Loss Mitigation Underwriter Sr.

Loss Mitigation Underwriter Sr.

Start something good. Empower your career. Become an employee-owner at Cenlar.

Employee owners have made Cenlar the nation’s leading mortgage loan subservicer. Our unique culture is defined by our core values of respect, trust, integrity and care. Company ownership, a promote-from-within philosophy, and opportunities for continuous professional growth make Cenlar a great place to launch or boost your career. Consider this opportunity to join our team as an Underwriter Sr. Please note: This is a hybrid position and requires going into the office 4x a month. In order to be considered, you must live within a commutable distance of our NJ, MO, or AZ locations.

The Underwriter is responsible for performing a manual review of a complete assumption package, inclusive of all supporting documentation. The Underwriter will determine if the applicant qualifies to assume liability of the loan based on a credit review. This position will also be responsible for direct oversight of the Processors in the handling of the assumption file, escalating any concerns to management.

Responsibilities:

• Reviews and underwrites all departmental files in accordance with Investor guidelines
• Facilitates the resolution of escalated customer/Client issues that stem from Qualified Written Requests. Accurately responds to these complaints and provides a detailed chronology of the events in answering these items within the allotted timeframe
• Verifies income calculations on denials if the declination reason was income related
• Provides senior management with weekly pipeline reports and meets with senior management weekly on department pipeline status
• Performs final QA review of the file prior to issuing of denial letters and submission of the closing disclosure
• Appropriately assess risk when business decisions are made, including but not limited to compliance and operational risk. Demonstrate consideration for Cenlar’s reputation as well as our clients, by driving compliance with applicable laws, rules, and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct, and business practices, and escalating, managing, and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.
• Assists departmental team in working with borrowers, both written and verbally, through workout negotiations in an attempt to mitigate foreclosure/REO/losses
• Performs training of department staff, openers, closers, QA staff, and post-closers
• Manages and maintains underwriting guidelines for all investors
• Assists with department projects
• Performs second looks on all denials to ensure that there is no program that may have been available to the borrower that may have been overlooked.
• Maintains extensive and up-to-date knowledge with respect to requirements and guidelines as well as other investor’s rules and PMI requirements
• Assists the Training department as necessary with all training material in conjunction with department guidelines
• Ensures all origination compliance changes are reviewed and updated as necessary
• Ensures all processing and underwriting Policies and Procedures are reviewed and updated regularly and with each guideline change
• Performs pre-underwriting of files at the time of underwriting submission to ensure all appropriate disclosures are mailed
• Provides management with departmental productivity reports, quality control, performance, and standards

Escrow/Special Products

• Acts as the primary contact point for client and auditor underwriting inquiries
• Performs BSA and OFAC checks for assuming the party
• Provides staff oversight related to assumption files; including, but not limited to, ensuring completeness of file submissions and assistance with loan-level inquiries
• Performs final determination on the creditworthiness of a new party assuming the liability of a loan
• Acts as the Compliance SME for origination

Qualifications:

• Knowledge of all automated investor underwriting systems for each investor
• Strong organizational and time management skills
• Working knowledge of all origination Federal regulations (RESPA, ECPA, TILA)
• Superior leadership skills and the ability to work with management peers on common goals
• High School Diploma or GED required
• Working knowledge of all GSE underwriting guidelines (FHA, VA, Fannie Mae, and Freddie Mac)
• DE approved underwriter – VA approved underwriter
• 5+ years of prior origination underwriting experience
• Strong compliance background

Loss Mitigation Underwriters and Repayment Team: (231/431)
It is critical that you have an understanding of the following:

• Requirements under the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), specifically the prohibition on discrimination in lending (and servicing), credit decisions, and the appraisal requirements
• Requirements under the Flood Disaster Protection Act (FDPA), specifically the mandatory flood insurance requirements
• Requirements under the Service Members Civil Relief Act (SCRA), specifically protections for Service members
• Requirements under the Gramm-Leach-Bliley Act (GLBA) and Regulation P, specifically customer privacy requirements
• Requirements under the Fair Credit Reporting Act (FCRA), specifically the use of information.
• Requirements under the Real Estate Settlement Procedures Act (RESPA), specifically general servicing standards and loss mitigation practices

Escrow Analysis
It is critical that you have an understanding of the following:

• Annual escrow account statements,
• Requirements under the Real Estate Settlement Procedures Act (RESPA) specifically:
  • subsequent escrow account analyses,
  • annual escrow account statements,
  • escrow account analysis and shortages, surpluses, and deficiencies requirements, and
  • initial escrow account statements.
• Escrow account analysis and shortages, surpluses, and deficiencies requirements, and
• Subsequent escrow account analyses,
• Initial escrow account statements.
• Requirements under the Federal Rules of Bankruptcy Procedures specifically, proof of claims and escrow analyses.
• Knowledge of regulatory requirements including BSA/AML, ECOA (LM UW performs BSA/AML and ECOA), TRID, SAFE Act

Total Rewards:

As an employee-owner at Cenlar, you’ll receive an outstanding benefits package that includes paid medical, dental, and life insurance, 401(k), and tuition assistance as well as opportunities for training and professional advancement.

Cenlar is a drug-free workplace and an equal employment opportunity/affirmative action employer M/F/D/V/SO.