Plaza Home Mortgage, Inc., a national wholesale mortgage company headquartered has full-time opportunities for Level 1 Underwriters to train and join our Westcoast, Midwest, and East Coast Divisions!
Founded in 2000, Plaza Home Mortgage, Inc. is a privately owned, full-service national lender, offering Wholesale, Correspondent, Renovation and Reverse residential mortgages. Headquartered in San Diego, California, Plaza maintains a network of Operations Centers and employs mortgage associates nationwide. Plaza is dedicated to building quality, long-term relationships with its mortgage broker and correspondent clients by offering comprehensive programs and exceptional customer experience.
PRIMARY PURPOSE OF JOB AND CONTRIBUTION TO ORGANIZATION:
After attending and passing a 4-6 week instructor-led training course for new hires with no prior underwriting experience, the associate will be responsible for the review of residential loan file documents. This associate will sign off on underwriting conditions that are both non-credit and credit-qualifying, depending upon lending authority.
ESSENTIAL TASKS AND RESPONSIBILITIES: The following job functions are not all-inclusive. The associate will be required to perform other job-related tasks/responsibilities requested by the manager. Job duties may change as required by needs of company. Must complete all required industry and compliance training as required by Plaza Home Mortgage.
1. Ability to complete the training class and second review process.
2. Ability to meet production requirements within 90 days post training.
3. Knowledge of FNMA, and FHLMC documentation and general guidelines/standards.
4. Understanding the process cycle of a loan from origination through closing.
5. Use of AUS scoring engines and interpreting findings.
6. How to sign off on underwriting conditions within authority (lending authority to be approved by Corp Underwriting).
7. Perform accurate data validation of file and update system of record, certifying system data integrity.
8. Act as a liaison by communicating loan decisions and conditions to CSRs, Brokers, and Correspondent clients.
9. Run and review quality control tools – i.e. FraudGuard and Early Check.
10. Assist in resolving branch post-cliosing issues, if applicable.
11. Loan Review and Analysis:
- Run credit as required and evaluate the credit report
- Perform mortgage credit analysis, with or without the assistance of an AUS system for Conventional loans, to determine borrower’s willingness and ability to repay the mortgage
- Review credit documents for completeness and accuracy
- Perform detailed review of appraisal for one-to-four family residential properties to determine acceptability of security for sale to Fannie Mae and Freddie Mac as well as loans sold to investors
- Partner with Sales to ensure mortgage applications are originated efficiently and in compliance with all Plaza Home Mortgage regulatory requirements, especially as it pertains to Underwriting
- Complete required worksheets – i.e. Pre-Closing Checklist; Income Calc Worksheet