The purpose of the Quality Control Underwriter position is to ensure the checks and balances established in company processes are functioning properly, and loan quality standards are being met by the Underwriting Department. Quality Control Underwriters must have an in-depth and current knowledge of company, federal and other industry regulatory standards to review underwritten loan submissions, documentation, and Underwriting decisions for accuracy. Quality Control Underwriters report to the head of Compliance.
Review Loan Submissions
- Thoroughly evaluate borrower income relative to financial obligations, adequacy of credit quality and history, the source of funds, the security of the subject property, the loan terms, and ratios
- Ensure that all required items are provided, validated/verified, and meet the program guidelines
- Ensure accuracy of loan disclosures and documentation
- Calculate Loan to Value (LTV) and other ratios accordingly
- Run the file through Automated Underwriting Systems (AUS), such as DU/LP, when applicable
- Review the application and information in the Loan Origination Software (LOS) for accuracy
Communicate and Review Discrepancies as Needed
- Request items necessary to complete the submission or to qualify for the program
- Provide explanation to the Underwriter, Department Manager or Compliance on items found as necessary
Update LOS Appropriately
- Ensure that all relevant and necessary information needed is communicated and provided properly through the LOS including, but not limited to: Loan approval date, conversation logs, appraisal information, HMDA and Credit information, conditions, worksheets, MI, FHA, and VA when applicable, suspense, denial, and incomplete dates and milestones as appropriate, etc
Review Decision on Submissions
- Review the Underwriter’s decision for accuracy in accordance to the appropriate terms, conditions, and make counter-offers if the terms do not meet company lending standards and guidelines, etc
- Strong analytical and mathematical skills
- Strong communication skills (verbal and written)
- Self-starting, self-reliant, highly motivated and dependable
- Efficient in time-management and ability to organize and prioritize tasks
- Technologically savvy and comfortable in learning new computer systems and programs
Education, Training & Experience
- High school diploma required, college degree preferred
- Minimum of 5 years underwriting experience and 10 years of mortgage industry experience
- Thorough understanding of secondary market guidelines (FNMA/FHLMC/GNMA)
- Strong understanding of the mortgage process from origination through closing
- Experience with AUS and knowledge of Mortgage Insurance expected
- Experience with Encompass LOS preferred
- DE/LAPP certifications preferred
Fortune Favors the Bold!
Founded at the height of the mortgage crisis in 2008, EPM has grown to become one of the leading mortgage lenders in the U.S. EPM's new mission, which was launched at the beginning of 2020 states: "We are a resource, and voice, for financial empowerment." With that said the vision of the organization is clear. EPM strives "to continue to offer top financial service, communication, and assistance to the communities we serve."
Headquartered in Atlanta, GA, EPM is licensed in 49 states and provides an array of lending resources such as Conventional, FHA, VA, 203K, Reverse, and USDA loans, as well as a, trusted Fannie Mae, Freddie Mac & Ginnie Mae Seller/Servicer.
With a dedicated staff of highly experienced professionals, EPM provides exceptional pricing for thousands of clients annually, without compromising follow-through and customer service.
For more information about EPM visit us online at EPM.net