What You'll Do
- Underwrite loans to investor and regulatory guidelines: review credit, capacity, product and borrower eligibility, and collateral
- Review UW transmittal and 1003 to make sure it is accurate and complete, compare to finding to verify that all information matches.
- Review 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.
- Calculate basic and complex incomes using documentation required per investor, questioning any substantial changes in income.
- Review assets statements to compare to required assets.
- Review title to verify our borrower has ownership on a refinance transaction and that the seller has ownership for purchase transaction. Check that chain of title meets investor requirements. Verify there are no unpaid liens or judgments and that all mortgage liens are being paid off through the transaction. Compare tax figures to 1003.
- Review appraisal to ensure the value is supported and that the appraiser has provided complete accurate appraisal. Order value review on loans considered elevated risk.
- Review file make sure compliance has been met; regulatory state compliance and federal
- Calculate net tangible benefit for those states/programs that require this test.
- Review final conditions turned in for Underwriting Final Approval within 24 hours.
- Maintain current and fluid knowledge of investor and agency guidelines.
- Help establish and enforce company credit policies and lending guidelines
- Analyze loan files for accuracy and fraud; create conditions and clear them in a timely manner
- Oversee correctness of data in LOS/AUS systems/Investor portals
- Drive adherence to process and procedures
- Communicate business requirements to an engineering team then help realize them through implementation, testing, and rollout
- Continuous improve our processes, procedures and documentation with data-driven improvements
- Serve as a subject matter expert to inform our product and engineering teams by answering questions, helping build requirement documentation and run learning sessions on various topics
- Test new product features as they are developed in house, capturing issues/feedback; working with engineering team to resolve
- 5+ years experience underwriting conventional agency, government and jumbo productsCurrent lending authority up to $1M
- Have a strong grasp of DU and LP automated underwriting systems
- Structured, analytical thinker
- Data-driven mindset
- Not afraid of rolling up your sleeves and helping execute outside your day-to-day loan pipeline
- Excited by the idea of re-thinking the underwriting process and you are bursting with ideas on how to make it better
- Bonus: Experience underwriting non-QM, FHA, and/or VA loans and have associated DE and/or SAR certifications and have trained others to obtain their FHA and SAR certifications
- Preferred: San Francisco based
Meet Some of Clara's Employees
Head of Compliance & Risk Management
Bryan is responsible for ensuring that Clara adheres to regulatory compliance requirements in order to protect the organization, its borrowers, and its employees.
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