Renovation Underwriter

CrossCountry Mortgage (CCM) is the nation's number one distributed retail mortgage lender with more than 7,000 employees operating over 700 branches and servicing loans across all 50 states, D.C. and Puerto Rico. Our company has been recognized ten times on the Inc. 5000 list of America's fastest-growing private businesses and has received many awards for our standout culture.

A culture where you can grow! CCM has created an exceptional culture driving employee engagement, exceeding employee expectations, and directly impacting company success. At our core, our entrepreneurial spirit empowers every employee to be who they are to help us move forward together. You’ll get unwavering support from all departments and total transparency from the top down.

CCM offers eligible employees a competitive compensation plan and a robust benefits package, including medical, dental, vision, as well as a 401K. We also offer company-provided short-term disability, an employee assistance program, and a wellness program.

Position Overview:
The Renovation Loan Underwriter is responsible for providing consistent, accurate and quality loan decisions in accordance with CrossCountry Mortgage, LLC. and secondary market investor standards. This position is responsible for evaluating conventional, FHA, VA and USDA loans to maximize organizational profit and minimize risk or loss and examining loan documentation for accuracy and completeness. The Renovation Loan Underwriter will collaborate with loan originators, branch managers and/or production staff to secure all required documents. The Renovation Loan Underwriter is responsible for validating income, asset and collateral documents including self-employed tax returns. The Renovation Loan Underwriter may be involved in one or several types of mortgage lending (conventional, government-backed, etc.). Lending authorities include conventional, government, and jumbo loan programs. Excellent phone and communication skills and the responsibility of providing superior customer service to internal and external customers required.

Job Responsibilities:
• Evaluate loan applications for risks and various criteria such as investor requirements, accuracy, consistency, and completeness.
• Review renovation-related documents to ensure they meet agency requirements including renovation contracts, plans and specs, description of materials, HUD consultant work write ups, etc.
• Review new loan files to ensure loan meets investor and program criteria. Minimum standard of 60 loans per month and a turn time of 24 hours required.
• Review 1003 and transmittal for accuracy and completeness. Compares to findings to verify that all information matches.
• Review credit report and compares to liabilities on 1003. Verifies the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed. Requests updated mortgage history if needed.
• Calculate income using documentation required per investor, questioning any large changes in income.
• Review assets statements to compare them to required assets. Requires documentation and source for any recent large deposits.
• Review title to verify borrower has ownership on a refinance transaction and that the seller has ownership for purchase transaction. Checks that chain of title meets investor requirements. Verifies there are no unpaid liens or judgments and that all mortgage liens are being paid off through the transaction. Compares tax figures to 1003.
• Review appraisal to ensure the value is supported and that the appraiser has provided complete accurate appraisal. Orders value review on loans considered high risk.
• Review loan file to make sure regulatory, state, and federal (Patriot Act) compliance has been met.
• Calculate net tangible benefit for those states that require this test.
• Verifies that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty.
• Review final conditions turned in for Underwriting Final Approval within 24 hours.
• Review a minimum number of files per day as assigned by the Underwriting Manager of between 4-8 files per day, to include new submissions, re-submissions, and final conditions.
• Maintain current and fluid knowledge of investor and agency guidelines.
• Approve loans with proper documentation or recommend further action.
• Communicate effectively and engage proactively with loan originators, processors, branch managers, funders and post-closers regarding loan decisions, assignment of loan conditions, investor guidelines/documentation requirements and possible loan scenarios.
• Apply knowledge of underwriting and pre-underwriting to best serve loan applicants and investor needs.
• Perform other related duties as assigned.

Qualifications and Skills:
• Bachelor’s degree or equivalent combination of education and experience.
• Must have 2 years of renovation lending underwriting experience.
• 5+ years of mortgage underwriting experience (FHA, VA and conventional) with agency guideline knowledge.
• DE, SAR and LAPP certifications are required; experience with USDA, a plus.
• Working knowledge of ATR/QM requirements.
• Encompass LOS experience, a plus.
• Proficient in Microsoft Word, Excel and Outlook.
• Must have proficient communication skills.
• Knowledge of compliance and disclosure requirements.
• Knowledge of closing, post-closing & quality control responsibilities.
• Ability to work remotely.

This job description is intended to convey information essential to understanding the scope of the job and the general nature and level of work performed by job holders within this job. However, this job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.