SUMMARY: Under the limited direction of the assigned supervisor, the Mortgage Loan Underwriter 2 evaluates and verifies the data contained in loan files to ensure that it will meet the requirements necessary to sell the loan on the secondary mortgage market or meet Arvest Bank Loan Policy as determined by Loan Program. The Mortgage Loan Underwriter 2 must have knowledge of loan programs available to prospective customers and the regulations involving mortgage loans in the secondary market. Additionally, the incumbent must be able to analyze loan applications to ensure the loan file conforms to the credit and property guidelines of the agencies, all federal and state agencies, private mortgage insurers and the investors. The position requires the ability to analyze individual credit, financial statements including business financial documents and determine the acceptability of the security. The Mortgage Loan Underwriter 2 will issue the final credit and property decisions for loans to be sold into the secondary market.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.
Review and evaluate loan documentation to determine agency, investor and regulatory standard guidelines are met.
Issue loan conditions and required documentation to meet agency and regulatory requirements.
Rework files as necessary to ensure regulatory compliance.
Ensure that each file complies with real estate regulatory requirements (RESPA, TRID, Truth in Lending Act, Fair Credit Reporting Act, Fair Lending, Reg B (ECOA), Reg C (HMDA), Flood Act, etc.) from origination to closing.Make additional requirements as necessary.
Review and underwrite or determine appropriate action regarding adverse action files.Prepare the loan file for second review by adverse action department.
Maintain working knowledge of current agencies, mortgage insurance companies and regulatory guidelines and underwriting practices by attending training classes provided by Arvest, FNMA, FHA, RD, Freddie Mac, and Jumbo investors.
Review the appraisal report for credibility, valuation accuracy, regulatory and agency policy compliance, ensuring that the appraisal contains sufficient information and analysis to support the institutions' decision to engage in the transaction.
Assist loan production associates and/or processors with questions about various loan scenarios, documentation and guideline requirements
Address post-closing issues with Lender Insuring or other government entity, agency and private entity review and Quality Control (QC).
Understand and comply with bank policy, laws, regulations, and the bank's BSA/AML Program, as applicable to your job duties. This includes but is not limited to; complete compliance training and adhere to internal procedures and controls; report any known violations of compliance policy, laws, or regulations and report any suspicious customer and/or account activity.
Support and uphold the Arvest Mission Statement.
Uphold the Arvest Code of Ethics and ensure that confidential information is safeguarded.
Maintain a high level of cooperation and rapport with all associates in order to ensure accurate and efficient operations and service.
Formulate and communicate new ideas and suggestions that will improve profitability and efficiency for the company's overall operation.
Promote professionalism at all times.
Bear State Financial, Inc.