Underwriting Manager
We have an immediate opportunity in our Fulton, MD office for a results-oriented Underwriting Manager for NewDay USA. Our high-growth, entrepreneurial company requires an analytical thinker with advanced Excel skills and the ability to communicate effectively. This position reports to the Chief Credit Officer. Click here to submit your resume.
Responsibilities:
- Manage and train new underwriters on LOS system as well as credit and underwriting guidelines.
- Oversee the evaluation and verify applications related to mortgages including, but not limited to:
- Examining new loan files to ensure loan meets investor and program criteria
- Reviewing transmittal & 1003 to make sure it is accurate and complete, compare to findings to verify that all information matches
- Assessing credit report and compare to liabilities on 1003; verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed; request updated mortgage history if needed
- Calculating income using documentation required per investor, questioning any large changes in income
- Review assets statements to compare to required assets. Require documentation and source for any recent large deposits
- Calculating net tangible benefit for those states that require this test
- Verifying that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty
- Reviewing title to verify our borrower has ownership on a refinance transaction and that the seller has ownership for purchase transaction; checking that chain of title meets investor requirements; verifying there are no unpaid liens or judgments and that all mortgage liens are being paid off through the transaction
- Perform a second review on selected loan files according to company guidelines/requirements.
- Keep up-to-date with FHA, VA, Agency and Investor guidelines.
- Work with post closing to resolve any outstanding post closing loan conditions.
Qualified candidate must have:
- Direct Endorsement and VA automatic designations :
- A thorough understanding of FHA, VA, Agency and Investor underwriting guidelines.
- Ability to train new underwriters & manage the daily operation of the underwriting department.
- Capacity to multitask and handle a large number of loans.
- Strong communication skills.
- 4-year degree in a related field.
- A minimum of 5 years underwriting experience.
- 2+ years management/supervisory role experience preferred.
Compensation
The company offers a solid compensation package based upon experience and capabilities including salary, bonus opportunity, healthcare coverage and matching 401K plan.
NewDay USA is a nationwide VA, FHA and reverse mortgage lender offering a wide range of mortgage-based products to homeowners with a variety of needs and goals. The company is the exclusive provider of mortgage lending for Veterans of Foreign Wars (VFW) members. The company is also a HUD-approved reverse mortgage lender, and in 2010, was among the top 10 providers of reverse mortgages in the U.S. Retail branch offices serve customers in select markets, including the Chicago, Philadelphia, Baltimore and Washington D.C. metropolitan areas. For more information, please visit www.newdayusa.com.
