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Mortgage Senior Underwriter in New Haven, CT at Key Bank-
Corporate Headquartered in Cleveland, Ohio, KeyCorp (Key) is one of
the nation’s largest financial services companies. Key provides
investment management, retail and commercial banking, consumer
finance and investment banking products to individuals and
companies throughout the United States and, for certain businesses,
Our goal is to be the best regional bank in the U.S. What that
means is we put our clients’ needs first and take a customized
approach to meeting those needs. At Key we’ve made a promise to our
clients that they will always have a champion in us. To deliver on
that promise, we’re committed to building a team of engaged
employees who do the right thing for our clients and help them
achieve their financial goals each and every day.
Job Description ABOUT THE JOB (JOB BRIEF)
The Mortgage Senior Underwriter is responsible for reviewing,
analyzing and approving residential loan applications. The Mortgage
Senior Underwriter is also responsible for verifying income,
assets, credit and collateral documents including self-employed
personal and business tax returns. The Mortgage Senior 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 for up to $750,000. 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
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
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
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
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 &
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
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
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
Perform Second Level One up Reviews on those loans recommended
for approval above someone’s lending authority.
Once approved, has lending authority up to $750,000
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 strongly preferred ; 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
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
Must have proficient written and verbal communication skills
Proven knowledge of compliance and disclosure requirements
Proven knowledge of closing, post-closing & quality control
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).
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.
Joining our Talent Network will enhance your job search and
application process. Whether you choose to apply or just leave your
information, we look forward to staying connected with you.
At Key, we’re committed to diversity and inclusion in all we do.
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 email.