Job Description

MORTGAGE LOAN UNDERWRITER SENIOR

WHAT IS THE OPPORTUNITY?

The role of the Underwriter III is to evaluate the credit risk against company standards and to determine the borrower's ability to repay a residential mortgage. The Underwriter III analyzes and interprets the most complex financial and non-financial data decisioning the requests with the goal of achieving the optimal quality asset for the bank while satisfying the needs of borrower. The Underwriter III is also responsible for LLCs along with other complex borrower types. The Underwriter III works within established lending authorities and guidelines, with complex or unusual situations escalated to the next highest authority level for resolution. This includes mentoring and training of Underwriters I and II including second level reviews.

What you will do

• Reviews the loan package received to ensure completeness verifying that all supporting documents are included to make a credit decision per established policies
• Identifies issues and recommends appropriate resolution within policy service level agreements
• Analyzes and determines the financial capacity of the borrower’s ability to repay:
• Performs credit analysis, financial statement analysis, cash flow analysis, liquidity qualification and payment calculation spreads
• Reviews for stability of residency and employment
• Verifies income per established policy
• Identifies any exceptions to current policies
• Documents a reasonable conclusion mitigating any identified risks supporting the request will be repaid
• Accurately sets and clears conditions
• Interacts with RLC and Processor throughout the life cycle of the loan, providing information, updates and assistance as required
• Updates System(s) with pertinent information and appropriate data as required
• Renders a decision within his/her lending authority. If deal is outside of lending authority, provides a recommended decision and submits for appropriate level signing authority
• Originates appropriate client letters; Commitment, Counter Offer, Declination
• Certifies and provides a final Workbook to the Processor
• Ensures compliance with bank and statutory/regulatory guidelines
• Client Satisfaction
• Promotes a team environment fostering a positive working environment
• Functions as a collaborator and innovator to drive continuous improvement
• Provides guidance and support to the RLC and Processor when required
• Utilizes systems and tools to ensure that the RLC’s are updated on the status of loans
• Interacts and communicates daily with all levels as required to support business units, Processors, Funding/Doc Prep to ensure requirements are understood and met
• Provides timely, complete and accurate response to inquiries
• Handles all situations in a professional and ethical manner
• Takes the lead in resolving problems for his/her own loans; assisting Underwriters I and II with resolutions
• Supports and contributes to the quality and customer satisfaction goals of the bank
• Productivity
• Ensures all goals and service level agreements (SLAs) are met
• Tracks, logs and provides daily, weekly, monthly, quarterly reporting of production statistics as defined by management
• Consistently meets quality control and data integrity standards
• Effectively utilizes available systems, workflow and imaging tools
• Mentor and train Underwriters I and II
• 2nd level review of Underwriters I and IIs’ work
• Performs other duties as assigned by Management, including participation in projects, process improvement initiatives, etc.

Must-Have*

• Minimum 7 years of experience as an Underwriter in a financial services or mortgage banking environment required.
• Minimum 7 years of experience in jumbo and super jumbo underwriting to investor or organization’s guidelines required
• Minimum 7 years of experience with state and federal lending regulations (i.e., Ability to Repay (ATR), RESPA, Reg B, Reg O, Reg Z, Fair Lending, etc.).

Skills and Knowledge

• Bachelor’s degree in Business, Finance or Economics or related discipline with 10 or more years of experience in a mortgage banking environment required
• Familiar with FNMA/FHLMC guidelines
• Computer literate with experience using Microsoft applications with mortgage industry standard software, preferably InterLink E3 or NetOxygen/Gallagher.
• Superior ability to communicate effectively in both verbal and written form
• Strong time management skills to plan and organize a high daily loan volume
• Strong ability to be very detail oriented
• Must be a team player and work constructively with their fellow colleagues
• Specific knowledge and exposure to funding and loan documentation to resolve more complex situations such as occur with LLC’s, irrevocable trusts, and Co-operatives

Compensation

Starting base salary: $41.83 - $66.81 per hour. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.

*To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.

Benefits and Perks

At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks .

ABOUT CITY NATIONAL

City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $96.83 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.
*City National Bank does business in Miami and the state of Florida as CN Bank.
For more information about City National, visit cnb.com .

EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION
City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE
If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days. 

Unless otherwise indicated as fully remote, reporting into a designated City National location is an essential function of the job.

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