US Mortgage Live Underwriter - Job Description
Role Summary
We are seeking an experienced and highly analytical US Mortgage Live Underwriter to join our team. The ideal candidate will possess extensive, mandatory knowledge of conventional, VA, and FHA loan products, Fannie Mae/Freddie Mac guidelines, and automated underwriting systems. This role demands a high level of proficiency in real-time, "live" underwriting, ensuring swift and accurate loan decisions.
Mandatory Requirements & Responsibilities
- Loan Expertise : Possess extensive, mandatory working knowledge of Conventional, VA, and FHA loan programs, including all relevant agency guidelines.
- Agency Guidelines :Demonstrate comprehensive and expert working knowledge of Fannie Mae (FNMA) and Freddie Mac (FHLMC) Guidelines.
- The 4 C's : Extensive working knowledge of the 4 C's of Underwriting:
- Credit: Evaluating the borrower's credit history and score.
- Capacity: Determining the borrower's ability to repay the loan (e.g., Debt-to-Income ratio).
- Collateral: Assessing the property's value (e.g., through appraisal).
- Capital: Reviewing the borrower's assets and reserves.
- Automated Underwriting Systems (MANDATORY): Know the functionality, inputs, and outputs of Automated Underwriting Systems (AUS) in detail:
- DU (Desktop Underwriter - Fannie Mae)
- LP (Loan Prospector/Loan Product Advisor - Freddie Mac)
- GUS (Guaranteed Underwriting System - USDA Rural Development)
- Income Calculation Expertise Be well-versed in complex income calculations for various product types, covering both salaried (W-2) and self-employed (tax returns, P&L statements) borrowers.
- Live Underwriting: Review, analyze, and render final credit decisions on mortgage loan applications in a live environment, ensuring compliance with all product, regulatory, and investor guidelines.
Good to Have Skills & Knowledge
- Working knowledge of additional product types is a significant advantage, including:
- USDA (US Department of Agriculture)
- Jumbo (Non-conforming loans)
- Reverse Mortgages
- Non-QM (Non-Qualified Mortgages)
- HELOC (Home Equity Line of Credit)
- Knowledge of other specific agency guidelines (beyond FNMA/FHLMC) is a plus.