Join a community‑focused bank where you can directly support strong, confident lending decisions.
As a Collateral Underwriter, you will assess the adequacy, accuracy, and suitability of collateral securing residential mortgage loans. You’ll review property valuations, identify collateral risks, ensure regulatory compliance, and collaborate with lending teams to support sound credit decisions.
Key Responsibilities:
- Review and analyze appraisals, AVMs, evaluations, and property reports for completeness, accuracy, and compliance with USPAP, Appraiser Independence Requirements (AIR), and bank policy.
- Validate collateral value, marketability, and condition, including identification of property deficiencies, comparable selection issues, over‑valuation indicators, complex property characteristics, etc.
- Communicate appraisal corrections, revisions, and reconsideration requests to appraisers and/or third‑party appraisal management companies (AMCs) in accordance with AIR.
- Ensure appraisal documentation complies with Interagency Appraisal & Evaluation Guidelines, Reg Z valuation requirements, flood regulations, and investor/agency standards (Freddie Mac, FHLB, Maine Housing).
- Prepare written analyses and collateral summaries to support credit decisions.
- Collaborate with underwriters to ensure collateral‑related risks are appropriately documented, mitigated, or conditioned before approval.
- Assist in clearing collateral‑related underwriting conditions and work with team members to resolve issues.
- Collaborate with appraisers and AMCs to ensure high‑quality vendor performance.
- Provide support to lending staff regarding collateral requirements, valuation standards, and underwriting guidelines.
Qualifications:
- In depth knowledge of the mortgage industry including fair lending, regulatory compliance and bank policy pertaining to mortgage lending
- Encompass LOS experience preferred
- Strong analytical and critical‑thinking skills
- Interacts harmoniously and effectively with others, working collectively to achieve bank goals while fostering excellent teamwork
- Highly motivated and excel in a fast-paced environment
- Understanding of appraisal methodology, collateral standards, and regulatory requirements
- Strong written and verbal communication skills
- Ability to spot valuation red flags and communicate effectively with internal and external partners
- Bachelor’s degree or equivalent experience
Location:
- This position is based in Farmington, ME
- This position can be in person, hybrid or remote
- All candidates must live in, or be relocating to, the state of Maine
Why Join Our Team?
We offer a robust benefits package, including:
- Health, dental, vision, life, and disability insurance
- Paid vacation and holidays
- Education reimbursement
- 401(k) with employer contributions
- Pension plan
At Franklin Savings Bank, we value our employees as our greatest asset and are committed to their growth and well-being. We are proud of our culture, where we are dedicated to providing our employees with an environment of caring, comradery, and fun!
In addition, we prioritize our commitment to our communities in which we live and work. We sponsor roughly 140 events each year and in 2025 we donated more than $705,000 to local non-profits and community organizations!
Emarace the opportunity to grow with a team where your contributions are truly valued. Apply today at www.franklinsavings.bank/careers and include your cover letter, resume, and three professional references. This position will remain open until the right candidate is found.
Franklin Savings Bank is an Equal Opportunity Employer. All persons shall have the opportunity to obtain employment without discrimination.
Job Type: Full-time
Benefits:
- 401(k)
- Dental insurance
- Health insurance
- Paid time off
- Parental leave
- Vision insurance
Work Location: Hybrid remote in Farmington, ME 04938
