Loss Mitigation Underwriter

Beavercreek, Ohio 45431

Post Date: 01/17/2018 Job ID: 27010 Industry: Other Area(s)

The  Loss Mitigation  Underwriter will underwrite  loan modifications for both HAMP and non-HAMP eligible loans in accordance with Treasury, Company and Investor guidelines while following company’ s policies and procedures under general supervision. Makes sound underwriting decisions and ensures that all decisions meet legal and policy requirements. Perform all duties in accordance with the company’ s policies and procedures, all US state and federal laws and regulations, wherein the company operates.  This includes ensuring all tax, title, insurance, and closing documentation associated with the loan applications are accurate and complete, and approving or denying loan applications based on compliance with underwriting standards and risk management factors

  • Perform a thorough analysis to ensure the quality of each loan and to determine compliance with Treasury, Company and Investor guidelines.
  • This individual will understand the complexity of mortgage regulations and compliance
  • Expertise with Fannie Mae Servicing Guidelines
  • Demonstrates and maintains an up-to-date knowledge of and ensures on-going compliance with applicable regulatory requirements, such as BSA, OFAC, CIP, TRID, HMDA and internal policies and procedures. Takes initiative by staying up to date on secondary market underwriting guidelines.
  • Perform timely and accurate underwriting of applications for mortgage loans submitted to the to determine compliance with the requirements, as well as the requirements of FNMA, FHLMC, FHLB, PHFA, the VA, the FHA, etc.

Other duties may include:
  • Apply payment waterfall to determine HAMP eligibility (rate reduction, term extension, deferred principal).
  • If applicable, identify the type(s) and amounts of liquid assets the borrower holds. 
  • Determine and communicate needed conditions to properly document the file (reason for default letter, updated pay stubs, bankruptcy papers, etc.).
  • Complete system tasks as required to maintain compliance with Treasury, Company and Investor guidelines.
  • Document final decision and update system of record.
  • Perform other duties as assigned.
  • Conduct Verification of Income (VOI).
  • Calculate customer’ s front and back-end debt to income ratio.
  • Verify occupancy, hardship and income.

  • 2 to 5 years' of underwriting background in HAMP/Streamline/Flex modification/Loan Modification and servicing/loss mitigation experience.
  • High school diploma or equivalent required.
  • Advanced industry related experience preferred.
  • Familiarity with SMDU or HSSN preferred

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