Correspondent Underwriter

Description

We are seeking a skilled and detail-oriented Correspondent Underwriter to join our team in the growing Non-QM (Non-Qualified Mortgage) market. As a Correspondent Underwriter, you will be responsible for evaluating and underwriting non-QM loan applications to ensure they meet both company and investor guidelines. The ideal candidate will have a deep understanding of manual underwriting assessment, risk management practices, and the ability to make sound decisions while providing a high level of customer service to our correspondent lenders.

Responsibilities

• Underwrite Non-QM Loans: 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.
• Risk Assessment: Analyze borrower profiles, determine eligibility, and make underwriting decisions based on the risk of the loan in line with investor and company guidelines.
• Ensure Compliance: Maintain up-to-date knowledge of regulatory changes, investor guidelines, and internal policies, and ensure all loans comply with relevant legal and regulatory requirements.
• Communication with Correspondent Lenders: Act as a liaison between the company and correspondent lenders, communicating underwriting decisions, addressing questions, and providing guidance on loan submissions and conditions.
• Documentation Review: Review all submitted documentation for completeness and accuracy. Work with lenders to request additional documentation or clarifications as necessary.
• Decisioning: Make timely, sound decisions on loan submissions while managing a high volume of files and maintaining strong attention to detail.
• Problem Solving: Address complex or unusual loan scenarios, collaborating with management and other departments to find appropriate solutions.
  
  

Requirements

• Experience: Minimum of 5 years of underwriting experience, with at least 2 years of manual underwriting experience. Experience with both agency and non-agency loans is preferred.
• Strong Analytical Skills: Ability to assess complex financial information and make sound underwriting decisions. In-depth understanding of personal and business tax returns, with the ability to analyze those returns, and proficiency in analyzing personal and business bank statement activity.
• Detail-Oriented: High attention to detail with the ability to manage multiple loan files and maintain accuracy.
• Regulatory Knowledge: Familiarity with all applicable federal, state, and local laws related to mortgage lending, including compliance with RESPA, TRID, and HMDA.
• Technical Skills: Proficiency in underwriting software, loan origination systems (LOS), and Microsoft Office Suite. Experience with Encompass, Calyx, or similar platforms is a plus.
• Communication Skills: Excellent written and verbal communication skills, with the ability to clearly explain underwriting decisions to internal teams, management, and external clients.
• Problem-Solving Ability: Capacity to navigate complex situations and identify solutions to ensure loan closure.
  
  

Preferred Qualifications

Knowledge of Non-QM Products: In-depth understanding of non-QM loan products, guidelines, and risk factors, including but not limited to bank statement loans, DSCR loans, and other non-traditional products