Details: Position Category: Private BankingPosition Title: Mortgage Underwriter*Job Level: AssociateLocation: USA - NY - New YorkEducation Required: Bachelors DegreePosition Description:Morgan Stanley is a global financial services leader with three core businesses - Institutional Securities, Asset Management, and Global Wealth Management. Global Wealth Management is offered by the Morgan Stanley Smith Barney (MSSB) franchise, which has one of the world’s largest network of Financial Advisors and current total assets of 1.7 trillion as of April 21, 2011. Morgan Stanley has expanded its suite of world-class banking and lending products exclusively for MSSB Financial Advisors and their clients. In addition to our comprehensive financial services, which include brokerage, investment advisor, financial and wealth planning, annuities, insurance and retirement, Morgan Stanley has enhanced its lending, trust and cash management capabilities. By combining our lending financial services business with private banking products built specifically to service the needs of Financial Advisors and their clients, we can tailor banking and lending solutions to client needs. Morgan Stanley Smith Barney’s (MSSB) Global Wealth Management Group (GWMG) provides a range of wealth management products and services for affluent individuals, businesses and institutions. These services include brokerage and investment advisory, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust. The Mortgage Division of Morgan Stanley Private Bank National Association (MSPBNA) is focused on delivering premier mortgage solutions to clients of MSSB. As part of Global Wealth Management Division (GWM), we have a partnership with Morgan Stanley’s retail brokerage network that provides a proprietary source of inbound business.If you have a passion for the mortgage business and are looking for a team atmosphere that encourages success and innovation, a healthy pipeline and a fast –paced environment, MSPBNA may have something to offer you.The primary function of this role will be to produce an investment quality portfolio by adhering to sound credit policies and principles directly related to the borrower’s credit history, income, assets, total liabilities, and a detailed review of the borrower’s existing or proposed collateral.• Thorough review of all loan documentation to ensure accuracy, data integrity, and ensure no existence of fraud• Proper classification and documentation of grading of risk• Ensure loan processing staff, producers or brokers procure appropriate information necessary to finalize incomplete loan packages• Recommend modifications/clarifications to firms credit policy • Provide work direction and training to more junior staff• Provide assistance to secondary marketing area in support of due diligence for both sales and securitizations• Establish and maintain a good relationship with other departments• Recommend loan decisions for loan amounts or DTI’s in excess of authorized limit to Underwriting Manager or Underwriting Vice PresidentSkills Required:Position Responsibilities • Thorough review of all loan documentation to ensure accuracy, data integrity, and ensure no existence of fraud• Proper classification and documentation of grading of risk• Ensure loan processing staff, producers or brokers procure appropriate information necessary to finalize incomplete loan packages• Recommend modifications/clarifications to firms credit policy • Provide work direction and training to more junior staff• Provide assistance to secondary marketing area in support of due diligence for both sales and securitizations• Establish and maintain a good relationship with other departments• Recommend loan decisions for loan amounts or DTI’s in excess of authorized limit to Underwriting Manager or Underwriting Vice PresidentExperience • Seven years resindential mortgage underwriting experience, both Conforming and non-conforming• Knowledge of “unique vestings” i.e. irrevocable, trust, property in corporate entities• Advanced knowledge/experience of self-employed income analysis a MUST• Experience working with high profile / high net worth clients preferredSkills/Abilities • Must have current industery knowledge of underwriting procedures, policies, creditor financial analysis techniques, investor requirements and possess a high degree of attention to detail• 1st and 2nd lien position product lending. • Appraisal, income, title training from established agency, vendor, or accredited organization• Proven ability to restructure loans and create “counter offers”• Outstanding verbal and written communication skills• Ability to champion a “client first” culture• Abilty to thrive in a “paperless” environmenteoe/m/f/d/v
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