CMG Financial Careers

CMG Home Loans is seeking a Reverse Mortgage Underwriter who is responsible for evaluating and underwriting reverse mortgage loan applications, ensuring they meet all required guidelines, regulations, and company policies. The underwriter reviews borrower documentation, assesses eligibility, and ensures the loan complies with FHA, HUD, and other regulatory requirements.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

Loan Application Review:

• Review all reverse mortgage loan applications, including borrower financial documentation (income, assets, credit history, etc.) and property appraisals.
• Ensure the loan meets all eligibility criteria for reverse mortgages, including the Home Equity Conversion Mortgage (HECM) program and other reverse mortgage products.
• Review borrower qualifications based on established guidelines and make informed decisions on approval, conditions, or denials.

Regulatory Compliance:

• Ensure that all loans are underwritten in compliance with federal, state, and local regulations, including FHA/HUD guidelines for reverse mortgages.
• Stay updated on changes in regulations and ensure that the underwriting process is aligned with the most current standards.
• Identify potential compliance issues and work to resolve them before loan approval.

Risk Assessment & Decisioning:

• Analyze risk factors, including borrower creditworthiness, property eligibility, and overall financial situation, to determine whether the loan should be approved, declined, or require additional conditions.
• Make informed decisions based on sound underwriting judgment while adhering to company policies and regulatory guidelines.

Communication & Collaboration:

• Collaborate with loan officers, processors, and other team members to ensure smooth and efficient loan processing.
• Communicate underwriting decisions clearly to the processing team, and provide feedback or clarification as needed.
• Work closely with the processing department to ensure all conditions are met and that files are ready for closing.

Documentation & Reporting:

• Ensure that all underwriting decisions are properly documented in the loan file for audit and compliance purposes.
• Maintain accurate records of underwriting actions, including any conditions that need to be met before approval or denial.
• Prepare detailed reports on underwriting decisions and maintain an organized filing system for all loan files.

Quality Assurance:

• Review files to ensure consistency, accuracy, and adherence to guidelines and policies.
• Participate in quality control initiatives to ensure loans are processed efficiently and in full compliance.
• Assist in resolving any issues that arise during the underwriting process and provide additional support as needed.

Customer Service & Support:

• Respond to questions and concerns from processors, loan officers, and other stakeholders regarding underwriting decisions.
• Provide clear, concise explanations of underwriting conditions and required actions to move the loan forward.
• Maintain a customer-centric approach while ensuring compliance with underwriting guidelines.

QUALIFICATIONS AND EXPERIENCE:

• High school diploma or equivalent (Bachelor’s degree preferred).
• 3+ years of experience in reverse mortgage underwriting.
• In-depth knowledge of reverse mortgage products, including Home Equity Conversion Mortgages (HECM).
• Strong understanding of FHA, HUD, and other relevant regulations governing reverse mortgages.
• Ability to make independent underwriting decisions based on established guidelines.
• Strong attention to detail and analytical skills.
• Excellent communication skills, both written and verbal, with the ability to explain underwriting decisions clearly.
• Proficiency with underwriting software, mortgage processing systems, and Microsoft Office Suite.
• Experience with reverse mortgage servicing and secondary market guidelines.
• Familiarity with risk management practices within the reverse mortgage industry.
• Experience working in a fast-paced, deadline-driven environment.

SUPERVISORY RESPONSIBILITIES: Direct Reports: Yes

PHYSICAL and ENVIRONMENTAL CONDITIONS:

This role operates in an ADA compliant office environment, utilizing typical office equipment and tasks including computer work. The position may involve partial stationary positions and moving throughout the day. Flexibility to work overtime to meet project deadlines is required.

Base Compensation Information – For residents of the states of CA & CO, and for NY + other areas requiring disclosure:

CMG pays a competitive base which ranges from $80,000 to $90,000 plus bonus. Factors that affect base salary may include: Reverse Underwriter experience and designations, overall knowledge, number of years worked in mortgage industry, types of roles performed, computer skills, experience specific to working with mortgage lenders, and education.