Loss Mitigation Underwriter (Residential)

Overview

This position underwrites and evaluates residential 1-4 loan applications from financially distressed borrowers to mitigate loss for the Bank. Primarily reviews applications secured by Real Estate, analyzing financial statements to determine credit solutions. Rehabilitates problem residential 1-4 loans when possible and ensures all underwriting complies with applicable regulations. Sends applicable notices and disclosures as required by regulation or investor guidelines. Assists management with special projects and reports through knowledge of underwriting processes, residential products, and loss mitigation tactics. Reviews equity analysis for potential losses. This position is considered the first line of defense and expected to maintain a high level of attention to detail, analyze facts, and make sound decisions in order to mitigate risk to the Bank.

Responsibilities

• Works directly with borrowers on both forward mortgage and construction loans to restructure transactions mitigating loss.
• Underwrite - Underwrites and evaluates distressed retail loan applications according to applicable regulations, procedures, and guidelines. Reviews financial statements and results of analysis to determine appropriate remedy within credit authority. Renders account decisions for the equity review, write-down, and charge-off processes.
• Analysis - Sources, compiles, and interprets financial data. Performs impairment analysis on identified problem credits. Assists management with analysis and documentation requests on Loss Share portfolios and portfolios serviced by others.
• Documentation - Ensures all information keyed into various systems is clearly and accurately documented. Ensures all documents related to the application are complete and lack deficiencies.
• Business Support - Builds and maintains strong relationships with associates, managers, and other key stakeholders. Maintains knowledge of Bank strategy and supporting initiatives.
• Portfolio Servicing - Participates in servicing efforts for acquired institutions. Works with acquired institutions to service defaulted or covered assets, and to assist with mortgage loans, modifying or recommending charge off as appropriate.

Qualifications

Bachelor's Degree and 4 years of experience in Consumer, retail or residential mortgage underwriting OR High School Diploma or GED and 8 years of experience in Consumer, retail or residential mortgage underwriting

Preferred Area of Experience: Loss Mitigation Underwriting

Skill(s): Strong understanding of financial principles and concepts, Knowledge of industry-specific regulations and laws (i.e. TILA, RESPA, ECOA, HMDA, SAFE, FDCPA etc.)

First Citizens benefits programs are designed to meet our associates where they are in life. Full-time associates (20+ hours) are offered a comprehensive benefits program, with customized offerings, including those designed to support families, however defined. More information regarding our benefits offerings can be found here: https://jobs.firstcitizens.com/benefits.