FNMA Underwriting Specialist

ID
2020-10587
Job Locations
US-CA-San Francisco

 

At First Republic, we care about our people. We offer extraordinary client service in private banking, private business banking, and private wealth management. Founded in 1985, we believe that personal connections are everything and our success is driven by the relationships we form with our colleagues and clients. You’ll always feel empowered and valued at First Republic. 

 

Incredible teams doing exceptional work, every day.

Within the Lending Strategy, Products & Sales Department of First Republic, you will be part of a team that is integral to the Bank’s mortgage origination and balance sheet management activities through its contributions to our Secondary Marketing area. We monitor the mortgage market and recommend strategy, provide the Bank’s daily mortgage loan pricing, create new loan products, sell all loan assets for the Bank, manage pricing and products in multiple systems, and work collaboratively with Loan Teams and Executive Loan Committee to facilitate loan originations and successful secondary market transactions.

 

We are searching for an underwriter to assist in responding to loan sales’ credit/underwriting conditions. Due to the loan interest rate environment, the FNMA volume has increased tremendously and has been averaging 60 to 70 loans in the pipeline on a daily basis. We have 479 loans currently committed to FNMA (as of yesterday) for a total of roughly $195MM. The consultant would help with the daily underwriting workload to maintain a reasonable service level agreement with the loan teams, especially since the ISD staff will have some vacation schedules coming in the 3rd & 4th Qtrs. The consultant would also be needed if we should have another “Bulk loan sale” and/or Securitization.

 

In addition, the individual will help review and audit Fannie Mae and all other investor loan requests to ensure guidelines have been met for salability. Re-underwrite loans as needed. Send Fannie Mae Desktop Underwriter (DU) requests electronically through the Loan Origination System (NetOxygen). Convey findings and conditions to loan teams. Provide support to Relationship Managers and Loan Specialists through the entire loan process, from pre-qualification to final approval review, via a dedicated email address and hotline. Facilitate loan file improvement through identifying errors and addressing them by educating loan teams.

 

What you’ll do as a FNMA Underwriting Specialist:

 

  • Review, audit, and re-underwrite FNMA and investor loan files to ensure guidelines have been met.
  • Assist loan teams with questions on Investor guidelines.
  • Work closely with loan teams (Relationship Managers and Loan Specialists) on entire loan process, including pre-qualification, initial approvals, underwriting and processing.
  • Convey findings and loan conditions to loan teams.
  • Review documentation provided by loan teams to satisfy loan conditions.
  • Assist in due diligence process by reviewing investor conditions/findings and provide any missing documentation and/or respond to any credit deficiencies (income, assets, employment history, etc.).
  • Reach out to loan teams (Loan Specialist, RM’s and ELC for missing and/or incomplete documentation.
  • Review documentation provided by the loan teams to ensure data will satisfy loan conditions.
  • Review/evaluate loan files with income calculation and debt-to-income discrepancies; provide responses to the investors to cure the issues or rebut using alternative documentation if possible.
  • Work closely with investor counterparts to clear conditions and manage outstanding pipeline assigned to them.

 

You could be a great fit if you have:

  • Essential Skills, Bodies of Knowledge and Abilities:
    • Excellent mortgage underwriting skills, including complex income sources.
    • Knowledge and understanding of conventional and jumbo guidelines.
    • Ability to analyze income, assets, credit, appraisal, and condo/co-op documents.
    • Excellent verbal and written communication skills.
    • Ability to build and foster relationships with internal and external contacts.
    • Proactive individual able to operate efficiently in a fast paced environment.
    • Quick learner and ability to manage multiple priorities.
    • Creative and critical thinking skills.
    • Strong attention to detail.
    • Deadline oriented.
    • Able to deal with ambiguous situations.
    • Ability to work occasional evenings and weekends.
  • Products and Software:
    • Strong working knowledge of MS Word / MS Outlook / MS PowerPoint.
    • Ability to create reports in MS Excel or MS Access.
    • Experience with Loan Origination System NetOxygen is preferred but not required
  • Education, Experience, Training, or Certifications/Licenses:
    • Required: Bachelor’s Degree and minimum 2 years’ experience in underwriting Conventional and Jumbo mortgage loans.

Job Demands:

  • Must be able to review and analyze data reports and manuals; must be computer proficient.
  • Must be able to communicate effectively via telephone and in person.

Own your work and your career - apply now

Are you willing to take initiative and make decisions? Are you willing to go the extra mile because you love what you do and how you can contribute as a team? Do you want the freedom to grow and the opportunity to take charge of your own career? If so, then come join us.

 

We want hard working team players. You’ll have the independence to learn, lead and drive change. A culture of extraordinary service, empowerment and stability—that’s the First Republic way.

 

This job description is not intended to be all-inclusive. Employee may perform other related duties as assigned to meet the ongoing needs of the organization. The Company is an equal opportunity employer. In this regard, the Company makes reasonable accommodations for qualified applicants and employees with disabilities in order to enable them to perform all essential job functions, unless doing so creates an undue hardship.

 

First Republic is subject to federal laws that restrict the employment of individuals with certain types of criminal histories, including FDIA Section 19 and FINRA. To the extent not inconsistent with our obligations under those federal laws and regulations, First Republic will consider qualified candidates with criminal histories in a manner consistent with the Los Angeles and San Francisco ban-the-box laws.

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