The underwriter will review regulatory compliance with disclosures, validate data used by an automated underwriting system and manual requirements/overlays to decision loans. The underwriter will determine if the loan meets underwriting guidelines, product guidelines, investor requirements and eligibility requirements. The underwriter will update information regarding the loan transaction in the loan origination system with the appropriate status and loan conditions. In addition, the underwriter will review and clear conditions prior to closing.
Conventional Mortgage Underwriter Responsibilities
Perform a cursory review of the loan file for compliance with Federal disclosure requirements to include the Net Tangible Benefits worksheet.
Validate the data used by the AUS to make a credit decision. This includes but is not limited to:
• Verify all loan term obligations were considered to qualify
• Determine income used to qualify the loan was calculated correctly
• Ensure assets used for the source of funds to close and for reserves are acceptable and accurate
• Establish that documentation required by the AUS is in the file or becomes a condition of the loan approval
Perform a comprehensive review of the appraisal report and all supporting documentation. This includes but is not limited to:
• Verify the report was performed by a licensed/certified appraiser and meets client's and investor/agency requirements.
• Determine that the property meets investor guidelines.
• Ascertain that the appraiser has supported his/her opinion of market value.
• Establish that the appraisal report is complete and free of any inconsistencies and that the property is sufficient.
Evaluate the application, supporting credit, income and asset documentation, the appraisal report and the contract of sale of sale to uncover inconsistencies and potential misrepresentation in the loan file.
Determine if the loan was submitted to underwriting in accordance with the program and terms registered or locked with Client's secondary marketing department. Resubmit the loan to Client's AUS, when validated data falls outside of AUS tolerance levels.
Review and clear 'prior to closing" conditions that have been identified as the underwriter's responsibility.
Communicate as needed with Client's staff and customers.
Service level requirements (turn-times):
One Business day ( 24 hours)
Perform initial review of loan - Upon receipt of assigned loan
Subsequent loan review
Loan pended for additional information - upon receipt of all the required documentation necessary to make a decision
One business day (24 hours) -
Review and clear prior-to-closing conditions - Upon receipt of the conditions
Rush requests will be prioritized for review in 24 hours of less - Upon receipt of the rush requestFour (4) business hours
Four (4) business hours -
Return email inquiries; pre-funding condition review/accuracy review - Upon receipt of an email