|Job Title:||Senior Residential Underwriter, MortgagesLab|
Senior Residential Underwriter
June 1, 2020
MortgagesLab is a full-service mortgage brokerage, originating mortgages with Banks, Credit Unions, Insured Lenders, Trust Companies & Mortgage Investment Corporations since 2010.
We are committed to re-invent the way Mortgage Professionals do business by helping them build successful careers while striving for the highest reputation in the Canadian Mortgage Broker Industry.
We are hiring a Residential Senior Underwriter
Reporting To: CEO, MortgagesLab
Posting Date: June 1, 2020
Closing Date: June 30, 2020
Hours of Work: 8:30 a.m. â€“ 5:00 p.m.
Office Location: Langley, BC
What we offer: Highly competitive compensation package which includes, base salary, bonus, benefits, and career advancement opportunities.
*Eligibility for benefits is dependent on the terms of employment
Reporting to the CEO, the Senior Residential Underwriter is responsible for:
â€¢ Reviewing, accepting, declining and submitting incoming residential mortgage applications following MortgagesLab policies.
â€¢ You have the responsibility to follow insurer policies and guidelines, banks & lenders guidelines and review incoming documentation while focusing on excellent service.
â€¢ You apply due diligence when reviewing required documentation to ensure accuracy and to protect MortgagesLab, the lenders and the brokers from risk.
â€¢ You are natural at maintaining positive and meaningful relationships with lenders underwriters, BDMs, appraisers, lawyers & mortgage brokers and you help build loyalty to MortgagesLab.
â€¢ You make sure files fund on time by following up with mortgage brokers, lenders and lawyers.
â€¢ You make sure all files are BCFSA compliant and complete for payment.
â€¢ You prioritize applications and workflow to make sure high volumes of approvals are delivered.
â€¢ You love to learn, and you stay current with lenders guidelines, competition and trends
The Requirements Needed:
â€¢ Completed post-secondary education or equivalent
â€¢ 2 years of mortgage underwriting experience with a lender/brokerage
â€¢ BCFSA Mortgage Sub-Broker License required
â€¢ Working knowledge of MAC computers, Excel, Word and CRMs
â€¢ Working knowledge of Filogix Expert & Velocity is an asset
Why join MortgagesLab?
â€¢ Professional office environment
â€¢ Supportive teamwork focused environment
â€¢ Collaborative entrepreneurial spirit
â€¢ To build a successful career over the long term
â€¢ Extensive underwriting training programs
Please send your resume with cover letter to: email@example.com
We thank all applications, only candidates selected for an interview will be contacted.
Your Career as a Mortgage Broker
To become registered as a mortgage broker, interested individuals must meet prescribed educational requirements. The Sauder School of Business Real Estate Division at the University of British Columbia provides a course offered through distance learning. For more information, please call 604-822-8444 or visit www.realestate.ubc.ca for the Mortgage Brokerage Licensing Program details.
The CMBA-BC also offers a practical course – the Canadian Mortgage Brokers Course – which provides participants with information currently not part of the UBC mortgage brokers’ course curriculum. This course is not mandatory. It is designed for new or soon-to-be mortgage brokers and will also be very helpful for people in related industries. It provides a clear picture of the processes involved in seeking and obtaining approval of mortgage financing. Please visit our Events Centre for more information on the CMBA-BC course.
Applicants must either complete or challenge the UBC course and then must register with the Financial Institutions Commission (FICOM). FICOM is the government body that regulates mortgage brokers and can be reached at 604-660-3555.
Frequently Asked Questions
Yes, you must register and obtain a license from FICOM prior to working as a mortgage broker. It is an offence to carry on the business of a mortgage broker in British Columbia without proper registration and licensing. Please refer to paragraphs above for details on educational requirements.
Mortgage Brokers are compensated on a commission basis so incomes vary widely from one individual to another. A successful mortgage broker will earn an income similar to other successful sales professionals.
While there is no regulation prohibiting this, most companies do not hire part time brokers. It is a challenging career that requires a high level of effort, knowledge and attention to detail. Most employers find that part time brokers are not able to devote the time and energy required to properly serve their clients’ needs in a professional manner.
Many different personalities can be successful but there some common skills and traits that most brokers have. Mortgage Brokers must be fluent in reading, writing and conversing in English. They require knowledge of mathematics to at least the high school level. Integrity is crucial when dealing with clients, financial institutions and other professionals in the real estate industry. Strong interpersonal and stress management skills help brokers deal with clients who are looking for calm guidance and timely answers about an important financial transaction.
A mortgage broker is generally a sales position and requires prospecting for clients. Most new mortgage brokers spend a great deal of time early in their career building a referral network of realtors, accountants, lawyers and other professionals who trust and refer clients to the broker. Over time successful brokers also build a large base of satisfied clients who refer friends and associates to the mortgage broker based on their own positive experience. Some mortgage brokers find advertising successful and some employers provide leads to new brokers.
The provincial regulator requires course completion through the Sauder School of Business. This course can be taken over the period of one year, with written exams at completion. Once you have passed your exams, you will need to find an employer, preferably with an CMBA-BC corporate member. (All graduates are required to work for an existing designated company for a minimum of two (2) years before independent office opportunities.) Once employed, you must submit your registration to FICOM for your license. Then it is time to Become A Member of CMBA-BC and start attending our educational and networking events. Let us help you launch your career!