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Mortgage Underwriter

Employer
Alerus Financial
Location
Minnetonka, Minnesota
Salary
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Job Details

Position Summary:

This position is responsible for the underwriting of mortgage loans made by the Mortgage Loan Department. Areas include:
  • Underwriting FHA, VA and Conventional files. Underwriting MI (Mortgage Insurance). Underwriting any other special programs Alerus Mortgage is offering, such as MHFA, Dakota County bond programs, Rural Housing, Alerus portfolio and Alerus construction loans etc.
  • Maintaining a rapid turnaround time on new file submissions, resubmissions, clearing ‘PTC' conditions and issuing NOVs on VA Appraisals.
  • Responsible for keeping current on Agency, Lender and MI Company guidelines and overlays.

Essential Responsibilities:

Job Function Number 1: Underwriting - 75%
  • Primary responsibility will be to determine if application represents an acceptable risk. This includes assessing the collateral as being acceptable, and assessing the borrower as being an acceptable credit risk.
  • Will underwrite each file first to agency guidelines, then to investor overlays, and if applicable overlays from the MI companies.
  • Will be responsible for communicating directly with Appraisers for any additional items needed on appraisals.
  • Will be responsible for communicating conditions of approval, or deficiencies that will need to be cleared in order for approval to be issued, to Loan Officers and Processors.
  • Answer questions from production staff and assist them in structuring files as needed.
  • Complete training as needed for participation in bond programs and rural housing.
  • Communicate to Director, Underwriting areas where training of production staff may be needed.

Job Function Number 2: Underwriting Guidelines - 15%
  • Responsible for being aware of agency, lender and MI (Mortgage Insurance) company guidelines changes.

Job Function Number 3: Turnaround Time - 10%
  • Will strive to underwrite on average 4 - 5 new files per day while maintaining a turnaround time on new file submissions of 2 - 3 days (in times of higher volume will try to keep turnaround time within 5 days).
  • Will strive to meet a turnaround time on resubmissions and clearing ‘PTC' conditions of 24 - 48 hours.
  • NOVs will be rotated between SARs and they need to be issued within 5 days of Appraiser uploading appraisal into WebLGY.

Position Requirements:

Qualifications:
  • High school diploma or equivalent.
  • Four-year college degree preferred.
  • Minimum of three to four years of conventional and government underwriting experience.
  • Possess HUD Direct Endorsement (DE) designation.
  • Possess VA Staff Appraisal Reviewer (SAR) designation.

Personal Characteristics:
  • Attention to detail and ability to catch error made by production staff.
  • Ability to work under pressure and maintain a pleasant disposition is key.
  • Speed, while maintaining errors within an acceptable range.
  • Ability to absorb and remember rapid and multiple guidelines changes from agencies, lenders and MI (Mortgage Insurance) companies.
  • Good attitude and willingness to make adjustments as instructed.

Physical Demands: (must be met with or without a reasonable accommodation)
  • Sitting extended periods of time at a desk.
  • Extended time is spent reviewing documents, both actual papers or electronic.
  • Must be able to access the community copier/scanner/printer.
  • Periodically, large paper files need to be moved.

Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

Company

Alerus is a company that will challenge you to be at your best and where your efforts have real, tangible effects. Our culture is one of collaboration, innovation, forward-thinking, and giving back. And, as a growing company with a presence in markets from New Hampshire to Arizona, we offer a broad range of opportunities for you to travel the career path that matches your abilities, interests, and goals.

What is the current company culture like?

While our footprint spans North Dakota, Minnesota, Arizona, New Hampshire, and Michigan, we still operate like a small company. In other words, every single person on our team matters. Our employees create our culture.

What skills, education, and experiences does your ideal candidate(s) have? Each position has their own specific requirements and qualifications. In addition to those, Alerus seeks people who live out our fundamental beliefs every day: do the right thing, cherish people, empower with knowledge, respect everyone, serve with passion, and embrace change.

How would you describe the company leadership/team management? Alerus has a diverse executive and leadership team. Each leader comes with a wealth of experience and knowledge within their field to help their teams succeed. Alerus leaders, including our C*Suite executives, maintain regular communication with employees on company updates and goals.

Where do you see the company/organization in the upcoming years? Alerus has bank and office locations in North Dakota, Minnesota, Michigan, New Hampshire and Arizona. While we continue to serve our clients in these states we also look to grow our national footprint to best serve clients wherever they may live.

What do you feel candidates need to know about the company before applying? Alerus is more than just a bank and offers many products for our clients including personal & business banking, mortgages, wealth management and retirement savings. We continue to grow and expand but still maintain and operate with a small business feel. We would not have continued success without our employees and all the hard work they do to serve our clients with passion.

See the current Alerus job openings below!

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