CFA Institute
Manager Mortgage Loan Underwriter
CFA Institute, Chicago, Illinois, United States, 60290
MANAGER MORTGAGE LOAN UNDERWRITER
WHAT IS THE OPPORTUNITY?
The role of the Underwriting Supervisor is to ensure that all underwriters who report to them evaluate first mortgage and home equity applications against company standards to determine the borrower's ability to repay a residential mortgage. The Underwriting Supervisor assists the underwriting team in analyzing and interpreting the most complex financial and non-financial data to determine if the mortgage application meets the goal of achieving the optimal quality asset for the bank while satisfying the needs of the borrower. In addition to assisting the team in reviewing all complex transactions and escalated customer service issues, the Underwriting Supervisor is responsible for the day-to-day assignment of work, training, and general oversight of the underwriting team that reports to them.
What you will do
Ensures that the underwriting team is capable of and is correctly performing the following tasks:Review of the loan package received to ensure completeness verifying that all supporting documents are included to make a credit decision per established policiesIdentification of issues and recommendations of appropriate resolutions within policy service level agreementsAnalysis and determination of the financial capacity of the borrower's ability to repay:Analysis of the borrower's credit, financial statements, cash flow, liquidity qualification, and payment calculation spreadsReview of stability of residency and employmentVerification of income per established policyIdentification of any exceptions to current policiesDocumentation of a reasonable conclusion mitigating any identified risks supporting the request will be repaidAccurate setting and clearing of conditionsInteraction with the RLC, RM and Processor throughout the life cycle of the loan, providing information, updates and assistance as required.Updates to the System(s) with pertinent information and appropriate data as requiredRendering of a decision within his/her lending authority. If deal is outside of lending authority, provides a recommended decision and submits for appropriate level signing authorityOrigination of appropriate client letters; Commitment, Counter Offer, DeclinationEnsuring compliance with bank and statutory/regulatory guidelinesHires, manages team member performance, terminates, develops, coaches, and motivates team members; identifies staff development needs and provides educational/training opportunities.Maintains appropriate staffing ratios and manages resources to optimize client support and unit profitability.Reviews escalated loan and customer service issuesReview and decision exception requests within given authority.Perform random audits on Underwriters work to determine quality.Responsible and accountable for appropriate quality controls related to the financial products the bank provides, the services the bank delivers, the processes employed and the incentives with which colleagues are awarded.All City National products, financial solutions and services are to be provided ethically and with integrity in a manner that is consistent with the client-first culture and values embodied in City National's PRIDE statement.
Must-Have*Bachelor's Degree or equivalentMinimum 10 years experience as an Underwriter in a financial services or mortgage banking environment required.Minimum 10 years experience in jumbo underwriting to investor or organization's guidelines required.
Skills and KnowledgeComplete knowledge of FNMA/FHLMC guidelines and with commercial cash flow analysis.Strong knowledge of state and federal lending regulations (i.e., Ability to Repay (ATR), RESPA, Reg Z, Reg B, ECOA, Fair Lending, etc.).Computer literate with experience using Microsoft applications with mortgage industry standard software.Ability to communicate effectively in both verbal and written form.Strong time management skills to plan and organize a high daily loan volume.Strong ability to be very detail-oriented.Must be a team player and work constructively with their fellow colleagues.General knowledge and exposure to all areas of mortgage banking outside of underwriting.
Compensation
Starting base salary: $127,626 - $237,014 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
*To be considered for this position you must meet at least these basic qualificationsThe preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENTCity National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.#J-18808-Ljbffr
WHAT IS THE OPPORTUNITY?
The role of the Underwriting Supervisor is to ensure that all underwriters who report to them evaluate first mortgage and home equity applications against company standards to determine the borrower's ability to repay a residential mortgage. The Underwriting Supervisor assists the underwriting team in analyzing and interpreting the most complex financial and non-financial data to determine if the mortgage application meets the goal of achieving the optimal quality asset for the bank while satisfying the needs of the borrower. In addition to assisting the team in reviewing all complex transactions and escalated customer service issues, the Underwriting Supervisor is responsible for the day-to-day assignment of work, training, and general oversight of the underwriting team that reports to them.
What you will do
Ensures that the underwriting team is capable of and is correctly performing the following tasks:Review of the loan package received to ensure completeness verifying that all supporting documents are included to make a credit decision per established policiesIdentification of issues and recommendations of appropriate resolutions within policy service level agreementsAnalysis and determination of the financial capacity of the borrower's ability to repay:Analysis of the borrower's credit, financial statements, cash flow, liquidity qualification, and payment calculation spreadsReview of stability of residency and employmentVerification of income per established policyIdentification of any exceptions to current policiesDocumentation of a reasonable conclusion mitigating any identified risks supporting the request will be repaidAccurate setting and clearing of conditionsInteraction with the RLC, RM and Processor throughout the life cycle of the loan, providing information, updates and assistance as required.Updates to the System(s) with pertinent information and appropriate data as requiredRendering of a decision within his/her lending authority. If deal is outside of lending authority, provides a recommended decision and submits for appropriate level signing authorityOrigination of appropriate client letters; Commitment, Counter Offer, DeclinationEnsuring compliance with bank and statutory/regulatory guidelinesHires, manages team member performance, terminates, develops, coaches, and motivates team members; identifies staff development needs and provides educational/training opportunities.Maintains appropriate staffing ratios and manages resources to optimize client support and unit profitability.Reviews escalated loan and customer service issuesReview and decision exception requests within given authority.Perform random audits on Underwriters work to determine quality.Responsible and accountable for appropriate quality controls related to the financial products the bank provides, the services the bank delivers, the processes employed and the incentives with which colleagues are awarded.All City National products, financial solutions and services are to be provided ethically and with integrity in a manner that is consistent with the client-first culture and values embodied in City National's PRIDE statement.
Must-Have*Bachelor's Degree or equivalentMinimum 10 years experience as an Underwriter in a financial services or mortgage banking environment required.Minimum 10 years experience in jumbo underwriting to investor or organization's guidelines required.
Skills and KnowledgeComplete knowledge of FNMA/FHLMC guidelines and with commercial cash flow analysis.Strong knowledge of state and federal lending regulations (i.e., Ability to Repay (ATR), RESPA, Reg Z, Reg B, ECOA, Fair Lending, etc.).Computer literate with experience using Microsoft applications with mortgage industry standard software.Ability to communicate effectively in both verbal and written form.Strong time management skills to plan and organize a high daily loan volume.Strong ability to be very detail-oriented.Must be a team player and work constructively with their fellow colleagues.General knowledge and exposure to all areas of mortgage banking outside of underwriting.
Compensation
Starting base salary: $127,626 - $237,014 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
*To be considered for this position you must meet at least these basic qualificationsThe preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENTCity National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.#J-18808-Ljbffr