Job Description
Position Summary: The Junior Credit and Collateral Underwriter is an entry point into the underwriting career path for experienced mortgage professionals. This role combines foundational credit underwriting responsibilities with comprehensive collateral review, ensuring that all non-credit elements of the loan—such as appraisals, title, insurance, and purchase agreements—meet investor and regulatory standards. The Junior Underwriter supports the underwriting team by managing adverse action decisions, performing preliminary credit reviews, and coordinating with internal and external partners to maintain file accuracy and compliance. Over time, this role progresses to issuing credit decisions on conventional transactions and handling more complex collateral scenarios, building the expertise required for advancement to more senior underwriting roles. This role is eligible for hybrid work from home opportunity under the work from home guidelines up to one day per week upon completion of onboarding. Essential Functions - Responsible for all adverse action decisioning. Reviews declined loan requests to ensure all possible options for the borrower have been considered, confirms that any denial is based solely on permissible reasons under Regulation B, and determines whether a referral to in-house lending should be initiated by the loan officer.
- Coordinate with loan officers and processors to gather necessary information for adverse action requests related to application misrepresentation, fraud, or other risks, such as address discrepancies or credit explanations.
- Perform preliminary reviews of loans submitted and awaiting credit underwriting, as needed, to ensure files are complete and ready for successful underwriting.
- Prepare preliminary reviews of automated underwriting findings and validate data input; issues new construction loan approval letters for requests secured by properties under initial construction.
- Responsible for pipeline management of loans submitted for non-delegated credit underwriting including uploading files to contract or investor underwriting, importing and managing credit conditions from non-delegated underwriters, and coordinating credit clear-to-close with external parties and internal mortgage staff.
- Responsible for preliminary credit underwriting for loan assumption requests initiated by borrowers in repayment or loan servicing. Manages the lifecycle timeline of the credit review portion of the assumption process, ensuring timely and accurate completion.
- Provide administrative support for the overall underwriting process, including collecting and handling documents, working jointly with underwriters and managers to ensure loan files are complete and accurate. Verifies accuracy of data between documents and system records.
- Underwrite 1–4 family residential appraisal reports, ensuring compliance with investor guidelines, USPAP standards, and applicable federal and state regulations.
- Work with the appraisal coordinator to resolve clerical and material deficiencies in appraisal reports, ensuring compliance and timely completion.
- Underwrite homeowners insurance policies and title reports to ensure compliance with investor and agency requirements, bank policies, and applicable regulations. Reviews coverage adequacy, endorsements, lien positions, and title exceptions to confirm insurability and clear ownership for closing.
- Review property condition using appraisal photos and narrative, identifying issues that require repairs or additional inspections in accordance with investor guidelines, agency standards, and internal policies.
- Utilize Fannie Mae’s Collateral Underwriter (CU) to review appraisal risk scores, analyze red flags, and validate appraisal quality and property eligibility. Reviews condominium project questionnaires and certify new condo regimes in Condo Project Manager (CPM) as required.
- Review purchase agreements to ensure accuracy and compliance with investor and agency requirements. Verifies key contract elements such as purchase price, seller concessions, property details, and closing timelines. Confirms consistency between the purchase contract and loan application data, identifies discrepancies, and escalates issues as needed to mitigate risk and maintain regulatory compliance.
- Ensure adherence to all bank policies, law, and regulations applicable to the underwriting guidelines.
- Report compliance issues and violations in accordance with bank policies.
- Regular and reliable attendance is an essential function of this position.
- Perform other job-related duties or special projects as assigned.
Qualifications - High school diploma or equivalent required; associate or bachelor’s degree in business, finance, or related field preferred.
- Minimum of 5 years of experience in mortgage lending, loan processing, or related roles.
- Prior exposure to credit analysis, collateral review, residential appraisals, or compliance functions strongly preferred.
- Familiarity with secondary market guidelines (Fannie Mae, FHLB) and basic understanding of FHA/VA programs.
- Working knowledge of mortgage documentation, title reports, homeowners insurance, and appraisal standards (USPAP).
- Experience with automated underwriting systems (e.g., Desktop Underwriter) and Collateral Underwriter preferred.
- Proficiency in Microsoft Office Suite and mortgage loan origination systems (Encompass experience preferred).
- Within three years, successfully progress to underwriting conventional loans, such as cash-out or rate and term refinances, with the ability to issue credit decisions in accordance with secondary market standards and guidelines.
- Must be able to obtain FHA Direct Endorsement (DE) certification to decision FHA appraisals within two years.
Preferred Talents - Demonstrate eagerness to learn and grow within the underwriting discipline, embracing feedback and development opportunities.
- Strong attention to detail and accuracy when reviewing complex documentation.
- Ability to adapt quickly to shifting priorities and maintain effectiveness in a dynamic environment.
- Build trust and credibility with peers and stakeholders through clear communication and reliability.
- An analytical thinker with the ability to identify potential risks and escalate appropriately.
- Comfortable working with technology tools such as automated underwriting systems and appraisal review platforms.
- Customer-focused mindset, ensuring decisions and actions support a positive borrower experience.
- Highly organized and able to manage multiple tasks and timelines effectively.
- Strong attention to detail and ability to identify discrepancies in complex documentation.
- Analytical mindset with the ability to apply investor and regulatory guidelines accurately.
- Effective written and verbal communication skills for collaboration with internal teams and external partners
Working Environment Light workability to lift and/or carry up to 10 lbs. occasionally.
Indoor Work: Not exposed to outdoor elements or hazards.
This role is eligible for hybrid one day per week work from home under the work from home guidelines upon completion of onboarding.
PLEASE VIEW THE APPLICANT TERMS & CONDITIONS BEFORE PROCEEDING WITH YOUR APPLICATION.
Job Tags
Contract work, Work at office, Work from home, Shift work, 1 day per week,