Job Overview
Underwriters play a vital role in evaluating real estate investment loan applications, ensuring they align with established standards and guidelines while mitigating financial risk for the institution. They are responsible for balancing the need to facilitate lending with prudent risk management.What You’ll Do
- Manually underwrite mortgage loan transactions submitted by our Correspondent and Wholesale lending clients to company and investor credit guidelines
- Perform quality control audits of our third-party vendor to ensure mortgage loans met all company and investor credit guidelines and requirements
- Review loan scenarios and communicate purchase/funding eligibility requirements to our Correspondent and Wholesale lending clients
- Collaborate with internal staff (e.g., Underwriters, Account Managers, Processors, Closers, Operations Management, etc.) of our correspondent lending clients, brokers and third party-vendors throughout the review process to clear purchase/funding eligibility conditions.
- Work closely with processing staff to clear loan conditions throughout the process
- Assist in handling loan-level credit and compliance questions & issues and in the preparation and dissemination of updated mortgage underwriting and compliance standards and procedures
- Analyze loan applications and conduct financial due diligence to assess the creditworthiness of borrowers and the risk associated with the loan
- Evaluate multi-family properties to determine their market value, condition, and potential for generating rental income
- Review financial statements, rent rolls, and property operating data to ensure that the property’s income can cover loan payments and expenses
- Collaborate with account executives, clients and stakeholders to gather necessary information and provide feedback on loan applications
- Recommend loan structuring and terms that mitigate potential risks while meeting the needs of borrowers and lenders
- Make informed decisions about whether to approve, deny, or modify loan applications based on comprehensive analysis and risk assessment
What We Need
- 5+ years of manual underwriting experience, not reliant on AUS
- Non-QM experience preferred (bank statement loans/DSCR)
- Encompass systems knowledge preferred
- Adopt the Deephaven culture that contributes to an environment of teamwork and promotes a positive company image to external customers
- Comply with Deephaven policies and procedures
- Complete all assigned training by required dates
- Ability to interpret, comprehend, and apply guidelines on a loan level basis
- Ability to manage pipeline to ensure SLA’s are met for initial underwrites, condition, and final condition reviews
- Ability to communicate effectively with others, both verbally and in writing
- Organized, analytical, detail oriented, and self-motivated
- Knowledge of current regulatory compliance requirements
- Ability to maintain the highest level of confidentiality
- Offer top notch customer service to internal and external customers
- Ability to complete responsibilities effectively and efficiently with minimal direction
- Manage daily tasks to ensure business needs are consistently met
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