Underwriter II at Cenlar in O'Fallon, Missouri

Job Description:

The Underwriter is responsible for performing a manual review of a complete assumption package, inclusive of all supporting documentation. The Underwriter will determine if the applicant qualifies to assume liability of the loan based on a credit review. This position will also be responsible for direct oversight of the Processors in the handling of the assumption file, escalating any concerns to management.


Responsibilities:

• Provides oversight and acts as support to Processor in handling of file review and escalations through training and detailed advisement
• Manually underwrites all loan types in accordance with investor guidelines
• Ensures all origination guidelines, for federal/state regulations and investor requirements, are adhered to for underwriting review and decision
• Contacts business partners, third party vendors and investors with underwriting inquiries, as needed, to complete assumption process
• Files submission to investor for approval, if applicable
• Guides processors and provides reasonable and concise analysis and justification for conditions
• Manually reviews of the assumption file; inclusive of bank statements, W2 and other required documentation to complete determination
• Escalates any concerns identified in processing to Management
• Ensures compliance with timing of underwriting decisions, to be completed within 30 days of receipt of complete application
• Monitors investor guideline changes and leads the Processors through implementation while keeping management apprised of changes
• Responsible for the completion of OFAC checks on all approved files to ensure BSA compliance
• Completes system updates on FHA Connection post-closing
• Handles audit inquiries, as needed
• Communicates effectively with clients, vendors, and internal departments by phone and correspondence
• Assists in other areas and with the performance of other functions of the department
• Other duties as assigned
• Appropriately assess risk when business decisions are made, include but not limited to compliance and operational risk. Demonstrate consideration for Cenlar's reputation as well as our clients, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.

Partial Release Responsibilities

• Responsible for Customer, Client, Third Party Interaction, including phone, email, and paper communication
• Reviews and performs all functions related to Lien changes, by either: partial release of lien, Boundary Line Adjustments, release of subsurface rights as well as air rights, beneficial and burdensome easements, easements and conservation easements, requests to subdivide or re-plat current lien and Right-of-Ways in lieu of Condemnation orders
• Performs reviews and processing with comprehensive understanding of agency and other investor guidelines, all mortgage legal documents and compliance issues
• Monitors changes in investor guidelines and updates policies and procedures accordingly
• Ensures partial release documentation meets investor/client standards
• Performs underwriting review and issue approval/denial determination
• Works with appraisers, surveyors, title companies, investors, attorneys, and clients to manage and perform unique release requests
• Assists with handling of escalated partial release requests
• Responsible for other requests including lot line adjustments, condemnations, Condo conversions, easements, subdivisions
• Assists management in creating policies and procedures
• Identifies opportunities for process improvement, and work with management to implement
• Ensures all Partial Release tasks are opened and closed within expected time frames
• Facilitates appropriate execution of the release agreement
• Other duties as assigned
• Trains new team members, as applicable
  

Qualifications:

• High School Diploma or GED required
• 3 to 5 years of prior underwriting experience
• Superior analytical skills and attention to detail
• At least 5 years of experience with mortgage assumptions preferred
• Strong commitment to Excellent Customer Service
• Expert knowledge of Excel and spreadsheet proficiency
• Excellent written and verbal communication skills
• Partial Release Additional Requirements
• 3+ years of experience with Partial Releases and/or Title
• Detail oriented
• Ability to problem solve with solutions

Loss Mitigation Underwriters and Repayment Team: (231/431)

It is critical that you have an understanding of the following:

• Requirements under the Real Estate Settlement Procedures Act (RESPA), specifically general servicing standards and loss mitigation practices
• Requirements under the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), specifically the prohibition on discrimination in lending (and servicing), credit decisions and the appraisal requirements
• Requirements under the Flood Disaster Protection Act (FDPA), specifically the mandatory flood insurance requirements
• Requirements under the Fair Credit Reporting Act (FCRA), specifically the use of information.
• Requirements under the Gramm-Leach-Bliley Act (GLBA) and Regulation P, specifically customer privacy requirements
• Requirements under the Service members Civil Relief Act (SCRA), specifically protections for Service members

Escrow Analysis

It is critical that you have an understanding of the following:

• Requirements under the Real Estate Settlement Procedures Act (RESPA) specifically:
  • subsequent escrow account analyses,
  • annual escrow account statements,
  • escrow account analysis and shortages, surpluses, and deficiencies requirements, and
  • initial escrow account statements.
• Requirements under the Federal Rules of Bankruptcy Procedures specifically, proof of claims and escrow analyses.

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