Appraisal Underwriter I/II

Overview

To underwrite Conventional and Equity loan appraisal reports. To apply the established guidelines of Navy Federal, secondary market investors, and regulatory agencies to determine the acceptability and marketability of the property, and ensure the collateral is sufficient to secure the requested loan.

Responsibilities

• Manages a pipeline of appraisals; remains aware of pending due dates; monitors and acts upon appraisal updates and new assignments to ensure member service expectations are met
• Communicates to production staff, appraisers, and appraisal vendors any changes, revisions, or corrections that occur after initial delivery of the appraisal; ensures timely follow up
• Responds to inquiries from production staff and other business units concerning appraisals in review and advanced underwriting issues; addresses and documents issues in systems
• Reviews and decisions appraisal reports; determines and adds conditions to loan file in systems; issues counter offers and denials
• Reviews and considers effects of contracts related to property, such as age restrictions, HOAs, private water/septic/roads, etc.
• Conducts a thorough examination of all components of the appraisal report, including supplemental appraisal forms, ensuring that deficiencies, repairs, or special requirements have been notated
• Determines the acceptability and marketability of the property to ensure the collateral is sufficient to secure the loan
• Utilizes information from all resources, such as the International Building Code, local building and zoning contacts, tax records, online real estate databases, member documentation, and title work to ensure an exceptional member experience without compromising risk level
• Makes decisions regarding the acceptability of the investment risk using established Navy Federal, investor, and regulatory guidelines; recommends for denial or exception any properties that do not meet them
• Communicates professionally, proactively, and confidently with appraisers, appraisal vendors, and business partner
• Provides timely, accurate, and clear information based upon research conducted and/or existing knowledge
• Collaborates with business partners to arrive at acceptable solutions; escalates complicated, urgent, and/or sensitive scenarios to supervisor; recommends and justifies exceptions
• Prepares highly detailed communications to appraisers and appraisal vendors in accordance with Appraiser Independence and other regulatory requirements
• Analyzes and facilitates member appeals; works with processing team to ensure appeals meet guidelines; takes appropriate follow up action
• Supports the Appraisal Underwriting function
• Maintains current knowledge of Navy Federal mortgage and equity products, and changes to investor guidelines and regulatory requirements that impact underwriting
• Provides feedback to Appraisal Underwriting leadership for the development of policies, procedures, and training
• Assists in the ongoing maintenance of online underwriting manuals
• Works independently
• Exercises judgment and discretion to analyze and solve more complex or unusual problems; assesses issues; may modify processes and procedures and develop alternate courses of action to complete work
• Applies in-depth knowledge of processes and procedures; has developed conceptual and practical expertise in the field
• Makes recommendations on or resolves a range of problems that have limited to moderate impact
• Resolves issues escalated from level I; provides guidance to Level I and Appraisal Underwriting Specialists on the appropriate course of action to resolve issues
• May assist the Supervisor in the preparation of summaries and reports for presentation to management
• Thorough knowledge of the guidelines, policies, and regulations that impact underwriting
• Performs other related duties as assigned

• Significant underwriting experience to include appraisal only and/or full credit, FHA, VA, Equity, and/or Conventional loans
• Demonstrated in-depth knowledge of underwriting principles, secondary market (FNMA and FHLMC) and/or government (FHA/VA) guidelines, and relevant regulatory requirements
• Demonstrated ability to analyze complex scenarios and determine/recommend exceptions
• Strong organization skills and ability to handle multiple tasks simultaneously with a high degree of accuracy in a high volume, fast paced environment
• Strong verbal, written, and interpersonal communication skills to include experience counseling, negotiating, or explaining decisions to members and vendors

• Current or prior conventional appraisal review experience, SAR/LAPP, and/or DE authority
• Familiarity with Navy Federal policies, procedures, products, and services