Collateral Underwriter

Advantage Tech is looking for a Collateral Underwriter to join their Kansas City based client.  This position is 100% remote and is a direct hire opportunity. 

Summary Description

The Collateral Underwriter (CU) will be responsible for examining 8-10 appraisals per day for accuracy and completeness.  Experience level consists of 5+ years of experience in the appraisal profession and/or 2+ years of underwriting appraisal reviews for Conventional, FHA, USDA, and VA loan products. Collateral Underwriter will review appraisals to ensure compliance with Portfolio, Agency, Secondary Market, and Investor guidelines. CU is expected to

Duties/Responsibilities:

  • Responsible for conducting underwriting review of residential appraisal reports to support lending decisions
  • Responsible for determining if the appraisal report meets regulatory guidelines and adheres to the Uniform Standards of Professional Appraisal Practice USPAP)
  • Working knowledge of Conventional, USDA, VA, and FHA appraisal requirements
  • Evaluates appraisals to determine if value is supported
  • Notify appraiser of any necessary revisions or updates to the appraisal required for banks representation and warranty of the collateral
  • Thorough understanding and strong working knowledge of the collateral review process
  • Ensures compliance with bank and delegated investor guidelines
  • Assists Loan Consultants, Processors and Closers in meeting deadlines, structuring loans, and answering general collateral related inquiries
  • Provides written denials/suspensions/approvals to Loan Consultants and Processors on their collateral submissions
  • Maintain strong knowledge of mortgage underwriting guidelines and industry standards for appraisal requirements.
  • Satisfy all suspense items relating to underwriting errors
  • Serves as back up to other Team Members
  • Operate in compliance with all Bank Policies and Procedures
  • Perform other job-related duties and special projects as required
  • Other duties as assigned by management

Job Standards:

Any combination of education and experience providing the required skill and knowledge is qualifying.  Typical qualifications would be equivalent to:

Education/Experience:

  • Bachelor's degree in business, or related field or 2+ years of experience residential underwriting
  • appraisals for credit and collateral  
  • Underwriting DE and or SAR Licensing preferred, but not required. Licenses must be in good standing with FHA/VA.
  • Preferred experience as a state license appraiser with 5+ years related experience and/or training, or equivalent combination of education and experience in the appraisal profession

Skills:

  • Expertise with spreadsheets and word processing applications and ability to use email, internet and other applications needed to perform the duties of the position
  • Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations
  • Ability to write reports, business correspondence and procedures
  • Ability to effectively present information and respond to questions from groups of managers, clients, customers
  • Ability to work with mathematical concepts such as probability and statistical inference, and fundamentals of algebra
  • Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical financial applications.
  • Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists
  • Ability to interpret financial institution regulations and a variety of business instructions furnished in written, oral, diagram, or schedule form

Knowledge:

Computer literate – experience using word processing , spreadsheets, and data management software

Licenses:

VA SAR, HUD DE, and / or Appraisal license preferred

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