Mortgage Underwriter

Role Description

The Mortgage Underwriter for 5-10 unit properties is responsible for evaluating mortgage loan applications for multi-unit residential properties (typically considered commercial properties) ranging from 5 to 10 units. They assess risk, ensure compliance with lending guidelines and regulations, and make informed decisions on loan approvals or denials. This role requires a strong understanding of both residential and commercial real estate underwriting principles, with a specific focus on the unique characteristics of 5-10 unit properties.

• Review and analyze mortgage loan applications and supporting documentation (e.g., credit reports, financial statements, income verification, property appraisals) for 5-10 unit properties.
• Assess borrower creditworthiness, financial capacity, and ability to repay the loan, considering the specific financial dynamics of multi-unit properties.
• Evaluate the property's financial performance, including projected rental income, operating expenses, vacancy rates, and Debt Service Coverage Ratio (DSCR).
• Analyze property appraisals to ensure the collateral value aligns with loan amount and property standards.
• Ensure compliance with all applicable lending guidelines (e.g., internal policies, investor requirements, and federal and state regulations like TRID, RESPA).
• Make informed loan decisions (approve, suspend, or deny) based on a comprehensive risk assessment and communicate these decisions to relevant stakeholders (e.g., Account Executives and processors).
• Clearly communicate the reasons for loan decisions and any required conditions.
• Work collaboratively with loan processors and Account Executives to obtain additional information or clarification and ensure accurate documentation throughout the underwriting process.
• Stay updated on industry trends, lending guidelines, regulations, and market conditions relevant to 5-10 unit properties and commercial real estate.
• Maintain accurate and detailed loan documentation in the underwriting system.
• Identify potential fraud or misrepresentation and escalate concerns when necessary.

Qualifications

• A bachelor's degree in a related field is often preferred.
• Non-QM experience as a mortgage underwriter is preferred, with a focus on multifamily or commercial real estate loans, specifically including 5-10 unit properties.
• Strong analytical skills for assessing financial data and risk.
• In-depth knowledge of lending guidelines and regulations.
• Familiarity with relevant financial metrics like NOI and DSCR.
• Excellent communication skills and attention to detail.
• Proficiency in underwriting software.
• Strong decision-making abilities and the capacity to meet deadlines in a demanding environment.
• Knowledge of local real estate markets and property management is also beneficial.

Requirements

• This employer participates in E-Verify and will provide the federal government with your Form I-9 information to confirm that you are authorized to work in the U.S.

Benefits

• Annual Salary Range $68,000 - $90,000 with quarterly bonus plan.
• Competitive salary and benefits.
• Opportunities to grow within the company.