Senior Underwriter

Move your career forward at Old Second.

Position Overview

The Senior Mortgage Underwriter is primarily responsible for underwriting files in accordance with secondary market, investor and/or FHA/VA guidelines.  Essential duties also include maintaining compliance with regulatory guidelines, ensuring integrity of data when using automated underwriting systems, and collaborating with processing staff to gather additional information needed.  Incumbent serves as a departmental leader regarding underwriting procedures, monitoring dynamic investor requirements, and making recommendations regarding underwriting policy to reduce company risk.

Essential Job Functions

• Underwrites loan files in accordance with secondary market, investor, IHDA, and/or FHA/VA guidelines.
• Evaluates property appraisal to determine compliance with appropriate guidelines.
• Must have the ability to read and analyze tax returns and financial statements.
• Maintains awareness of current and ever-changing investor/agency/government guidelines.
• Keeps informed of current underwriting practices and assists in updating the Bank underwriting policies.
• Confers with Processors/Loan Officers to aid in resolving issues that arise during the underwriting or closing of loans.
• Assists in training the mortgage department staff as well as the processors and loan officers on underwriting guidelines.
• Follows protocol to ensure integrity of loan application data.
• Serves as subject matter expert in this area.
• Communicates risk to sales/operations staff.
• Manages risk exposure for bank.
• Assist Sales staff with questions or loan scenarios to properly structure loan requests.

Secondary Job Functions

• Responsible for research and compilation of documentation related to repurchase requests, MI inquiries, and investor quality reviews.
• Build company’s case supporting compliance and adherence to vendor requirements.
• May train junior Underwriters on FHA underwriting policy/procedures.

Minimum Requirements

• Bachelor’s degree and three years of residential underwriting and/or consumer lending experience, and/or retail banking experience; or combination of experience and education.
• Designated FHA DE Underwriter
• Fannie Mae, Freddie Mac, FHA, and VA Guidelines
• Regulatory compliance requirements

Competencies

• Strong customer service skills
• Excellent organizational ability
• Ability to interpret and communicate regulations, policies, and protocol

Preferred, but not required

• College degree in banking, finance or accounting

Location Details

This position is considered a hybrid role.  With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role.  Actual schedule requirements may vary based upon business needs.

Compensation & Benefits

Base pay:  $76,200 - $95,000 

Old Second is committed to fair and equitable pay practices.  Pay is dependent upon the pay range and the incumbent’s knowledge, skills and experience. 

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