August 1, 2024

Location: Retail Lending Department

Company Overview:

Established in 1895, Bay State Savings Bank is an approximately $500MM, Massachusetts-based mutual Bank. BSSB has six branch locations in central Massachusetts and operates one education branch within a high school. BSSB is the only remaining mutual savings bank originally headquartered in Worcester, Massachusetts. BSSB is a value-driven organization committed to international actions and investments that position the Bank as the communities’ preferred choice for Banking.

Position Description:

Under the general supervision of the Vice President – Retail Lending, the Mortgage and Consumer Underwriter is responsible for the timely underwriting of residential mortgage loan applications, home equity loans and consumer loans. Approves loans within designated authority. Makes recommendations for approval or denial on loans above authority. Responsible for departmental reporting and the timely review of documentation to contribute to overall customer satisfaction.

Key Responsibilities:

Responsible for pipeline management to ensure timely underwriting of mortgage and consumer applications.
Maintaining a thorough knowledge of compliance with regulatory developments as they affect mortgage and consumer lending. Exhibits proficiency in Secondary Market guidelines, Automated Underwriting systems and Mortgage Insurance provider requirements with an ability to interpret findings and make sound underwriting decisions.
The underwriter will perform a detailed review of residential 1st mortgage loan applications, home equity loans, home equity lines of credit, personal unsecured loans, Mass Save Heat Loans, auto loans and passbook loans.
DE license preferred with working knowledge of FHA, VA and USDA guidelines and systems. Systems include but not limited to: FHA Connection, CAIVRS, GUS (Guaranteed Underwriting System) and VA Loan Guaranty portal.
Make appropriate lending decisions to recommend loans for approval, decline, counteroffer or suspends applications, as necessary.
Approves mortgage loans within authority.
Completes a credit analysis of each borrower, reviews appraisals, and calculates income using all required means for all income types and balance assets.
Assembles a list of conditions for required items not present at the time of underwriting.
Works closely with Mortgage Processor to ensure conditions are understood and processed correctly.
Review and clear underwriting conditions and issues final clear to close.
Assists in compiling and filing the bank’s annual HMDA Report as needed.
Utilizes loan policy for guidance on portfolio loans, ensuring all files are current and in compliance.

Qualifications, Education and Experience:

High school diploma or equivalent.
5-7 years of work experience in mortgage and consumer underwriting.
E. (Direct Endorsement) License preferred.
Sound knowledge of State and Federal banking regulations.
Sound knowledge of regulatory requirements including HMDA, Fair Lending, Reg B., and CRA.
High degree of human relation and communication skills; including written and verbal communication skills.
Thorough understanding of mortgage loan products.
Thorough understanding of Bank’s Retail Lending products, programs, and fee structures.
High level of computer literacy, including Microsoft Office programs, Encompass, and Loan Prospector.
Must have the ability to analyze and evaluate special circumstances and make appropriate decisions according to operating policies and procedures.
Proactive, precise, and highly motivated.

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Bay State Savings Bank

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Mortgage and Consumer Underwriter