NACA Underwriter

NACA Underwriter

NACA makes the dream of affordable homeownership a reality for many who have faced systemic racism and other barriers. This includes access to NACA's Best Mortgage in America and a streamlined mortgage process. NACA works with homebuyers ("Members") from the initial educational workshop, individual counseling, purchase process and mortgage process.

The NACA Underwriter provides quality control to ensure that submissions for NACA Qualification meet NACA's underwriting policies and criteria. NACA's underwriting criteria are character-based, which is significantly different from lenders' traditional underwriting guidelines. The NACA Underwriter must review and decision Member files for NACA Qualification. The NACA Underwriter's review is based on NACA's comprehensive policies and procedures described in detail in NACApedia. The NACA Underwriter makes approval decisions by determining whether the Member is ready for homeownership and helps determine an affordable mortgage payment after reviewing a complete document and information package. This position requires effective communication with NACA Counselors to help them understand how to achieve NACA Qualification.

The NACA Underwriter educates and coaches NACA Counselors on NACA policies, qualification requirements and underwriting standards. The NACA Underwriter provides guidance to ensure NACA Qualification submissions are complete, accurate, well documented and compliant with NACA and lender requirements. The comprehensive review may reject the NACA Qualification submission and/or require additional information or and/or documentation. Detailed narratives are essential for documenting conversations with the NACA Counselor, detailing the steps the NACA Counselor and Members need to take to become NACA Qualified.

The NACA Underwriter is responsible for ensuring adherence to the NACA criteria and is a good resource for the NACA Counselor to answer questions. The NACA Underwriter grades each file submitted for NACA Qualification for completeness and accuracy. The grading is to evaluate and provide constructive feedback to the NACA Counselor and promote increasingly complete, accurate and well documented submissions.

Responsibilities:

• Examine and underwrite the full document package and data entry to ensure accuracy and completeness in accordance with NACA's Policies and Procedures in NACApedia.
• Comprehensive understanding of NACA's Best in America Mortgage; character-based underwriting with compensating factors; NACA eligibility requirements, including income and area limitations; NACA's priority interest rate eligibility and priority area designations; and NACA's homeownership programs including Purchase & Rehab Mortgage, HOT-PHA (Housing Choice Voucher) and One-Dollar Purchase.
• Understanding and operationalizing of NACA's mission of fighting for economic justice and neighborhood stabilization, and how this mission informs qualification decisions.
• Decision files within two days of assignment.
• Provide guidance for a NACA Counselor to resubmit a file where necessary documents or information is not provided to make a qualification.
• Recommend reductions in NACA Counselor's file compensation based on incomplete files.
• Manually calculate income and assess Members' readiness for homeownership with an affordable mortgage payment.
• Calculate the Members' maximum affordable mortgage payment ("MAMP") including adherence to the limits of the housing and debt ratios.
• Review files under contract that are over the Maximum Affordable Mortgage Payment ("MAMP") and decide if the MAMP can be approved for the needed increase to grant NACA Credit Access approval.
• Review and approve the Members MAMP by verifying compliance with the Payment Shock Savings Pattern requirement whenever the proposed monthly mortgage payment exceeds the Members current rent.
• Grade the submitted files and if not given full credit, provide an explanation in categories with point or grade reductions.
• Review the Member's payment history and explanations to determine if the Member is ready for homeownership based on payments they control, without consideration of credit score, consistent with NACA's character-based lending philosophy
• Provide clear guidance and detailed lists of conditions to the NACA Counselor for next steps for NACA Qualification at both NACA Qualification (prior to housing search) and Credit Access.
• Accurately calculate Member's income using NACA's approved methodologies.
• Verify Member's liabilities (debt) and ensure all obligations are properly documented.
• Ensure Member eligibility requirements are met, including verification that Members do not have ownership interest in other properties, income and area limitations, and residency requirements.
• Assess and approve interest rate buy-down options and principal reduction requests in accordance with NACA guidelines.
• Write comprehensive, detailed narratives documenting all file reviews, decisions, and communications with NACA Counselors in accordance with NACA documentation standards.
• Other responsibilities as determined by NACA management.

Time Demands:

The NACA Underwriter must be willing and able to meet the demands of the job that typically consists of 50+ hours per week. The typical working hours are 8:30 a.m. to 6:00 p.m. weekdays with additional time as NACA determines necessary on evenings, weekends, events and other activities with overtime as permitted and necessary. The compensation has been set to reflect this expectation.

Compensation:

The compensation is based on experience, skills, performance and certifications. The annual salary is between $50,000 and $60,000 with overtime and any bonus as stated below with total annual compensation between $60,000 to $75,000+. The candidate's performance evaluation and future compensation is largely based on meeting the job responsibilities, competencies and skills stated herein.

This is a non-exempt position, with eligibility for overtime pay for hours worked over 40 in a work week. The fixed weekly salary covers all hours worked each week even though the hours may vary from week to week. Overtime is computed based on the fluctuating work week ("FWW") method, subject to any local law requirements.

• Fixed Weekly Salary for All Hours Worked: The fixed salary is intended to compensate for all hours worked during the work week regardless of variations in the hours.
• Overtime: For all hours worked over 40 in a work week, payment will be additional overtime compensation. When overtime is owed, it will be computed by dividing the weekly salary by the number of hours worked that week, to determine the "Regular Rate" for the week. Additional overtime pay will then be calculated and paid by taking half of the Regular Rate and applying it to all hours worked over 40 in the week.
• Accurate Timekeeping Required: The candidate must accurately record all hours worked each day and each workweek.
• No Guarantee of Hours: NACA does not guarantee any minimum or maximum number of hours. The fixed salary is compensation for the total hours worked each work week regardless of the number of hours.

Bonus:

Management would determine any bonus based on the following.

• Qualification Underwriting effective underwriting according to NACApedia.
• Qualification Production meeting and exceeding number of qualifications reviewed.
• NACA Counselor Communication - timely and effective communication and education with NACA Counselors.
• Pipeline Management managing a large number of files.
• Other Criteria determined by management.

Working Conditions:

• A fast-paced work environment.
• Evening and weekend work.
• Extended work hours during events or advocacy campaigns.
• Sitting at a desk with limited physical activity and constant computer use.

Mission Commitment:

NACA employees are expected to actively support the organization's mission of expanding affordable homeownership, addressing housing inequities and systemic racism, reducing the racial wealth disparity gap, stabilizing neighborhoods, and advocating for economic justice. NACA requires staff to adhere to and participate in NACA's advocacy, campaigns, events, outreach, community organizing, actions, voter registration, and other activities as determined by NACA. This is also important for NACA's continued success and in expanding NACA's purchase and other programs. NACA staff have a tremendous impact on the Members and communities they serve.

Knowledge, Skills & Abilities:

NACA seeks staff with a positive and open attitude, a strong work ethic and relentless commitment to success with attention to detail and ability to meet aggressive deadlines and ambitious goals. S/he is expected to have a high level of core competencies and skills as stated below and described in detail at

• Commitment to NACA's mission of economic justice and neighborhood stabilization;
• Strong analytical skills with attention to detail and ability to review complex financial documentation;
• Excellent time management skills with ability to review 12+ files daily while maintaining high quality standards;
• Strong communication skills, both written and verbal, with ability to clearly explain complex requirements to NACA Counselors and provide comprehensive professional narratives