Mortgage Underwriter Risk Assessment

Derrick Reed

Dallas, Texas ***** Phone (***) *** – 9122 *************@*****.***

UNDERWRITER

Expertise in Conventional, VA & Fannie Mae and Freddie Mac Loans Underwriter known for strengths in risk assessment, income credit analysis and documentation review. Commended for timely and accurate completion of compliant loan packages facilitating volume growth while preserving book-of-business quality. Comprehensive knowledge of underwriting guidelines and restrictions for conventional and government-insured loan programs for both conforming and nonconforming mortgages. Well versed in federal regulations and regulatory agencies including USPAP, HMDS, RESPA, FNMA, FHLMC, VA RD and Fair Lending. Delivered subject matter expert representation on underwriting high priority and escalated files across several portfolios. Skills

• Lending & Underwriting Guidelines • Risk Assessment

• Credit & Income Analysis • Conforming & Nonconforming Loans

• Cash Flow Analysis

• Loan-to-Value Ratios

• Debt-to-Income Ratios

• ARMs

• Loan Closing, Funding & Documentation

• Auto, Residential & Commercial loans

Professional Underwriting Experience

Chase

Senior Mortgage Underwriter III, 11/2020 - 05/2022

• Lending Authority up to $1,500,000.00.

• Reviewed Non-Agency, Agency, QM and Non-QM Mortgage loans.

• Balanced the need for loan-volume growth with the equally important necessity of optimum underwriting quality to minimize risk while maximizing profitability.

• Maintained meticulous attention to detail in underwriting mortgages.

• Evaluated the financial strength of borrowers to determine risk and repayment capacity.

• Leveraged knowledge of loan products to help restructure turned-down loans for subsequent approvals.

• Maintained compliance of lending, underwriting and government requirements.

• Demonstrated excellent follow-through with borrowers, loan processors, loan originators and management throughout all phases of the underwriting process. Altisource

Senior Mortgage Underwriter, 02/2020 - 11/2020

• Lending Authority up to 1,750,000.00.

• Performed second level reviews for credit authority.

• Responsible for assessing the risk of a loan and making approval or decline decision based on the quality of the data in the loan file.

• Reviewed and ensured data integrity to confirm the accuracy of automated underwriting findings.

• Applied all internal underwriting guidelines, investor requirements and federal regulations to the decision process to ensure loan quality.

• Analyzed income documents, bank statements, credit report, and insurance documents, and flood certificates to ensure proper credit decision reached on each loan file.

• Produced consistently reliable results of complex loan decisions, allowing top level management to focus more time on business strategy. Angel Oak Mortgage Solutions

Senior Mortgage Underwriter, 07/2018 - 01/2020

• Lending Authority up to $2,250,000.00.

• Underwrote Non-QM and jumbo residential mortgage loans.

• Analyzed applicant’s income and expense data, asset documentation, credit reports and property valuations to affirm if borrower qualifies for a loan.

• Worked with the loan originators and processors to create solutions for problems that arise during processing.

• Verified and analyzed all necessary financial information and documentation to ascertain that all loan files were complete and compliant.

Genpact/USAA

Senior Mortgage Underwriter, 07/2015 – 05/2018

• Underwrote Conventional and VA Refinance loans within company, and industry guidelines.

• Underwrote Rate and Term Refinance, Cash-Out Refinance and Purchase Money loans.

• Effectively met production, quality, and service standards along with providing direction coaching and feedback to loan processors and other associates.

• Calculated income from salary, personal and business tax returns, profit and loss statements, rental income, child support, alimony, pension, social security, foster care, military, annuity, and 401k distributions.

• Reviewed the Title Report, Tax Certificates, Flood Certs, Fraud Guard, Credit Reports, Homeowners Insurance, MERS, asset statements, and the 401k to ensure company FNMA/FHLMC guidelines were met.

• Reviewed condominiums, condo questionnaires, client insurance policies, budgets to ensure regulations are compliant with Fannie Mae, Freddie Mac, Jumbo Schwab and/or VA.

• Reviewed and initiated Subordination Agreements for second liens.

• Underwrote according to DU to determine the terms of the approval, if reserves were required for the loan transaction, if the appraisal or property inspection waiver is required, social security number discrepancies and if the loan was DU Refi Eligible. Capital One

Senior Mortgage Underwriter, 01/2013 – 05/2015

• Reviewed conditions submitted on loans and sign off on conditions where appropriate.

• Performed income analysis for salaried and complex self-employed applicants.

• Analyzed individual credit reports, income documentation, assets, liabilities, property appraisals and title reports to ensure loans met company standards.

• Communicated loan decisions to clients in a timely manner and ensured compliance deadlines were met with regards to pre-disclosures, approval letters, denial notices and counteroffers.

• Pursued and researched documents necessary to clear tracking items with imminent closing date deadlines in mind.

• Reviewed a minimum of 10 loan applications a day with less than a 1% error rate.

• Provided alternative loan options to achieve clients’ financial goals when the initial application would not qualify as submitted.

Education

B.A. in Business Administration University of North Texas Technology

Encompass, Calyx Point, FHA Connection, DU and LP Systems, Genesis, OPUS, Status Mart, Cadence, MS Word, and Excel.

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