Mortgage Underwriter

As a Mortgage Underwriter at Tomo, your primary responsibilities will include underwriting and decisioning residential agency conforming mortgage loans, verifying and analyzing borrower financial and credit information, and reviewing appraisal reports for discrepancies. You'll also perform thorough analyses of applicants' income and expense data, credit reports, and property valuations. In essence, you will ensure that borrowers qualify for loans while maintaining a proactive review of your pipeline.

Tomo requires candidates for the Mortgage Underwriter position to have at least 3 years of experience underwriting Fannie Mae and/or Freddie Mac loans. Knowledge of Desktop Underwriter (DU) and Loan Prospector/Loan Product Advisor (LP/LPA) is essential, along with a solid understanding of the mortgage lending process. Strong written and verbal communication skills are also critical, alongside the ability to manage multiple files simultaneously.

Yes! The Mortgage Underwriter position at Tomo is fully remote, providing the flexibility to work from your chosen environment. This role is perfect for those who appreciate the balance of work and life and want the ability to contribute to a groundbreaking team without the daily commute.

The expected annual compensation for the Mortgage Underwriter position at Tomo falls between $85,000 and $100,000 USD. This competitive salary reflects the value we place on the expertise and dedication of our underwriters, who are essential in creating a fantastic home buying experience.

Tomo values strong analytical skills, attention to detail, and the capability to perform loan calculations such as DTI and LTV. Additionally, having leadership experience and the drive to innovate and build new processes will certainly set you apart as a candidate for the Mortgage Underwriter role. A collaborative spirit is also key, as you'll be working closely with various teams to ensure a smooth lending experience.

In evaluating a borrower's creditworthiness, I start by analyzing their credit report, looking at their credit score, payment history, and outstanding debts. I calculate key ratios like DTI (Debt-to-Income) and LTV (Loan-to-Value) to ensure they align with lending guidelines. I also consider the overall financial picture, including income stability and asset documentation.

DTI and LTV ratios are crucial in mortgage underwriting as they help assess financial risk. DTI shows the percentage of a borrower's income that goes toward debt payments, while LTV compares the loan amount to the property's value. High DTI or LTV ratios may indicate potential risk, making it essential to evaluate them thoroughly during the underwriting process.

I am familiar with Desktop Underwriter (DU) and Loan Prospector/Loan Product Advisor (LP/LPA), which are essential tools in mortgage underwriting. My experience using these platforms has equipped me with the skills needed to analyze loan applications efficiently and make informed lending decisions.

In a previous role, I encountered a complex case where the borrower's income included multiple sources and variable income streams. I conducted thorough verifications and collaborated with the borrower to gather additional documentation. This detailed approach allowed me to assess the borrower's ability to repay while staying aligned with underwriting guidelines.

I stay updated on mortgage regulations by subscribing to industry publications, attending webinars, and participating in training sessions. Networking with other professionals in the field also provides insights on any regulatory changes, ensuring that my underwriting practices remain compliant and informed.

To manage a high volume of loan files effectively, I prioritize organization and time management. Utilizing task lists and setting deadlines helps me stay on track with each file's required actions. I also streamline processes and collaborate with team members to ensure efficient communication and workflow.

When I find discrepancies in appraisal reports, I prioritize addressing them promptly. I review the details thoroughly, and if necessary, I reach out to the appraiser for clarification. Clear communication, combined with a commitment to finding resolutions, helps maintain the integrity of the underwriting process.

Key qualities essential for a Mortgage Underwriter include strong analytical skills, attention to detail, and effective communication. An underwriter should also possess problem-solving abilities and the capacity to make fair decisions while adhering to industry guidelines. Additionally, being adaptable and collaborative within a team is vital for success.

I ensure a positive experience for borrowers by maintaining open communication, providing timely updates on their applications, and making the process as transparent as possible. I always strive to explain any requirements or decisions clearly, which helps ease anxiety and builds trust throughout the underwriting journey.

I am excited about the opportunity to work at Tomo because of its mission to empower homebuyers and create a joyful homebuying experience. I resonate with the company's values of making a positive impact on borrowers' lives, and I believe my expertise aligns well with the team's goals in delivering innovative solutions in the mortgage industry.