Arch

Sr. Underwriter [Remote]

Entity Arch U.S. MI Services Inc
Job Locations US
Job ID
2020-3339
Business Segment
Mortgage
# of Openings
11
Category
Underwriting

The Position

The Sr. Underwriter approves or denies the salability of the loan in accordance to investor guidelines, in addition to, mortgage insurance coverage, if applicable, on the most complex and specialized loans based on a comprehensive evaluation of risk factors associated with loan, borrower, and property eligibility.  He/She maintains compliance with applicable policies and guidelines to ensure the overall quality of the loan, while providing exceptional customer service to clients.  He/She also acts as lead underwriter for key customers, up to and including working in the customers system, assists with audits to ensure quality control, and participates in special projects/assignments. The incumbent operates independently under minimal supervision and trains and mentors less experienced staff; seeking advice from management on only the most complex situations.

 

Arch MI is a new and growing mortgage insurance company with a strong and global parent – Arch Capital Group Ltd.  If you’re interested in joining a dynamic company and working with a team of motivated, high caliber people, apply today and come grow with us!

Job Responsibilities

  1. Underwrites standard, complex and specialized loan submissions (e.g. high balance loans, non-conforming jumbo loans, loan modifications, etc.) and ensures eligibility, accuracy, completeness, and compliance with company, GSE, and regulatory policies/guidelines to minimize risk factors.
  2. Evaluates creditworthiness and financial strength of the borrower to determine degree of credit risk and assesses loan level eligibility. Reviews and analyzes loan application, credit report, liabilities, assets, and income.  Identifies and works to resolve red flags and inconsistencies.
  3. Assesses property data to ensure the collateral is acceptable to company and GSE guidelines. Reviews property appraisal for accuracy and consistency to ensure it provides a reasonable determination of property value. Identifies inconsistencies within the appraisal report.
  4. Determines whether to approve or deny insurance coverage based on the evaluation of key risk factors and interpretation of applicable guidelines, within authority limit. Advises customers and Sales staff of underwriting decisions.  Explains rates, terms of coverage, and applicable policies/guidelines, and issues certificates of insurance.
  5. Acts as lead underwriter and manages customer relationships with key accounts. Establishes and maintains exceptional level of customer service through regular communication and status updates.  Negotiates and resolves customer conflicts.
  6. Monitors the Arch MI Answer Center and responds to all underwriting related inquiries in a timely manner, conducting research if necessary and providing accurate information.
  7. Obtains all required documentation and completes loan information within the system of record. Reviews and signs off on loan file conditions within authority level and conducts additional research and analysis if necessary.
  8. Trains, coaches, and mentors new and less experienced staff. May review work of other staff and serve as a point of escalation.
  9. Executes quality control procedures which include assisting management with audits and monitoring real estate/economic conditions and market awareness surveys. Participates on task forces and works on special projects/assignments focused on process and quality improvement.
  10. Maintains current knowledge of, and accurately applies GSE and Arch MI product guidelines in the analysis of submitted loan files.
  11. Adheres to performance standards for productivity, quality, turnaround time, and data accuracy.

Required Skills/Experience

Knowledge & Skills:

  1. Comprehensive knowledge of mortgage industry and advanced understanding of core underwriting principles, concepts, practices, and techniques. Very strong w knowledge of FNMA and FHLMC underwriting guidelines.
  2. Advanced analytical, problem solving, and decision-making skills to assess degree of risk and make independent judgments on complex loans.
  3. High degree of accuracy and attention to detail.
  4. Strong customer service orientation and interpersonal skills, with the ability to proactively resolve customer issues.
  5. Highly effective written and oral communication skills with the ability to negotiate and handle sensitive situations.
  6. Excellent organization skills with the ability to multi-task, meet deadlines, and lead the team to accomplish results.
  7. Ability to perform standard underwriting calculations.
  8. Proficient with MS Office and underwriting system applications.

Desired Skills/Experience

 

 

 

 

Education

Required knowledge and skills would typically be acquired through high school diploma/GED plus some college business courses with 7-10 years related experience in the mortgage lending industry.  Bachelors or Associates degree highly preferred.

Working Conditions/Environment & Physical Demands:

  1. Normal office environment - The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this Job. Reasonable accommodations will be made to enable qualified individuals with disabilities to perform the essential functions of the Job.
  2. Attendance/Punctuality – Is consistently at work and on time; Ensures work responsibilities are covered when absent.

 

Disclaimer

Incumbent may be asked to perform other duties as required.

The Company

About Our Company

Arch Mortgage Insurance Company is the flagship U.S.-based mortgage insurer of Arch Capital Group Ltd., a leading insurance and reinsurance company operating through its subsidiaries worldwide. Based in Greensboro, North Carolina, our company is committed to our employees and our customers.  Our Total Rewards package offers competitive pay and valuable benefits.  Plus you’ll have access to a variety of programs supporting your professional development and a culture that encourages innovation, collaboration and professional growth.

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