KeyBank Sr. Mortgage Underwriter - Brooklyn, Ohio in Brooklyn, Ohio
ABOUT THE JOB (JOB BRIEF)
The KBM Underwriter reports to the KBM Underwriting Supervisor and is responsible to review, analyze and approve residential loan applications. He KBM Underwriter is responsible for verifying income, assets, credit and collateral documents including self-employed personal and business tax returns. The KBM Underwriter may be involved in one or several types of mortgage lending (agency conventional, portfolio conventional, FHA/VA MI etc.). This position will also lend support to other underwriters on complex loan submissions. Lending authority to include conventional, government and jumbo loan programs. Excellent phone and communication skills and a value of providing superior customer service to internal and external customers required. An exemplary customer service oriented attitude and the ability to work effectively in a Team Environment is essential.
ESSENTIAL JOB FUNCTIONS
Evaluate creditworthiness of borrows in order 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 be in compliance with the Ability to Repay (ATR) and Qualified Mortgage provisions of the Dodd-Frank Act.
Ensure compliance with appropriate company and Agency/Investor/FHA/VA guidelines.
Review transmittal & 1003 to make sure it is accurate and complete and matches the final AUS findings
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. Ability to analyze bank statements for any recent large deposits and possible other debts that might impact ATR.
Review appraisal to ensure the report is accurate, complete and 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 regulatory guidelines have been met and federal (patriot act)
Calculate net tangible benefit for those states that require this test
Ensure all tax, title, insurance and closing documentation is accurate and complete
Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty
Review final conditions submitted to Underwriting Final Approval within SLA
Re-review all Suspended loans within SLA
Review a minimum number of files per month as determined by management which would include new submissions, re-submissions & final conditions
Perform second level review on loans recommended for denial. Evaluate the application to determine if there are any other products or alternative terms available before issuance of denial.
Perform Second Level One up Reviews on those loans recommended for approval above someone’s lending authority.
Maintain current and fluid knowledge of investor and agency guidelines and adapt to changes quickly
Communicate effectively and engages proactively with mortgage loan officers, processors, branch managers, funders and post-closers in regards to loan decisions, assignment of loan conditions, investor guidelines/documentation requirements and possible loan scenarios
Assists in the training of Key Bank Mortgage employees as needed
Perform other related duties as assigned
Work “underwriting help desk” on a rotational basis answering emails and phone calls from the sales force.
Demonstrate exceptional service philosophy in all interactions with internal peers and partners
Bachelor’s Degree or equivalent work experience
5+ years of recent Mortgage Underwriting Experience (FHA, VA 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 Empower LOS is a plus
Strong analytical skills; accuracy, consistency and completeness is 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
Proven knowledge of closing, post-closing & quality control responsibilities
SAFE ACT LANGUAGE
Mortgage Loan Originator (MLO)– A person who takes a consumer residential mortgage loan application that is to be secured by a dwelling and offers or negotiates terms of credit for compensation or gain. This Includes KBM, branch, private banking and call center personnel who originate first or subordinate lien mortgages, refinances, and/or home equity loans/lines of credit. Excludes a person who performs purely administrative or clerical tasks on behalf of a mortgage loan originator, those engaged in cost-free loss mitigation efforts or loan assumptions, and bank employees subject to the de minimis exception .
If this position fits the Mortgage Loan Originator definition provided above, the following statement must be added to the Required Qualifications section of the job description:
Employees in this job are required to comply with all rules and regulations of The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (The SAFE Act).
KeyCorp’s roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies with assets of approximately $101 billion as of June 30, 2016. The acquisition of First Niagara Financial Group, which became effective on August 1, 2016, is expected to add assets of approximately $40 billion, based on June 30, 2016 balances. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.
ABOUT THE BUSINESS:
Key Community Bank serves individuals and small to midsized businesses from Maine to Alaska through our 15-state network of over 1,200 branches, 1,500 ATMs, telephone banking and robust online and mobile platforms. KeyBank’s Consumer/Business Banking segment provides consumers and small business owners with straightforward banking solutions and personal finance expertise that helps them make confident financial decisions today and plan for tomorrow. Key Private Bank offers wealth planning that follows a consistent, disciplined approach guided by objective advice based on each unique situation. KeyBank Commercial Bank offers midsize business financial services that drive growth and profitability and help business owners identify new opportunities with products and services including deposit, cash management, investment services, commercial lending, equipment leasing, and asset-based lending.
FLSA STATUS: Non-Exempt
KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.