This position is responsible for the underwriting of mortgage loans made by the Mortgage Loan Department, which includes underwriting FHA, VA and Conventional files, MI (Mortgage Insurance), and any other special programs Alerus Mortgage offers. The senior level underwriter also assumes responsibility to underwrite highly complex files and requires SARS/DE certification.
Job Function 1: Underwriting - 75%
- Determine if application represents an acceptable risk. This includes assessing the collateral as being acceptable, and assessing the borrower as being an acceptable credit risk.
- Underwrite loan files up to the highest complexity, including self-employed borrowers, government loans and potentially Alerus portfolio loans.
- Review and analyze complex personal and business tax returns and financial statements.
- Underwrite each file first to agency guidelines, then to investor overlays and, if applicable, overlays from the MI companies.
- Communicate directly with appraisers for any additional items needed on appraisals.
- Communicates conditions of approval or deficiencies that will need to be cleared in order for approval to be issued to Loan Officers and Processors.
- Answer questions from production staff and assist them in structuring files as needed.
- Complete training as needed for participation in bond programs and rural housing.
- Communicate to Director, Underwriting areas where training of production staff may be needed.
Job Function 2: Underwriting Guidelines - 25%
- Maintain strong knowledge of investor loan products and guidelines.
- Effectively use AllRegs and Market Clarity to determine the best investor for the loan based on the loan request.
- Minimum of 5 years conventional and government underwriting experience.
- Associates degree or equivalent combination of education and/or related experience.
- HUD Direct Endorsement (DE) designation.
- VA Staff Appraisal Reviewer (SAR) designation.
- Strong knowledge of regulatory compliance requirements and advanced knowledge of Fannie Mae/Freddie Mac guidelines.
- Strong organizational skills with the ability to coordinate, prioritize and complete work within established deadlines.
- Strong technical and analytical skills.
- High attention to detail.
- Excellent verbal, written and interpersonal skills.
- Ability to interact with all levels of the organization.
- Experience interpreting and applying state, federal, and agency legal and compliance requirements.
- Ability to work under pressure while maintaining a pleasant disposition.
Physical Demands - must be met with or without a reasonable accommodation:
- Extended periods of time sitting at a desk and using office equipment.
- Ability to operate a personal computer/laptop for approximately 8 hours per day.
- Extended time is spent reviewing physical and electronic documents.
- The employee is occasionally required to stand, walk, reach with arms and hands, climb or balance, and to stoop, kneel, crouch or crawl. Vision abilities required by this job include close vision.
- Periodically, may also do light lifting of supplies and materials which weighs in at approximately 20 lbs.
- Will spend most of time in an indoor environment.
This Job Description identifies the major responsibilities of this job. It does not include all aspects of the position, such as the potential additional duties assigned by the Manager, the requirement for flexibility in helping others, or the highly valued team-oriented approach used for the overall benefit and success of Alerus Financial.
Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.