Underwriter III/Sr
Underwriter III-
We Are GMAC Mortgage, LLC.
GMAC Mortgage, an indirect, wholly owned subsidiary of Ally Financial Inc. A company with a new approach and rich history; Our Company dates back 1919 and is build on the strong foundation of GMAC Financial Services. Our associates and customers are at the heart of everything we do. We are financially strong and positioned for significant growth. We offer competitive comp plans, benefits and rewards with one of the nation’s largest home mortgage originators. We have 25 years of experience, a solid reputation and a loyal customer base. Our
· GMAC Mortgage is the 4th largest loan originator in the nation, and the 5th largest in loan servicing
· GMAC Mortgage has prospered with 6 consecutive profitable quarters in 2010-2011
· Financial strength and Industry leadership
· Leads and referral sources with Top-notch sales tools and Unparalleled customer service
· Training and ongoing education
· GMAC offers market competitive base pay/salary compensation (bonus options)
· Recently named as Fortune 500’s Top Ten Commercial Banks
GMAC Mortgage/ Ally Financial strives to build a World Class culture that engages a diverse and vibrant team of professionals. We seek employees who are motivated for success with processes aligned to promote inner-mobility, career growth and leadership development. GMAC Mortgage/Ally Financial remains committed to offering a compelling employment proposition that enables us to expand our dynamic team. Put your career on a path with a company that’s taking the financial services industry in a new direction and apply today!” Visit www.ally.com to learn more.
Underwriter III –
Position Description:
Primary purpose of role includes responding effectively and efficiently to internal and external customers on questions on loans underwritten by GMAC Bank or a contract vendor. Ability to understand GMAC Bank processes, guidelines, and procedures and communicate to client, internal team member, or vendor is a critical component of job
Secondary purpose includes underwriting of Conventional Conforming, Jumbo and Government loans in a timely manner for completeness and compliance with GMAC Bank/Secondary Market guidelines and polices and procedures.
Provide training, guidance and support for all team members. Implementation and completion of special projects assigned by Underwriting Team Lead to enhance skills/performance. Support corporate strides on individual initiatives as they develop
Principal Accountabilities:
• Ability to communicate effectively with internal and external clients and GMAC UW Vendors on inquiries on loans underwritten by GMAC Bank/Vendors.
• Research and respond to team lead on loans requiring additional escalation and review and ability to summarize issues, concerns and recommendations
• Client liaison with GMAC Bank and client
• Client calls on proactively addressing underwriting submission deficiencies
• Review, analyze and make final determination on loan submissions using manual underwriting guidelines as well as validating Automate Underwriting recommendations (DU; /LP)
• Underwrite Jumbo loans, special programs as determined by lending authority set by Underwriting Management.
• Work with clients (Correspondent/Broker) and team members (Underwriters, Broker Coordinators, Table Funding, Correspondent Team Leaders, and Account Executives) to identify potential solutions/alternatives for difficult/denied loan files.
• Provide necessary back-up support to Team Leader as necessary to ensure efficient operations and smooth and timely flow of work.
• Discussions with clients about specific loans, program and investor guidelines.
• Participate in the orientation of new personnel to ensure consistency.
• Complete tasks as delegated by Department Management/Division Management.
• Review and maintain guidelines to stay up-to-date with all requirements.
• Enter complete and accurate data in systems to ensure data integrity.
• The proficient use of an automated underwriting system to augment the risk analysis process, which requires acceptance and understanding of artificial intelligence technology.
• Maintain department resource library to maintain reference material.
• Assist in correction of Delivery Violations and government insuring deficiencies on specific files as required.
• Review of audit files for Quality/Funding issues and Watch List customers, to determine compliance and acceptance of loan.
• Participate in ongoing enhancement/training of team members.
• Analyze condo and PUD eligibility and complete warranty information.
• Analyze DPA programs and Trust agreements as needed
Minimum Requirements:
• High School Diploma or equivalent minimum; real estate/mortgage banking courses helpful.
• Minimum one 1-3 years underwriting experience conforming and non-conforming
• Minimum six (4) years of mortgage banking required, to include exposure Government Products
• Ability to differentiate between first and second mortgage underwriting.
• Insight as to current business environment within third party lending .
• Excellent Customer Service skills.
• Excellent verbal and written communication skills; analytical skills.
• Ability to work independently.
• Ability to handle frequent changes.
• Creative/innovative problem solver.
• PC skills required: Windows experience utilizing a loan origination system
• PC skills preferred: Microsoft Word.
• Experience Windows, Excel, Word, PowerPoint.
• Experience with setup, configuration of computers.
• Good people skills required for training/help desk duties.
• Confidentiality required in handling of security.
• Flex Time is necessary
• DE certification is preferred, LAPP certification a plus.
• Credit decisions on complex conforming and non-conforming loan requests.
• Resolution of conditions placed on loans within stated limits.
• Discuss and analyze cases with team members.
• Individual case evaluations/discussions with branch personnel.
• Identify classification(s) for condo and PUD loans to make investor warranty..
Working at GMAC Mortgage. is Rewarding!
GMAC’s compensation program offers above market-competitive commission plans and bonus pay potential based on achieving personal and company goals. We have Base Pay/ Salary (bonus options) within the GMAC Mortgage organization.
GMAC Mortgage/ Ally Financial Offers Competitive Benefits: (GMAC)
· 401K Matching and Company Contributions
· Comprehensive Health Insurance Coverage
· Base Pay/salary (bonus options)
· Paid Time Off (roll-over up to 50%)
· Tuition Reimbursement
· Adoption Assistance
· Vendor Partnership Discount Program
· Charitable Gift Contribution Matching
GMAC Mortgage/ Ally Financial is an equal opportunity employer in that our policy, in accordance with federal state laws, prohibits employment discrimination solely on the basis of a person's race, color, creed, sexual orientation, sex, marital status, or disability except where a reasonable, bona fide occupational qualification exists.
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