Underwriting (US Mortgage)

Job Detail

About The Job:

Requirements:

A strong credit score is crucial. Conventional loans typically require a minimum of 620, while FHA loans may allow for scores as low as 500-580, depending on the down payment.
Lenders need to see a stable income and evidence of continued employment. This is often verified through pay stubs, W-2s, and tax returns.
Lenders assess your DTI, which is the percentage of your monthly income that goes towards debt payments. Generally, a DTI below 43% is preferred.
You will need to have homeowners insurance in place before closing on the loan.
If you’re buying a home, you’ll need a copy of the fully executed purchase contract.

Skills:

Mortgage Regulations: A thorough understanding of regulations like RESPA (Real Estate Settlement Procedures Act) and TILA (Truth in Lending Act) is essential.
Customer Service: Providing exceptional customer service is vital for building relationships and ensuring a positive experience for borrowers.
Problem-Solving: Being able to identify and resolve issues that arise during the mortgage process is a key skill.
Adaptability: The ability to adapt to changing market conditions and regulations is important.
Teamwork: Mortgage professionals often work as part of a team, so the ability to collaborate effectively is essential.

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