Condo Project Underwriter I/II

Company: Navy Federal Credit Union
Location: Pensacola
Posted on: September 3, 2024

Job Description:

Overview To verify, validate and facilitate Condominium Project documentation for Navy Federal mortgage loan originations to ensure project meets compliance with Investor and NFCU guidelines. Analyze and organize required loan and property documentation. Evaluate conventional and home equity loan applications and loan appraisal reports. Underwrite the loan as necessary; meet appraisal guidelines and limit the risk exposure to Navy Federal's mortgage portfolio. Apply the established guidelines of Navy Federal, secondary market investors, and regulatory agencies. Maintain current knowledge of Navy Federal mortgage and equity products, and changes to investor guidelines and regulatory requirements that impact underwriting. Serve as a Condominium Project Management resource and liaison between Condominium Project Management team and other business units within NFCU. Work under minimal supervision. Perform moderately complex/varied tasks with moderate latitude and analysis.Responsibilities

• Working Conditions: Essential Personnel; schedules may be variable (days and hours); days and hours of shift may change to meet business need and member service demands.
• Review and audit condominium project loan documents to ensure compliance with internal policies and procedures, as well as relevant investor guidelines/requirements
• Document key project information in the Condominium Project database, validate and track approval/rejection status
• Validate Condominium Project insurance documentation for adequacy of coverage
• Determine the acceptability and marketability of the real estate property to ensure there is sufficient collateral to secure the loan
• Review/understand effects of contracts related to real estate, such as age restrictions, HOAs, etc.
• Work closely and collaboratively with loan originator and processor to ensure all appropriate data is obtained
• Manage a pipeline of loans; remain aware of pending due dates; monitor and act upon review updates and new assignments to ensure member service expectations are met
• Communicate to production staff any changes, revisions, or corrections that occur after initial review; ensure timely follow up
• Respond to inquiries from production staff and other business units concerning loans in review and advanced underwriting issues; address and document issues in systems
• Review and decisions for condo project eligibility; determine and add conditions to loan file in systems; issue counter offers and denials
• Make appropriate decisions based on the acceptability of the investment risk using established Navy Federal, investor, and regulatory guidelines, including applicable state and government regulations
• Recommend for denial or exception, properties that do not meet necessary guidelines and regulations
• Underwrite loans as necessary; meet appraisal guidelines and limit the risk exposure to Navy Federal's mortgage portfolio
• Collaborate with managers and participate in mentoring sessions for Mortgage Processors, Mortgage Closers and Mortgage Loan Officers
• Understand and comply with federal and other regulations relating to financial products and services
• Perform other duties as assignedQualifications
  • Exposure to reviewing and interpreting residential property appraisals
  • Exposure to the insurance, audit field and/or underwriting arena
  • Experience in mortgage processing, closing, originating, and/or servicing
  • Familiarity with mortgage underwriting principles, secondary market (FNMA and FHLMC) and/or relevant regulatory requirements
  • Working knowledge of mortgage/equity loan processing, closing and documentation requirements and regulations
  • Experience in mortgage accounting and financial concepts and their application
  • Familiarity with underwriting process and understanding of applicable criteria, guidelines, rules and regulations
  • Familiarity with FNMA, FHLMC, and private mortgage investors and insurers mortgage collection, bankruptcy and foreclosure processes/policies. mortgage and equity loan products, services, processes and procedures
  • Experience in financial transaction/processing related responsibilities
  • Working knowledge of financial institution and lending practices, principles and regulations
  • Significant experience in managing multiple priorities independently and/or in a team environment to achieve goals
  • Experience in working with all levels of staff, management, stakeholders, vendors
  • Ability to work effectively and efficiently with automated systems
  • Advanced skill reviewing documents for errors, inconsistencies or missing information
  • Advanced research, analytical, and problem solving skills
  • Advanced skill following, interpreting and applying guidelines, procedures, practices, regulations
  • Advanced skill exercising initiative and using good judgment to make sound decisions
  • Advanced organizational, planning and time management skills
  • Advanced verbal and written communication skills
  • Advanced skill navigating multiple screens and PC applications and adapting to new technologies
  • Advanced skill performing mathematical calculations and working accurately with numbers
  • Advanced word processing and spreadsheet software skillsDesired Qualification(s)
    • Working knowledge of NFCU mortgage products, services, programs, policies and procedures
    • Working knowledge of NFCU products, services, programs, policies and proceduresHours: Monday - Friday, 8:00AM - 4:30PMLocation: 820 Follin Lane, Vienna, VA 22180 - 5550 Heritage Oaks Drive Pensacola, FL 32526About Us Navy Federal provides much more than a job. We provide a meaningful career experience, including a culture that is energized, engaged and committed; and fierce appreciation for our teams, who are rewarded with highly competitive pay and generous benefits and perks. * Best Companies for Latinos to Work for 2024* Computerworld Best Places to Work in IT* Forbes 2024 America's Best Large Employers* Forbes 2023 The Best Employers for New Grads* Fortune Best Workplaces for Millennials 2023* Fortune Best Workplaces for Women 2023* Fortune 100 Best Companies to Work For 2024* Military Times 2023 Best for Vets Employers* Newsweek Most Loved Workplaces * Ripplematch Campus Forward Award - Excellence in Early Career Hiring* Yello and WayUp Top 100 Internship ProgramsFrom Fortune. 2024 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Navy Federal Credit Union.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 EOE/AA/M/F/Veteran/DisabilityHybrid Workplace: Navy Federal Credit Union is a hybrid workplace, and details will be discussed during your interview process.Disclaimers: Navy Federal reserves the right to fill this role at a higher/lower grade level based on business need. An assessment may be required to compete for this position. Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team's discretion based on qualified applicant volume. Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market positionBank Secrecy Act: Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.

Keywords: Navy Federal Credit Union, Pensacola , Condo Project Underwriter I/II, Other , Pensacola, Florida