Senior Mortgage Underwriter - Laurel Road National Digital Bank

Keybank National Association New Haven , CT 06501

Posted 3 weeks ago

Location:

855 Main St. - Bridgeport, Connecticut 06604

ABOUT LAUREL ROAD

Treating members to financial peace of mind.

Laurel Road, a brand of KeyBank National Association, is a part of the rapidly expanding fintech space, providing members with online banking and lending solutions to build a bright financial future. With award-winning service, and over $7 billion in funded loans, and online lending products in all 50 states plus Washington D.C., Laurel Road's expanded services include mortgages, student loan refinancing, personal loans, and new savings and credit products, with a special dedication to serving the healthcare community.

With the launch of Laurel Road for Doctors, a new suite of products and services for doctors, we've expanded our commitment to treating doctors to financial peace of mind. From physician mortgages to new savings and credit products that help them pay down med school loans, we believe those serving others deserve the same level of care from their bank.

Join this dedicated, fast-growing mortgage team, where innovative technology, tailored products, and a commitment to premium service are giving our members the seamless experience, savings, convenience, and peace of mind they need to reach their financial goals.

ABOUT THE JOB

The Laurel Road Mortgage (LRM) Senior Underwriter reports to the LRM Operations Manager and is responsible for reviewing, analyzing and approving residential loan applications. The Laurel Road Senior Underwriter is responsible for verifying income, assets, credit, and collateral documents including self-employed personal and business tax returns. This position will also lend support to other underwriters on complex loan submissions. Lending authority to include conventional and jumbo loan programs up to $750,000. Excellent communication skills, an exemplary customer service orientation, and the ability to work effectively in a team environment is essential.

ESSENTIAL JOB FUNCTIONS

  • Evaluate creditworthiness of borrowers to render a credit decision. This includes but is not limited to the review of paystubs, W2's, financial statements, tax returns, asset statements, bank account statements, credit reports etc.

  • Must ensure all loans meet or exceed corporate credit policy and are compliant with the Ability to Repay (ATR) and Qualified Mortgage provisions of the Dodd-Frank Act.

  • Ensure compliance with appropriate company and Agency/Investor guidelines.

  • Review Transmittal Summary & 1008 to make sure they are accurate and complete, and match final decisioning.

  • Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed.

  • Calculate income/self-employed cash flow using documentation and methodology required per investor and CFPB regulations. Analyze the business's financial strength by examining annual earnings to determine stability and validity. Income must be verifiable, stable, and ongoing.

  • Review assets to ensure adequate funds to close and required reserves are satisfied. Ability to analyze bank statements for any recent large deposits and other debts that might impact ATR.

  • Review appraisal to ensure the report is accurate, complete, the value is supported, and the collateral is acceptable. Recognize when additional field reviews may be necessary to support value

  • Ability to review Condo/PUD projects to ensure they meet salable or non warrantable guidelines

  • Review file to make sure state and federal (patriot act) regulatory guidelines have been met

  • Calculate net tangible benefit for those states that require this test

  • Ensure all property tax, title work and property insurance are accurate and complete

  • Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty

  • Review all conditions submitted to Underwriting within SLA

  • Review a minimum number of files per month as determined by management which would include new submissions, re-submissions & final conditions

  • Maintain current and fluid knowledge of investor and agency guidelines and adapt to changes quickly

  • Communicate effectively and engage proactively with mortgage loan officers, underwriters, processors, and closers regarding loan decisions, assignment of loan conditions, investor guidelines/documentation requirements and possible loan scenarios

  • Assists in the training of Laurel Road Mortgage employees as needed

  • Perform other related duties as assigned

  • Demonstrate exceptional service philosophy in all interactions with internal peers and partners.

  • Perform first and second level review on loans recommended for denial. Work with the LRM Loan Officer to evaluate the application to determine if there are any other products or alternative terms available to counteroffer prior to issuance of Adverse Action.

  • Perform first and second level reviews on those loans recommended for approval above someone's lending authority.

  • Once approved, has lending authority up to $750,000

REQUIRED QUALIFICATIONS

  • Bachelor's Degree or equivalent work experience

  • 5+ years of recent Mortgage Underwriting Experience (Portfolio and Conventional) with strong agency guideline knowledge

  • DE, SAR, and LAPP certifications; experience with USDA is a plus

  • Strong working knowledge of ATR/QM Requirements

  • Proven knowledge of Mortgage Insurance Guidelines and rates

  • Working knowledge of Encompass LOS highly preferred; familiarity with LoanBeam is a plus.

  • Strong analytical skills: accuracy, consistency and completeness are critical

  • Ability to work in a fast paced, fluid environment and be held to meet minimum production standards

  • High integrity and outstanding work ethic

  • Strong computer skills; proficient in Microsoft Word, Excel, and Outlook

  • Must have proficient written and verbal communication skills

  • Proven knowledge of compliance and disclosure requirements

  • Knowledge of Automated Underwriting Systems

  • Familiarity with closing, post-closing & quality control responsibilities is a plus.

COMPENSATION AND BENEFITS

This position is eligible to earn a base hourly rate in the range of $35.00 to $43.25 per hour depending on job-related factors such as level of experience. . Compensation for this role also includes short-term incentive compensation subject to individual and company performance. Please click here for a list of benefits for which this position is eligible.

KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to building a diverse, equitable and inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or other protected category.

Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.

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