The Collateral Underwriter provides detailed administrative review of residential appraisal reports, provided by external appraisal vendors, according to FNMA, FHLMC, FHA, VA, USDA and client directives. This position is responsible for ensuring the quality and quantity guidelines are met and conclusions are accurate and/or appropriate; and analyzing quantitative and qualitative data and rendering professional judgments based on USPAP and client guidelines.
- Direct Endorsement (DE) and/or Staff Appraisal Reviewer (SAR) required.
- Prior experience in reviewing VA and/or FHA appraisals is required.
Essential Responsibilities:
- Perform appraisal reviews of complex and non-complex one-to-four family residential real estate.
- Ensure consistency with USPAP, PHM policies, and generally accepted appraisal standards.
- Determine if the appraisal adequately addresses a wide variety of issues that affect property values, such as size, location, market conditions, and physical property condition.
- Ensure appraisals are free from bias and discriminatory practices.
- Perform external research through the Lender system, public records, and/or online data may be required to verify and support data and opinions within the appraisal and appraisal review.
- Complete comprehensive collateral reviews in a timely manner to meet service level expectations.
- Maintain pipeline and communicate issues/collaborate with credit underwriting, processors, sales partners, and management.
- Collaborate with the Loan Processors, Underwriters and Mortgage Consultants, and Operations Compliance to ensure overall appraisal compliance, independence, and valuation. Stay up-to-date on industry/investor trends and conditions.
- Performs other duties and responsibilities as assigned.
Minimum Requirements:
These specifications are general guidelines based on the minimum requirements. To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Individual abilities may result in some deviation from these guidelines.
Skills/Abilities:
- Data Analysis.
- Critical thinking, problem solving, creativity.
- Organizational skills, including a high level of accuracy and attention to detail.
- Effective oral and written communications sufficient to convey details on appraisals and processes.
- Word processing, spreadsheet and typing sufficient to produce spreadsheets with basic formulas and business form letters and memos.
- Operating standard office equipment and using required software applications.
- Recognize deficiencies in appraisals and evaluations reports as well as changes in industry/investor trends and conditions.
- Conduct analysis including basic math, competency with decimals and fractions.
- Analyze quantitative and qualitative data and render a professional judgment.
- Types of real property, terms, types of ownership in real estate, deeds, mortgages, etc.
Educational/Previous Experience Requirements:
- Bachelor Degree preferred, and a minimum of five years’ experience in the real estate underwriting industry
- An equivalent combination of education, training or experience.
- Direct Endorsement (DE) and/or Staff Appraisal Reviewer (SAR) required.
- Prior experience in reviewing VA and/or FHA appraisals is required.
Prosperity Home Mortgage, LLC is an Equal Opportunity Employer and is committed to Diversity, Equity, and Inclusion in the workplace. We prohibit discrimination and harassment of any type based on race, color, religion, age, sex, national origin, disability status, genetic information, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.