Sr. Jumbo Loans Underwriter job in Chicago, IL| Recruit Arrow
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Sr. Jumbo Loans Underwriter
Location : Illinois, Chicago
Refer job # KISN336694
Job Responsibilities and Requirements: The position requires expert mortgage underwriting and credit knowledge, clear communication skills, consistently outstanding client service, and proven problem solving and decision making skills. The successful candidate will have a high level of interaction with internal parties (trading, sales, legal and compliance, structured finance) and external parties (Sellers, 3rd party service providers). Responsibilities & Duties Support for Mortgage Securitizations Research and/or address audits or other concerns identified during the preparation for securitization Provide support and required documentation to all parties requiring access to due diligence results Review external 3 rd party grading and conditions for appropriateness and submit rebuttals, as necessary Clear any deficiencies before securitization Develop tables used for securitization Validate the sales tape against the file data and documentation for accuracy Support for Whole Loan Sales Validate the pre-sales tape against the file data and documentation for accuracy Research and reconcile investor escalations Review identified loan deficiencies and provide resolution or compensating factors Support for Acquisitions and Bulk Purchases Review exceptions and defects identified by the due diligence company - same as Due Diligence Jumbo Underwriting tasks Support conforming MSR reviews Complete random 5% sample of all loans reviewed by the due diligence company Review all exceptions and defects identified by the due diligence company Support Business Development Validate 3 rd party findings on closed loans, inclusive of defects and exceptions, identified by the due diligence company on Sellers pending approval Create reports for management and sales Support for Due Diligence Jumbo Underwriting Ability to analyze the underwriting of conventional mortgage loans in a timely manner for completeness and compliance with purchase guidelines and approved Seller variances. Use of AUS and manual underwriting requires strong attention to detail. Manage loan conditions from credit, property, and compliance reviews with Sellers and external 3 rd party service due diligence providers. Evaluate and provide recommendations for underwriting waivers and eligibility exceptions. Clearly communicate, in written and verbal form, compensating factors to justify exceptions. Provide support to Sellers by evaluating and supplying feedback on loan scenarios, at times based on limited information. Credit Policy and Process Support. Understand and effectively work with Seller variances to product eligibility and underwriting guidelines. Participate in and provide clear feedback on credit policy recommendations. Maintain strong knowledge of mortgage compliance rules agency underwriting guidelines and industry standards for appraisal requirements and regulatory compliance. Participate in evaluating current loan review processes and provide feedback and recommendations to increase efficiency and risk management capabilities. Consistently access third party services (valuation, fraud, compliance) to provide valuable input for loan decisions. Process pre-close appraisal review requests between seller and 3 rd party vendor to ensure service level agreements are maintained. Research and/or address audits or other concerns identified during the preparation for securitizations. Provide required documentation and support activities for all parties requiring access to diligence results. Required Experience & Education 10 years of mortgage industry experience 5 years agency underwriting experience required 2 years of jumbo underwriting or complex income analysis preferred Expert underwriting knowledge and extensive experience with loan origination documentation Technologically savvy, with the ability to work in varied systems. Proficiency with Excel, loan origination systems, automated underwriting engines, electronic document management and other systems High attention to detail and effective problem solving skills Excellent client service skills Excellent oral and written communication skills Analytical thinking ability, diplomacy and professionalism.
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