Posted in Other 30+ days ago.
POSITION: RESIDENTIAL UNDERWRITER
Thorough knowledge of Cambridge Savings Bank, FNMA, other approved secondary market underwriting guidelines, and CSB consumer loan underwriting guidelines is required. Responsible for making loan decisions on behalf of CSB and Secondary Market investors. Responsible for analyzing all financial and collateral documentation provided to ensure a strong, sound and compliant underwriting decision is made on all loans. The Residential Underwriter will embrace a relationship centric mindset and work closely with Loan Analysts and Mortgage Originators to ensure all required documentation is obtained, reviewed and acceptable, whilst exhibiting our core values.
Key Result Areas:
* Responsible for reviewing all aspects of mortgage and consumer loan applications. Ensures all required processes have been followed to meet compliance guidelines
* Be familiar with all product parameters and underwriting guidelines offered in the Residential and Consumer lending departments for CSB and approved investors
* Maintain a constant working knowledge of all Secondary Market Underwriting and Product guidelines as appropriate to investors that we sell loans to
* Makes an appropriate lending decision to approve, decline, counteroffer or suspend applications as necessary, adhering to bank or secondary marketing guidelines
* Loan authority in the maximum amounts of: Mortgages $850k, Equities $350k, Personal loans of $5k, Overdraft LOC's $5k, Home improvement $10k, and Auto loans $20k
* Responsible for requiring appropriate level of financial and collateral documentation as required by bank or secondary market guidelines and to support the loan decision being made
* Analyze and sign off on all required documentation including all credit, income, asset and collateral documentation to ensure the documents are satisfactory and meet applicable guidelines
* Submit loans through applicable automated underwriting systems such as; DU, MI and Mass Housing, etc
* Complete loan write-ups, for presentation to the Loan Committee and Board of Directors, on jumbo loan amounts and other purposes as required by the internal policy
* Create and maintain loan tracking conditions in Encompass
* Issue and sign all loan commitment letters
* Present decline files to the Second review committee and consider recommendations to the Special loan committee
* Work with loan processing and origination staff on discrepancies and problems, ensuring that proper policies and procedures are followed
* Maintain working relationship with investors and PMI companies
* The Residential Underwriter will be a resource to all internal customers. They will make themselves available to assist with any underwriting situations that may arise
* They will be a back up to the Underwriting Manager to review any exception requests
* Assist in pipeline management, working closely with loan processing and origination staff to ensure that all conditions are met prior to closing. Attend pipeline meetings as necessary
* Establish and maintain effective working relationships with other employees and customers
* Contribute to the effective team management of all bank problems, issues and opportunities
* Ensure every point of interaction with customers and colleagues is in line with our brand, values and mission of providing relationship-centric experiences
* Serve as a peer leader, displaying operational excellence and exceptional customer experiences
* Perform additional duties as required
* High school education or equivalent degree
* Minimum of three years' recent experience in Residential Mortgage loan underwriting
* Thorough understanding of standard Secondary market guidelines, specifically FNMA and must be familiar with FNMA's DU
* FHA experience is a plus
* Excellent analytical skills are a must, with the ability to analyze documents such as personal and business tax returns, appraisal reports, credit reports, asset statements, purchase and sales agreements, etc
* Excellent written skills, with the ability to clearly support loan decisions being made, complete comprehensive board write ups, and make second review recommendations
* Strong communication and interpersonal skills, with the ability to interact with people at various levels and quickly build rapport
* Strong computer skills required
* Thorough understanding of federal and local regulations and laws pertaining to lending
* Mortgage lending/underwriting courses or seminars are a plus
The above description covers the most significant responsibilities but does not exclude other occasional responsibilities and accountabilities, the inclusion of which would be in conformity with the major purpose of this job.
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service financial institution with approximately $5 billion in assets that is committed to improving the quality of life in the communities it serves. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, and Watertown.
Cambridge Savings Bank is an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.