Underwriter/Sr Underwriter - US Residential Mortgage Process

Underwriter / Sr. Underwriter US residential Mortgage Process

Location: Chennai, Mumbai, Gurgaon & Work from home option available

Underwriting Overview:

- Mortgage underwriting is an evaluation process to assess the creditworthiness of the borrower and a review of the property being used as collateral for the mortgage loan. A review of the creditworthiness of the borrower is used to determine the ability and willingness to repay the mortgage. Underwriter also has to comply with Investor and Lender specific guidelines during the review.

- Property review is used to determine if the property provides sufficient value to recover Lender's credit exposure in case there is a default. Mortgage underwriter plays a critical role in the Mortgage life cycle by determining the salability of a loan

Profiles that we are looking for

- Should be a US Mortgage Residential Underwriter in Loan Origination Process

- Should have 4C`s

- Should have Experience on navigating and utilizing Fannie Mae and Freddie Mac websites and selling guides

- Experience in calculating self employment income

Key Process Steps:

Review Initial application:

- Verify loan, property, borrowers information with other available documents

- Verify borrower's monthly income and expenses

- Verify other relevant sections

Review all the documents related to borrower's Credit, Capacity, Collateral and Capital and Disclosures:

Credit:

- Verifying credit profile

- Review borrower's credit history and highlight discrepancies

- Calculate borrower's liabilities

- Raise condition for required documents for issues according to agency/client guidelines

Capacity :

- Assessing income for qualifying

- Calculate borrower's income (Salaried / Self-employed)

- Calculate all other sources of income

- Raise condition for required documents for issues according to agency/client guidelines

Collateral:

- Property title and valuation review

- Review all forms of collateral for the file (appraisal report, purchase contract, prelim report, etc)

- Calculate TIA for all the borrower's properties

- Raise appropriate conditions

Capital:

- Assess the availability of funds required for reserve or closing

- Verify and calculate assets as per guideline from different type of asset statements

- Calculate asset required for closing and reserve purpose for the transaction (as per guideline)

- Calculate various ratios for ex LTV, CLTV, DTI

- Raising conditions and making recommendations on the file

Angeline
09822524763
GPS