Spring EQ is a national home equity lender providing flexible and tailored financing solutions directly to consumers with a national network of experienced brokers and partners. The Mortgage Underwriter - TPO is responsible for underwriting residential mortgage loan applications that are submitted through third-party origination (TPO) channels, including mortgage brokers and correspondent lenders.
Requirements
- Review and underwrite mortgage loan applications submitted through TPO channels to ensure they comply with investor, agency, and regulatory guidelines.
- Analyze borrower financial documents, including credit reports, tax returns, bank statements, and employment verification, to assess creditworthiness and loan eligibility.
- Evaluate property appraisals, title reports, and other supporting documents to ensure the accuracy and completeness of loan applications.
- Approve, deny, or suspend loan applications based on established underwriting criteria, balancing risk management with company policies.
- Underwrite a variety of loan products, including conventional, FHA, VA, USDA, and non-conforming loans.
- Ensure that all loans meet investor guidelines, federal regulations, and internal policies before making final underwriting decisions.
- Serve as the primary point of contact for TPO partners, including mortgage brokers and correspondent lenders, to answer questions about underwriting guidelines, loan status, and documentation requirements.
- Maintain strong relationships with TPO partners by providing timely responses to inquiries, offering guidance on loan files, and troubleshooting any underwriting issues that arise.
- Communicate clearly with TPO partners to resolve issues related to documentation, loan conditions, and any underwriting exceptions.
- Collaborate with TPO partners to ensure that all necessary documentation is submitted and that underwriting conditions are met.
- Ensure all loans comply with relevant regulatory requirements, such as RESPA, TILA, ECOA, HMDA, and other applicable federal and state laws.
- Review loan files for potential discrepancies, fraud risks, and non-compliant documentation. Escalate any issues as necessary to senior management.
- Stay current with changes in regulations, investor guidelines, and market conditions to ensure compliance and minimize risk.
- Perform audits of loan files and ensure that underwriting decisions align with investor requirements and company policies.
- Make informed decisions on loan approvals, denials, or suspensions, ensuring that all underwriting decisions are based on a thorough analysis of borrower documentation and risk factors.
- Document all underwriting decisions, including rationale for any exceptions or deviations from standard guidelines.
- Issue clear, concise underwriting decisions and communicate them to TPO partners, ensuring that conditions for approval are well-defined.
- Ensure that all loan files contain the appropriate documentation and meet the standards necessary for final approval.
- Review loan files for completeness, accuracy, and compliance with investor and regulatory guidelines.
- Conduct regular quality control reviews of underwritten loans to ensure high standards of accuracy and compliance.
- Identify potential underwriting issues or risks, offering solutions to mitigate those risks before loans are finalized.
- Provide recommendations for process improvements or procedural changes to enhance underwriting accuracy and efficiency.
- Provide guidance and mentorship to junior underwriters and assist them with complex loan files and difficult underwriting scenarios.
- Participate in ongoing training sessions to stay updated on changes to underwriting guidelines, investor requirements, and industry regulations.
- Help develop training materials or programs to improve underwriting skills within the team and promote continuous learning.
- Work collaboratively with loan processors, closers, and other departments to ensure that loan files are processed efficiently and meet necessary deadlines.
- Track and report key underwriting performance metrics such as loan volume, approval/denial rates, and loan turnaround times to management.
- Participate in team meetings, performance reviews, and other internal activities to ensure consistent adherence to underwriting standards and company objectives.
- Monitor personal and team performance, ensuring compliance with loan volume, underwriting quality, and timeline requirements.
- Identify areas of improvement within underwriting processes and recommend adjustments to streamline workflows, reduce errors, and improve efficiency.
- Stay proactive in enhancing knowledge of industry trends, guidelines, and technology that can improve the underwriting process.
Benefits
- 401k Company Match
- Annual Charitable Matching Gift Program
- Commuter Benefits
- Company Holidays
- Credit Union Membership
- Dental Insurance
- Dependent Care Plan
- Disability Insurance
- Employee Assistance Program
- Life Insurance
- Medical Insurance
- Paid Time Off Plan
- Vision Insurance
- Weekly Non-Management Dinner Benefit
