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Senior Vice President, Director of Underwriting
Envoy Mortgage
Houston, TX, United States
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General Summary
Management of Underwriting Center: oversees all Center Underwriting Managers, including: hire, train, and manage Underwriting staff; implement Corporate and Underwriting policies and procedures', reviews escalations, provide timely and accurate decisions on conventional loans processed to FNMA, FHLMC, and private investor requirements; provide timely and accurate decisions on FHA and VA loans.
Requirements
Duties and Responsibilities
The primary job duties and responsibilities of this position include but are not limited to:
• Recruit, hire, train, and manage local and remote Underwriting staff.
• Manage workload for team members and ensure service levels are met
• Review initial work/recommend final authority level for all new hires and promotions
• Test, train, and mentor new underwriters and junior underwriters.
• Skills training (internal and external) as needed.
• Provide second review and signatures when required.
• Arbitrate appeals and disagreements with respect to loan files; elevate as needed.
• Underwrite loans as needed.
• Complete reports/review loans at direction of Underwriting Manager
SIGNATURE AUTHORITY (Recommended)
• Validation authority limited to $729,750. for any one transaction.
• Single signature authority to $650,000 aggregate for any one transaction.
• Dual manual signature authority to $1,000,000 aggregate for any one transaction.
• The Underwriting Manager will set dollar levels of authority for each underwriter in writing.
• Those levels may be adjusted from time to time, but will, in no event, exceed $729,750 aggregate for validation and $650,000 aggregate for single signature authority.
EXCEPTION AUTHORITY
• Internal guideline exception authority as specified in individual approval document
• Credit exception authority granted for deviations from credit guidelines, ratio guidelines, and asset guidelines within investor requirements
• Loan Parameter Exception Requests to investors for program guideline exceptions.
• Single Loan Waiver Requests to FNMA for condominium and guideline exceptions as applicable
PRODUCT AUTHORITY
• Products eligible in Desktop Underwriter or Loan Prospector
• Initial approval of all Jumbo and non-delegated correspondent loans
• First lien products eligible for manual underwriting.
• Second lien products eligible for manual underwriting.
• All document types.
PERFORMANCE METRICS:
• Metric #1:Reports from government agencies, investors, and Quality Control indicate acceptable error rate in validation.
◦ Target:Less than 5% error rate in region of responsibility.
• Metric #2:Feedback from investors and Quality Control indicates acceptable appraisal quality.
◦ Target:Less than 5% response regarding unacceptable appraisals in region of responsibility.
• Metric #3:Government loans are underwritten in accordance with guidelines and requirements.
◦ Target:No principle reductions required. No significant findings on HUD audits. Indemnification requests repurchase requests, and NOR for underwriting errors less than 2% of total production in region of responsibility.
• Metric #4:Maintain productivity to maintain branch target turn time
◦ Target:No more than 5% of new loans to exceed 48 hours turn time nor 5% of conditions and changes to exceed 24 hours turn time
• Metric #5:Maintain service levels in PhaseWare according to severity of each incident
◦ Target:No more than 5% of incidents to exceed severity turn time as selected by branch or adjusted by Team Lead or Center Manager
• Metric #6:Book of business underwritten to be commensurate with signature and product authority.
◦ Target:75% total loans underwritten to be manually underwritten, niche type product.
• Metric #7:Provide leadership to team members. Mentor and train junior team members needed.
◦ Target:Quarterly review with Underwriting Manager regarding activities that have furthered the knowledge and ability of personnel.
• Metric #8 Team to minimize traffic in underwriting department by maintaining acceptable first time decision and approval ratios to total loans underwritten.
◦ Target: 90% first time decision ratio, 75% first time approval ratio, Minimum average monthly production of 65 loans per month for staff managed
COMMUNICATES REGULARLY WITH THE FOLLOWING:
1. Branch management
2. Sales staff
3. Customers/branches
4. Local, regional, and corporate underwriting
5. Private investors
THIS JOB DESCRIPTION IS NOT INTENDED TO BE ALL-INCLUSIVE. THE INCUMBENT WILL ALSO PERFORM OTHER REASONABLY RELATED BUSINESS DUTIES AS ASSIGNED BY MANAGEMENT.
Qualifications
Listed below are the minimum qualifications required to successfully perform this role. These qualifications are necessary for someone to be considered for this position.
Qualifications include:
• Ability to review documents and spot inconsistencies and errors
• Ability to accurately calculate income in accordance with standard industry practice.
• Ability to review appraisals, assess accurate and appropriate data, and determine value range
• Accuracy in data input.
• Ability to review guidelines, memos, manuals; absorb and comprehend information; incorporate changing guidelines into everyday work.
• Excellent oral and written skills required.
• Personal time management skills
• Ability to work within a fast-paced environment that often demands multiple tasks in a short time frame.
• Ability to coach and mentor
• Make decision is a quick and timely fashion
• Elevate problems when needed
• Excellent presentation skills
• Familiar with government and conventional agency Underwriting Guidelines.
• Familiar with input into and use of Desktop Underwriter and Loan Prospector.
• Familiar with credit reports and credit standards.
• Familiar with standard appraisal practices.
• Familiar with major correspondent lenders (Chase, Wells Fargo, Bank of America, GMAC, etc.)
• Minimum 10 yearsunderwriting experience.
• Minimum high school education
• College courses in mortgage banking and/or finance a plus
• Industry training courses in underwriting and appraisal review required
• Approved Direct Endorsement Underwriter
• Approved VA Automatic Underwriter
• LAPP SAR required.
Physical Requirements
• The employee must occasionally lift and/or move up to 25 pounds
• Specific vision abilities required by this job include close vision
• While performing the duties of this job, the employee is regularly required to sit, use hands to finger, handle, or feel; reach with hands and arms; and talk or hear
• The employee is occasionally required to stand; walk; climb or balance and stoop, kneel, crouch or crawl