- Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.
- Responsible for conducting loan-level due diligence and ensuring each loan conforms to our underwriting and/or investor guidelines
- Manage a pipeline of loans submitted for closing.
- Interact with other areas of the firm, including processing, sales, and the closing/funding teams, as well as servicing and secondary sales teams.
- Issue updated final underwriting approval with terms and assign to legal team/attorney.
- Document all activities in our system and provide feedback on improvement as necessary.
- Review contingencies and underwrite rehabilitation and construction budgets.
- Carry out requisite loan calculations (LTV, LTC, ARV, DSCR, DTI, etc.)
- Verify market comparables for both rental values as well as property sale values.
- Conduct appraisal analysis to determine whether acceptable collateral standards are met.
- Property valuation using online tools available to determine values given by appraisal is appropriate and substantiated.
- Review and approve third-party reports, including property appraisals, physical needs assessments, environmental reports, lease abstracts, title reports, insurance binders, and others as required.
- Keep informed of current Secondary Market guidelines.
- Maintain productivity level and turn times as established by management.
- Pricing loans using internal Excel tools or various external investor pricing models.
- Perform other duties as required.
- Bachelor's degree
- 7+ years in lending operations for real estate as an underwriter
- Experience in appraisal reviews or developing valuation on SFR and/or multi-family or mixed-use properties
- Experience in managing/mentoring Junior Underwriters
- Knowledge of loan underwriting and related activities
- Superb communication, organization, and interpersonal skills
- High attention to detail and accuracy
- Technical acumen
- MLO License (Mortgage Loan Officer)
- Defined as persistent patterns of effective behavior. They are enabled by knowledge, skills, and ability and are driven by motivation.
- Relationship building/sensitivity (Emotional Intelligence)
- Communication (clear, frequent information in the right medium)
- Drive/Energy (passion to perform)
- Influence (accumulating and skillful use of leadership)
- Organizing and Planning (being efficient and focusing energy on strategy and tactics)
- Problem Solving and Decision Making (creative analysis and sound judgment)
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Description
Job Description
Job DescriptionJob Description
Sr. Underwriter
Classification: Exempt
Reports to: Associate Director of Underwriting
Summary/Objective
The Sr. Underwriter supports loan origination volume by conducting loan-level due diligence to underwrite loans on SFR (1-4 units) and multi-family or mixed-use properties. The Sr. Underwriter reports directly to the Associate Director of Underwriting.
Essential Functions
Requirements
Competencies
Working Environment
This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, mice, phones, photocopiers, filing cabinets, and scanners.
Physical Demands
The physical demands described here represent those that must be met by an employee to perform the essential functions of this job successfully.
While performing the duties of this job, the employee is occasionally required to stand; walk; sit; use hands to finger, handle, or feel objects, tools, or controls; reach with hands and arms; climb stairs; balance; stoop; kneel, crouch or crawl; talk or hear; and taste or smell. The employee may occasionally lift or move up to 20 pounds. Specific vision abilities required by the job include close vision, distance vision, color vision, peripheral vision, depth perception, and the ability to adjust focus.
Positions Type/Expected Hours of Work
This is a full-time position. Days and hours of work are Monday through Friday, 9 a.m. to 5:30 p.m. EST in the office.
This position may occasionally require long hours and weekend work.
Other Duties
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of the employee for this role. Duties, responsibilities, and activities may change at any time with or without notice with discretion from the Co-Founders and/or CEO.
