Mortgage Underwriter in Salt Lake City, UT at Key Bank- Corporate

Date Posted: 10/13/2017

Job Snapshot

  • Employee Type:
  • Location:
    15 West South Temple
    Salt Lake City, UT
  • Job Type:
  • Experience:
    Not Specified
  • Date Posted:

Job Description


The KBM Underwriter reports to the KBM Underwriting Supervisor and is responsible to review, analyze and approve residential loan applications originated through Key Bank. The KBM Underwriter is responsible for verifying income, assets, credit and collateral documents including self-employed personal and business tax returns. The position may be involved in one or several types of mortgage lending (agency conventional, portfolio conventional). Lending authority to include conventional and jumbo loan programs for up to $424,100. Excellent phone and communication skills as well as providing superior customer service to internal and external customers required. An exemplary customer service oriented attitude and the ability to work effectively in a Team Environment is essential.


  • Evaluate creditworthiness of borrows in order to render a credit decision. This includes but is not limited to the review of paystubs, W2’s, financial statements, tax returns, asset statements, bank account statements, credit reports etc.
  • Ensure all loans meet or exceed Key Bank credit policy and be in compliance with the Ability to Repay (ATR) and Qualified Mortgage provisions of the Dodd-Frank Act.
  • Ensure compliance with appropriate company and Agency/Investor.
  • Review transmittal & 1003 to make sure it is accurate and complete and matches the final AUS findings
  • Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and require payment or satisfaction if needed.
  • Calculate income/ self-employed cash flow using documentation and methodology required per investor, and CFPB regulations. Analyze the business’s financial strength by examining annual earnings to determine stability and viability. Income must be verifiable, stable and ongoing.
  • Review assets to ensure adequate funds to close and required reserves. Ability to analyze bank statements for any recent large deposits and possible other debts that might impact ATR.
  • Required to review all appraisals outside standard guidelines to ensure the report is accurate, complete, the value supported and the collateral is acceptable. Recognize when additional field reviews may be necessary to support value
  • Ability to review Condo/PUD projects to ensure they meet salable or non warrantable guidelines
  • Review file to make sure state regulatory guidelines have been met and federal (patriot act)
  • Calculate net tangible benefit for those states that require this test
  • Ensure all tax, title, insurance and closing documentation is accurate and complete
  • Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty
  • Review final conditions submitted to Underwriting Final Approval within SLA
  • Re-review all Suspended loans within SLA
  • Review a minimum number of files per month as determined by management which would include new submissions, re-submissions & final conditions
  • Maintain current and fluid knowledge of investor and agency guidelines and adapt to changes quickly
  • Communicates effectively and engages proactively with mortgage loan officers, processors, branch managers, funders and post-closers in regards to loan decisions, clarity of loan conditions, investor guidelines/documentation requirements and possible loan scenarios
  • Assists in the training of Key Bank Mortgage employees as needed
  • Performs other related duties as assigned
  • Work “underwriting help desk” on a rotational basis answering emails, phone calls from the sales force.
  • Demonstrate exceptional service philosophy in all interactions with internal peers and partners
  • Perform second level review on loans recommended for denial. Evaluate the application to determine if there are any other products or alternative terms available before issuance of denial.
  • Once approved, has lending authority up to $424,100

  • Bachelor’s Degree or equivalent work experience
  • 1-5 years of recent Mortgage Underwriting Experience ( conventional) with strong agency guideline knowledge
  • DE, SAR and LAPP certifications are not required but preferred
  • Strong working knowledge of ATR/QM Requirements
  • Proven knowledge of Mortgage Insurance Guidelines and rates
  • Working knowledge of Empower LOS is a plus
  • High degree of proficiency in Desktop Underwriter and Loan Prospector required
  • Strong analytical skills,; accuracy, consistency and completeness is critical
  • Ability to work in a fast paced, fluid environment and be held to meet minimum production standards while achieving a rewarding experience for our clients
  • High integrity and outstanding work ethic
  • Strong computer skills; proficient in Microsoft Word, Excel and Outlook
  • Must have proficient written and verbal communication skills
  • Proven knowledge of compliance and disclosure requirements
  • Proven knowledge of closing, post-closing & quality control responsibilities

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. KeyBank is Member FDIC.

Key Community Bank serves individuals and small to midsized businesses from Maine to Alaska through our 15-state network of over 1,200 branches, 1,500 ATMs, telephone banking and robust online and mobile platforms. KeyBank’s Consumer/Business Banking segment provides consumers and small business owners with straightforward banking solutions and personal finance expertise that helps them make confident financial decisions today and plan for tomorrow. Key Private Bank offers wealth planning that follows a consistent, disciplined approach guided by objective advice based on each unique situation. KeyBank Commercial Bank offers midsize business financial services that drive growth and profitability and help business owners identify new opportunities with products and services including deposit, cash management, investment services, commercial lending, equipment leasing, and asset-based lending.


KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.