The Non-QM Underwriter evaluates and decisions mortgage applications, focusing on our delegated Non-QM loan products and select Conventional programs. This role involves comprehensive analysis of borrower capacity, collateral, and creditworthiness, ensuring all decisions align with investor guidelines, company policies, and regulatory requirements.
Key Responsibilities- Loan Underwriting: Actively underwrite assigned Non-QM loan files, issuing approvals, suspenses, or conditions in alignment with internal policies and investor requirements.
- Guideline Interpretation: Interpret and apply complex investor underwriting guidelines and overlays to provide clear conditions to Processors and Loan Officers.
- Manual Underwrite: Ability to manually underwrite loans that are not reliant on automated underwriting to make a sound decision.
- Income Analysis: Calculate borrower income using both traditional and alternative documentation, such as tax returns, personal or business bank statements, 1099 or P&L.
- Appraisal Analysis: Evaluate appraisal(s) for loan files to determine acceptable collateral standards are met.
- Business Reviews: Review LLC documents, check operating agreements, articles of organization and good standing certificates to verify proper vesting and signing authority.
- Analyze Lease Agreements and Borrower Profiles: Examine leases, property's cash flow, borrower's credit and real estate experience to determine if they meet DSCR eligibility.
- Exception Reviews: Identify and review potential guideline exceptions, conduct thorough analysis, and communication with the investor to provide formal recommendations for approval when appropriate.
- Maintain required SLA: Monitor pipeline of assigned loans and must meet the posted SLA turn times for each type of file submission.
- Pipeline Support: Assist with TBD underwriting requests to provide preliminary opinions that support overall pipeline development.
- Continuous Learning: Maintain up-to-date knowledge of evolving Non-QM investor programs, FHLMC/FannieMae guidelines, Griffin Funding policies, and industry procedures.
- Resolve Issues: Provide exceptional customer service to our internal loan partners, answer specific loan questions and provide potential solutions and counter offers.
Required Skills and Abilities- Minimum of five (5) years of recent mortgage underwriting experience, specifically with Non-QM products including DSCR and Bank Statement Loans.
- Deep understanding of alternative income documentation types like 12/24 month bank statements, 1099, and P&L statements.
- Strong analytical and problem-solving skills with the ability to make sound financial decisions under pressure.
- Excellent communication skills, both verbal and written, for professional internal and external stakeholder interaction.
- Superior organizational skills and the ability to prioritize a high-volume workflow in a fast-paced environment.
- Ability to work independently as a self-starter while maintaining effective collaboration with cross-functional teams.
Education and Experience- Prior experience in Non-QM and manual underwriting is required.
- Conventional FHLMC & FNMA experience required.
- FHA DE and/or VA LAPP/SAR recommended but not required.
- Demonstrated expertise in reviewing and underwriting DSCR and alternative income loans.
- College degree or an equivalent combination of professional experience and education.
VA Approved Lender ID: 9088650000
FHA Non-Supervised Lender No.: 01472-0000-3
