quality.
Responds to and resolved any post-closing issues to ensure loan saleability.
Assist management to clear conditions and expedited loan closings.
Keep informed of current practices in loan underwriting.
Take initiative to keep current on changes in investor and M&T guidelines.
Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.
Promote an environment that supports diversity and reflects the M&T Bank brand.
Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
Complete other related duties as assigned.
Responsible for meeting and maintaining registration requirements under the Federal SAFE Act
Scope of Responsibilities:
Works with internal staff (Account Executives, Loan Officers, broker Coordinators, Loan Processors, etc.) and external customers (Realtors, Mortgage Brokers, etc.) and third parties to expedite the decision process and loan closings for mortgage loans submitted for approval.
Underwriters have frequent day-to-day communication with external and internal customers alike.
Complete understanding of investor guidelines and ability to run and interpret AUS findings (DU and LP).
The position will re-underwrite and verify monthly, a sampling of loans to insure the accuracy of the documentation.
Responsibility to establish and maintain federal registration requirements outlined in the SAFE Act.
Supervisory/ Managerial Responsibilities: None.
Education and Experience Required: Associate's degree,
or in lieu of a degree, 2 years' relevant work experience, plus 4 years mortgage underwriting experience, and Direct Endorsement (DE) or LAPP approval.-OR-Associate's degree, or in lieu of a degree, 2 years' relevant work experience, plus 5 years underwriting experience to include 2 years' experience on a unique product (CRA, construction, State Bond, etc.)-OR-Associate's degree, or in lieu of a degree, 2 years' relevant work experience, plus 6 years conventional underwriting experience.
Full knowledge of credit riskUnderstanding of appraisals.
Thorough knowledge of DU/LP valuations (automated underwriting).
Knowledge of applicable industry tools to ensure saleability.
Strong verbal and written communication skills with ability to interact with all levels.
Thorough knowledge of conforming and non-conforming guidelines.
Sound saleable decisions.Understanding of risk assessment of both credit and collateral process and the impact to the saleabilty of individual loans.