Mortgage Underwriter III

Location: VA Winchester - Operations Full/Part Time: Full-Time Regular/Temporary: Regular

Job Description


Why You Will Love Being Part of the Navy Federal Team:

*Competitive compensation with opportunities for annual raises, promotions, and bonus potential
*Best-in-Class Benefits! (7% 401k match / Pension plan / Tuition reimbursement / Great insurance options)
*On-site amenities include fitness center, wellness center, cafeteria, etc. at Pensacola, FL; Vienna, VA and Winchester, VA campuses
*Consistently Awarded Top Workplace
*Nationally recognized training department by TRAINING Magazine IND123
*An employee-focused, diverse, and service-oriented workplace environment

Basic Purpose

To evaluate and underwrite conventional and home equity loan applications, as well as FHA and VA loans, Jumbo and self-employed mortgage loans nation-wide according to specific state and federal requirements limiting the risk exposure to Navy Federal's mortgage portfolio. To collect and organize required loan and property documentation to make appropriate decisions on the acceptability of the investment risk using established guidelines of NFCU, secondary market investors, and applicable state and government regulations.
• Analyze credit and credit reports independent of scoring systems to confirm loan eligibility
• Analyze exceptions and rejections; recommend alternative mortgage products better suited to the loan applicant
• Approve mortgage loans and authorize loan disbursements based on a complete analysis of submitted documentation and applicable rules and regulations
• Collaborate with managers and participate in mentoring sessions for Mortgage Processors, Mortgage Closers and Mortgage Loan Officers
• Collaborate with training team to maintain the on-line manual to ensure all guidelines are conveyed accurately and consistently
• Determine the acceptability and marketability of the real estate property to ensure there is sufficient collateral to secure the loan
• Evaluate assets needed to close the loan and determine the acceptability and adherence to investor requirements
• Perform secondary review of loans that are suspended and/or declined
• Prepare and present counter-offers on marginal loans; prepare adverse action (loan disapproval) notifications, with awareness of the compliance provisions of the regulatory agencies
• Review and evaluate documents to ensure adherence to Navy Federal, NCUA, USPAP and all other relevant industry guidelines to ensure loan acceptance
• Review/understand effects of contracts related to real estate, such as age restrictions, HOAs, etc.
• Willingness to obtain VA SAR within 24 months of successful employment or promotion to level III
• Work closely and collaboratively with loan originator and processor to ensure all appropriate data is obtained
• Perform other related duties as assigned
Qualifications and Education Requirements
• Significant experience in mortgage underwriting
• Advanced knowledge of mortgage/equity loan processing, closing and documentation requirements and regulations
• Advanced knowledge of underwriting process and understanding of applicable criteria, guidelines, rules and regulations
• Working knowledge of tax return and balance sheet analysis
• Effective database and presentation software skills
• Effective organizational, planning and time management skills
• Effective research, analytical, and problem solving skills
• Effective skill conducting complex business financial analysis
• Effective skill exercising initiative and using good judgment to make sound decisions
• Effective skill making effective presentations to groups of various sizes
• Effective verbal and written communication skills
• Effective word processing and spreadsheet software skills
Hours: Monday - Friday, 9:00AM - 5:30PM
Location: 141 Security Drive, Winchester, Virginia 22602

Equal Employment Opportunity

Navy Federal values, celebrates, and enacts diversity in the workplace.  Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans.  EOE/AA/M/F/Veteran/Disability


Navy Federal reserves the right to fill this role at a higher/lower grade level based on business need.

Bank Secrecy Act

Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.