Karen Norris

Experience

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  Bank of America

  Jul 2003 - Jun 2007

  Conventional Underwriter / Sr. Loan Specialist

  Responsibilities: • Underwrote conventional mortgage loans, both conforming and nonconforming, within $1,000,000 credit authority. • Underwrote manual non-automated products using traditional and non-traditional credit and income documentation guidelines. Products included, community reinvestment, self-employed, stated income/stated asset and full-documentation loans.• Underwrote all Fannie Mae and Freddie Mac programs, including all levels of expanded approval and community reinvestment lending products using Desktop Underwriter and Loan Prospector. • Underwrote Capstone automated underwriting system loans using Capstone documentation requirements, guidelines and underwriter discretion as applicable. Key Contributions:• Attention to detail prevented the closing of a loan involving identity theft in which misrepresentation was detected, preventing lender from sustaining financial losses. Show less

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  Genworth Financial

  Aug 2007 - Apr 2008

  Contract Mortgage Underwriter

  Responsibilities: • Underwrote all Fannie Mae and Freddie Mac conforming and nonconforming mortgage loans, both full-doc and reduced-doc loan programs, all levels of expanded approval programs and community reinvestment programs.• Ensured all loan documentation was complete and accurate in order to guarantee data integrity and compliance with investor guidelines.

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  Bank of America

  May 2008 - May 2012

  Senior Underwriter / DE

  Responsibilities included the following: Underwrote FHA, Conventional and VA Pre-approvals. Worked with mortgage loan officers to clarify documentation and guideline requirements to assist in the transition from stated income/stated asset products to fully-documented government and conventional loans. Completed the 1084 cash flow, or SAM analysis as applicable for self-employed applicants to determine a qualifying income figure before submitting to the underwriting department for a final loan decision. Provided underwriting tips and various job aids to the sales floor. Acted as an in-house subject matter expert for mortgage loan officers by responding to scenario questions, and assisting mortgage loan officers when decline reasons or documentation requirements needed clarification. Underwrote Hamp and Non-Hamp loan modifications before forwarding loans for a final modification. Show less

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  Nationstar Mortgage

  May 2012 - Jul 2013

  Senior Underwriter / DE

  Responsibilities included the following: Underwrote FHA and Conventional purchase and refinance loans. Completed comprehensive income calculations (including SAM and 1084 tax return analysis for self-employed borrowers) as well as a review of appraisal, credit, and assets. Underwrote loans using both automated underwriting engines (DU/LP & FHA Scorecard) and manual decision-making. Ensured all loan documentation was complete and accurate to guarantee data integrity and compliance with investor documentation. Offered change-of-terms where appropriate to obtain loan approval. Show less

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  Recovco Mortgage Management

  Dec 2013 - May 2014

  Forensic Underwriter

  Performed loan reviews to provide documentation for securities litigation. Re-underwrote mortgage loans (income, appraisal, credit, and assets) and issued claim assertions in cases where the lender did not meet product guidelines or minimum industry standards. Reviewed both manually underwritten and AUS (Clues, DU, FHA scorecard, and LP) approved loans.

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  Caliber Home Loans

  Jun 2014 - May 2019

  Senior Quality Control Analyst

  Responsibilities included performing regulatory compliance audits such as Adverse Action, TRID, Government Insuring, and targeted reviews to ensure CFPB, as well as Federal and State regulatory compliance requirements, had been met. Previous duties as Quality Assurance Underwriter included conducting pre-funding credit audits; comprised of appraisal, income (including self-employed SAM or 1084 analysis), credit, assets and geographical restrictions where applicable, to ensure approved loans had been underwritten per FHA, FNMA, USDA, and FHLMC guidelines for both AUS and manually underwritten loans. Additional products audited included Caliber Home Loan's proprietary non-QM Portfolio products such as Homeowner's Access and Fresh Start. Post-audit tasks included communicating deficiencies to the Operations Department and confirming corrective action had been accomplished. Show less

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  Home Point Financial Corporation

  Jul 2019 - Apr 2020

  Senior Underwriter

  Responsibilities included the following: Underwrote FHA and Conventional purchase and refinance loans, as well as VA IRRRL Refinances. Completed comprehensive income calculations (including SAM and 1084 tax return analysis for self-employed borrowers) as well as a review of appraisal, credit, and assets. Underwrote loans using both automated underwriting engines (DU/LP & FHA Scorecard) and manual decision-making. Ensured all loan documentation was complete and accurate to guarantee data integrity and compliance with investor documentation requirements. Offered change-of-terms where appropriate to obtain loan approval. Show less

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  Evolve Mortgage Services, LLC

  May 2020 - Dec 2021

  Senior Underwriter

  Originations/Front-End Underwriter for various clients. Underwrote Conventional Purchase and Refinance Loans, both Fannie Mae and Freddie Mac. Underwrote loans for both wage-earner and self-employed borrowers, as well as those with multiple rental properties, capital gains income, dividend and interest income, etc. Utilized the contemporaneous Covid19 documentation requirements (P&L’s and 3 months bank statements) and asset reserves guidelines as applicable. Reviewed property appraisals, credit documents, and assets statements. Exercised sound judgment and common sense when making loan decisions and sought exceptions when appropriate. I was employed at Evolve from May 2020 to Aug 2020 and Feb 2021 to Dec 2021. The gap in my employment dates above reflects the time that I went to law school full-time. Show less