Correspondent Underwriter
- Review and assess non-QM loan applications, including income verification, credit history, assets, and other key factors, ensuring all underwriting guidelines and regulatory requirements are met.
- Analyze borrower profiles, determine eligibility, and make underwriting decisions based on the risk of the loan in line with investor and company guidelines.
- Maintain up-to-date knowledge of regulatory changes, company guidelines, and internal policies, ensuring all loans meet underwriting requirements and pass due diligence for securitization.
- Act as a liaison between the company and correspondent lenders, communicating underwriting decisions, addressing questions, and providing guidance on loan submissions and conditions.
- Review all submitted documentation for completeness and accuracy. Work with lenders to request additional documentation or clarifications as necessary.
- Make timely, sound decisions on loan submissions while managing a high volume of files and maintaining strong attention to detail.
- Address complex or unusual loan scenarios, collaborating with management and other departments to find appropriate solutions.
- Provide guidance and support to junior underwriters or correspondent partners, as needed, to ensure consistency in underwriting practices and quality standards.
- Meet productivity, quality, and compliance standards set by management, ensuring a high level of accuracy in all decisions.
- Minimum of 5 years of underwriting experience, with at least 2 years of manual underwriting experience to include non-QM. Experience with both agency and non-agency loans is preferred.
- Ability to assess complex financial information and make sound underwriting decisions. In-depth understanding of collateral reviews, personal and business tax returns with ability to analyze those returns. Proficiency in analyzing personal and business bank statement activity.
- High attention to detail with the ability to manage multiple loan files and maintain accuracy.
- Familiarity with all applicable federal, state, and local laws related to mortgage lending, including compliance with RESPA, TRID, and HMDA.
- Proficiency in underwriting software, loan origination systems (LOS), and Microsoft Office Suite. Experience with Encompass, Calyx, or similar platforms a plus.
- Excellent written and verbal communication skills, with the ability to clearly explain underwriting decisions to internal teams, management, and external clients.
- Capacity to navigate complex situations and identify solutions to ensure loan closure.
- In-depth understanding of non-QM loan products, guidelines, and risk factors, including but not limited to bank statement loans, DSCR loans, P&L loans, and other non-traditional products.
- Experience in the Correspondent business line is a plus.
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