Mortgage Operations Manager

Credit Union 1 is Recognized as a Chicago Tribune and Las Vegas Review-Journal Top Workplace 2024

We are excited to announce that Credit Union 1 has been recognized as a Chicago Tribune and Las Vegas Review-Journal Top Place to work for the fourth year in a row! The Top Workplaces explore how organizations create and sustain a positive and productive work culture. A great culture is important to Credit Union 1 and our culture is made up of more than great benefits and time off.

Join the Credit Union 1 Team

If you are highly motivated, friendly, and looking for a great place to work, join the Credit Union 1 team. As an employee of Credit Union 1, you will be part of a well-established and respected credit union that offers you amazing benefits, along with both stability and the opportunity for a great career path.

Top reasons to begin a career at Credit Union 1:

• Get paid for NOT working 14 holidays each year!

• Paid Time Off (PTO) begins accruing day one of employment

• Tuition reimbursement for approved courses (after 1 year)

• Free Employee Assistance Program (EAP)

• Livongo Diabetes Management Program

• Career growth opportunities it's our philosophy to promote from within whenever possible. Credit Union 1 is committed to your success and professional development.

• Excellent benefits packages including:

  • Medical PPO insurance

  • High Deductible Health Plan (HDHP) and Health Savings Account (HSA)

  • Dental & vision insurance (employee dental coverage 100% company paid)

  • Life, AD&D, short and long-term disability insurance (100% company paid)

  • 401(k) retirement and profit-sharing plan

• Being part of a team providing services with the goal of improving the ongoing economic well-being of our members.

• Exclusive interest rate reduction for qualifying loan products.

The Job at a Glance

The Mortgage Operations Manager is responsible for the daily operations and administrative tasks of the underwriting department. These responsibilities can include reviewing mortgage loan files to ensure salability to secondary market investors and organizational portfolio standards as well as to State and Federal regulations, Private Mortgage Insurance agencies and any other industry related requirements. These reviews shall include completeness and accuracy with the objective of rendering an informed and impartial credit decision. The Underwriting Manager will ensure the team is meeting the established goals and understands the objectives for the department. The Mortgage Operations Manager also coaches and trains new and existing Underwriters as well as assists the VP Mortgage Operations, Consumer and Indirect Lending when required.

A Typical Day

1. Maintain a thorough knowledge of mortgage lending policies, procedures, and practices, including Credit Union 1’s standards for real estate origination.

2. Maintain a comprehensive understanding of mortgage lending practices, including federal, state, and agency requirements and regulations.

3. Conducts full review and underwrite of mortgage loan files, including but not limited to income, credit, assets, and collateral for all product types, within set turn times.

4. Verify accuracy and integrity of file documentation while ensuring application details are correctly reflected throughout the loan origination system.

5. Ability to apply Secondary Investor overlay guidelines to ensure proper salability after funding. 

6. Screens files for red flags related to possible fraudulent activity or misrepresentation.

7. Communicate exceptions needed of loan file to organization staff with delegated Loan Officer authority.

8. Provide scenario guidance to MLO and support staff.

9. Mentor, coach, and provide training assistance to new hires.

10. Help with file reviews, provide well supported and accurate feedback to team members.

11. Ability to approve appraisals with compliance scores outside of designated range.

12. Helps VP of Consumer Lending & Mortgage Underwriting when creating, developing, and revising policy and procedures.

13. Manages, develops, & trains Sr. Underwriters and Underwriters.

14. Completes routine touch-base meetings and annual performance reviews for underwriters that report directly to them.

15. Ensures team goals and directives are met and reports findings to upper management.

16. Has extensive knowledge of RE Underwriting policies and procedures.

17. Helps collaborate with other RE department managers on projects and cross training.

18. Oversees process efficiencies are maximized, loan accuracy is achieved, and turn times are met for all underwriting functions.

19. Enables team to prioritize urgent files.

20. Acts as an escalation point of contact for Underwriters and other RE team members.

21. Acts as a mentor for Loan Processors and provides working solutions to our Loan Officers while improving loan quality. 

22. Provides constructive and timely coaching. 

23. Promote CU1’s core values of Be Great, Be Engaged, Be Open, Be Nice.

What We Look For

• High school diploma or equivalent required; but college degree or equivalent work experience preferred.

• Have previous mortgage underwriting supervisory experience.

• Minimum 4 years of mortgage underwriting or equivalent credit granting experience.

• Expertise in Conforming and Non-Conforming guidelines. 

• Maintains a thorough knowledge of real estate regulatory laws that impact credit decisioning.

• Detail oriented with a high degree of accuracy and strong command of math skills.

• Ability to work in a demanding, high-volume, and fast-paced environment. 

• Exemplary time management and organizational skills.

• Strong aptitude in verbal and written communication.

• Exceptional problem solving, organizational, and collaboration skills.

• Ability to provide critical feedback to direct reports.

Location: 450 E. 22nd Street, Lombard, IL