Condominium Project Underwriter I

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.
Responsibilities

• Collaborate with managers and participate in mentoring sessions for Mortgage Processors, Mortgage Closers and Mortgage Loan Officers
• Communicate to production staff any changes, revisions, or corrections that occur after initial review; ensure timely follow up
• 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 Moderately complex/varied
• Determine the acceptability and marketability of the real estate property to ensure there is sufficient collateral to secure the loan Moderately complex/varied
• Work closely and collaboratively with loan originator and processor to ensure all appropriate data is obtained
• Underwrite loans as necessary; meet appraisal guidelines and limit the risk exposure to Navy Federal’s mortgage portfolio Moderately complex/varied
• Respond to inquiries from production staff and other business units concerning loans in review and advanced underwriting issues; address and document issues in systems Moderately complex/varied
• Validate Condominium Project insurance documentation for adequacy of coverage
• Document key project information in the Condominium Project database, validate and track approval/rejection status - NEW
• Review and decisions for condo project eligibility; determine and add conditions to loan file in systems; issue counter offers and denials Moderately complex/varied
• Review/understand effects of contracts related to real estate, such as age restrictions, HOAs, etc. Moderate analysis
• Review and audit condominium project loan documents to ensure compliance with internal policies and procedures, as well as relevant investor guidelines/requirements Moderate analysis
• Recommend for denial or exception, properties that do not meet necessary guidelines and regulations Moderate Latitude
• 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 Moderate Latitude
• Understand and comply with federal and other regulations relating to financial products and services
• Perform other duties as assigned

Qualifications

• Advanced skill exercising initiative and using good judgment to make sound decisions
• Advanced skill performing mathematical calculations and working accurately with numbers
• 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
• Familiarity with mortgage underwriting principles, secondary market (FNMA and FHLMC) and/or relevant regulatory requirements
• Advanced research, analytical, and problem solving skills
• Advanced skill reviewing documents for errors, inconsistencies or missing information
• Working knowledge of mortgage/equity loan processing, closing and documentation requirements and regulations
• Advanced organizational, planning and time management skills
• Significant experience in managing multiple priorities independently and/or in a team environment to achieve goals
• Exposure to reviewing and interpreting residential property appraisals
• Advanced skill navigating multiple screens and PC applications and adapting to new technologies
• Ability to work effectively and efficiently with automated systems
• Familiarity with underwriting process and understanding of applicable criteria, guidelines, rules and regulations
• Exposure to the insurance, audit field and/or underwriting arena
• Experience in financial transaction/processing related responsibilities
• Advanced verbal and written communication skills
• Working knowledge of financial institution and lending practices, principles and regulations
• Advanced skill following, interpreting and applying guidelines, procedures, practices, regulations
• Advanced word processing and spreadsheet software skills
• Experience in mortgage processing, closing, originating, and/or servicing
• Experience in working with all levels of staff, management, stakeholders, vendors
• Experience in mortgage accounting and financial concepts and their application

Desired

• Working knowledge of NFCU products, services, programs, policies and procedures
• Working knowledge of NFCU mortgage products, services, programs, policies and procedures

Hours: Monday - Friday, 8:00AM - 4:30PM
Location: 5550 Heritage Oaks Dr. Pensacola, FL 32526
Navy Federal is now hybrid! Our standard enterprise requirement for a hybrid schedule is to report on-site 4-16 days each month. The number of days reporting on-site will ultimately be determined by the employee's leadership and business unit needs. You will learn more throughout the hiring and on boarding process.
Salary Range: $24.00 - $34.50 hourly
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 position.
Posting End Date: 04/27/23
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.