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Senior Underwriter
Discover Financial Services
New Castle, DE, United States
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Discover. A more rewarding way to work.
At Discover Financial Services, you’ll find yourself in the company of some of the industry’s smartest and most reliable professionals. And at a company that rewards dedication, values innovation and supports growth.
Thrive in an environment that promotes teamwork and shared success. Build on a foundation of mutual respect. Join the company that understands rewarding careers like no other, with this exceptional opportunity:
Job Description:
At Discover, be part of a culture where diversity, teamwork, and collaboration reign. Join a company that is just as employee-focused as it is on its customers, and which is consistently awarded for both. We’re all about people and our employees are why Discover is a great place to work. Be the reason we help millions of consumers build a bright financial future and achieve yours along the way with a rewarding career.
Performs underwriting functions to reach decisions within authorized limits on Home Equity Loans within the Bank, regulatory and compliance guidelines. Complexity of loan files is Complexity level “A”
*Underwrites home equity files. Reviews loan submissions, ensures company guidelines are met, and evaluates loans to maximize company profit and minimize company risk exposure. Evaluate the credit worthiness of borrowers through a comprehensive analysis of the credit report. Analyzes base income plus variable pay. Calculates Debt to Income and Loan to Value and Combined Loan to Value. Verifies Employment. Investigates and documents red flags such as anomalies in the credit file that may not have been documented by the loan originator. Reviews appraisals to ensure appraisers used proper guidelines. Review and approve title and flood. Access and maintain a working knowledge of internal guidelines. Approves or recommends denial for home equity applications within lending authority limit. Recommend counter offers as necessary.
• Thoroughly document the rationale and the compensating factors, and all information needed to evidence the Underwriting decision.
• Validates all data contained in loan submission and LOS for accuracy
• Performs UW reviews within specified turn-around times
• Retains a current and complete knowledge of loan policy, underwriting strategy and Loan Production Guidelines.
• Complies with government laws and regulations pertaining to home equity lending. Responsible for following all adopted policies, procedures and regulatory requirements applicable to the job function.
• Addresses any internal and external audit findings promptly and professionally while working with management to address issues.
• Proficient use of the Bank’s LOS, Outlook and other appropriate tools/resources to efficiently and accurately perform the review function.
Other duties:
• Perform other related duties as assigned.
** The hours for this position would be a Monday – Friday 2:00 p.m. – 10:00 p.m.
Skills:
MINIMUM EDUCATION AND EXPERIENCE
• 2-3 years mortgage Underwriting experience and 3 – 5 years in other Mortgage or Home Equity lending/banking experience
• High school diploma (or equivalent)
• Proficiency in math
• Ability to navigate and understand basic mortgage industry LOS software
• Ability to read and understand complex mortgage industry terminology and guidelines
• Demonstrated ability to analyze and underwrite complex loan submissions including self-employed borrowers, variable income, and all property valuation types
• Demonstrated ability to manage daily workflow effectively and efficiently
• Understands Federal Regulations and Compliance guidelines
PREFERRED EDUCATION AND EXPERIENCE
• College Degree preferred
QUALIFICATIONS:
• Maintains confidentiality
• Provides excellent customer service
• Works Independently and as a team member
• Ability to work in a fast paced environment
• Performs basic math functions
• Ensure an attention to detail and validates the accuracy for the loan submission
• Utilizes Microsoft Office Suite tools and Loan Originations Platforms
• Excellent written communication and interpersonal skills
• Exercises good judgment and decision-making skills
• Analyze complex financial statements and intricate loan scenarios
• Exhibits excellent time management. Plan and organize effectively to prioritize daily workload to achieve volume goals
• Demonstrate understanding of guidelines and executes loan decisions and meets quality metrics
• Ability to continue learning through subsequent files
• Take DHE SR UW Onboarding Training and pass with a 90% or better
• Satisfactorily complete 10 test cases and pass with a 90% or better grade