Renovation Underwriter Job DescriptionFull Time | Hybrid |
Salary Range: $72,000 - $90,000 annual
Pay Transparency: Compensation may vary outside of this range depending on a number of factors, including a candidate's qualifications, skills, competencies and experience, and location. Base pay is one part of the total package that is provided to compensate and recognize employees for their work.
All positions with Premium Mortgage operate on a Hybrid work schedule unless an exception has been granted by Upper Management.
Role & ResponsibilitiesThe Renovation Underwriter is responsible for evaluating risk and rendering credit decisions on renovation loan applications in accordance with agency guidelines and company policy. This role requires in-depth knowledge of standard mortgage underwriting principles as well as specialized expertise in renovation lending programs across FHA, Fannie Mae, Freddie Mac, VA, and SONYMA, including the unique collateral, contractor, and project feasibility considerations inherent to renovation transactions.
Underwriting Responsibilities
- Completes full credit underwrite on files submitted to underwriting for approval within posted turn times
- Reviews conditions on files within posted turn times and communicates decisions clearly to all internal parties
- Maintains a unified voice with fellow underwriters on underwriting guidance and escalate file issues not covered by existing guidelines to the Head of Renovation for direction
- Provides feedback on loan quality and mentors processing staff and loan officers on file preparation and guideline compliance
- Works jointly with colleagues to respond to quality concerns, including QC, PETR, NOR, and audit or clarification requests from managers or other departments
- Stays current on changing rules and regulations pertaining to Conventional, Government-insured mortgages, and all renovation products offered
- Meets required KPI standards for the position
- Participate in training and development as needed
Renovation Responsibilities
- Underwrites renovation loan files in accordance with FHA 203(k), Fannie Mae HomeStyle, Freddie Mac CHOICERenovation, VA renovation, and SONYMA RemodelNY guidelines
- Evaluates project feasibility, including scope of work, contractor qualifications, construction bids and consultant reports to assess risk and ensure compliance with program requirements
- Reviews and approves contractor documentation, including licenses, insurance certificates, W-9s, executed contracts, and cost breakdowns
- Analyzes as-completed appraisals to confirm that the subject property's projected value supports the renovation loan amount and complies with applicable LTV/CLTV requirements
- Reviews renovation escrow calculations and contingency reserves to ensure proper structuring of the renovation holdback in accordance with agency guidelines
- Coordinates with the Renovation Lending Analyst and closing team to confirm RLS system setup, pre-closing collateral documentation, and post-closing draw administration readiness
- Reviews Loan Estimates (LE) and Closing Disclosures (CD) to confirm accurate accounting of all renovation-related fees, holdbacks, and escrow items
- Identifies and escalates unusual project risks, incomplete contractor documentation, or scope-of-work concerns to the Head of Renovation prior to issuing a decision
- Supports post-closing draw administration oversight by providing underwriting guidance on change orders, project scope modifications, or borrower disputes as needed
This job description reflects management's assignment of essential functions; and nothing in this herein restricts management's right to assign or reassign duties and responsibilities to this job at any time.
Qualifications for this positionEducation- A college degree with two years related experience and/or training. A combination of equivalent education and experience is acceptable.
Experience- Minimum two years prior mortgage underwriting experience with a strong understanding of credit analysis, collateral evaluation, and agency guidelines.
- Direct experience underwriting renovation loan products (FHA 203k, Fannie Mae HomeStyle, Freddie Mac CHOICERenovation, VA renovation, or SONYMA) strongly preferred.
- Familiarity with renovation escrow administration, draw management processes, and as-completed appraisal review preferred.
- DE/SAR certifications preferred; CHUMS ID required for FHA renovation underwriting.
Transferable Skills- Strong analytical and independent judgment skills with the ability to make sound credit decisions.
- Excellent written and verbal communication skills with the ability to clearly convey underwriting decisions and conditions.
- Detail-oriented with strong organizational and problem-solving abilities.
- Effective time management and ability to manage multiple files simultaneously within established turn times.
- Collaborative team player with the ability to mentor and support processing and origination staff.
Working ConditionsThe Renovation Underwriter is primarily in an office setting and may be exposed to outdoor conditions.
The working conditions are classified as Sedentary work:
- Sedentary work - Exerting up to 10 pounds of force occasionally, and/or a negligible amount of force frequently or constantly to lift, carry, push, pull or otherwise move objects, including the human body. Sedentary work involves sitting most of the time.
