UNDERWRITER

Non-QM Underwriter

Position Summary

The Non-QM Underwriter is responsible for evaluating and underwriting residential mortgage loan applications that fall outside traditional Qualified Mortgage (QM) guidelines. This position requires strong knowledge of Non-QM lending products, credit risk analysis, income and asset documentation, property valuation, and investor/lender guidelines.

The Underwriter will independently analyze complex borrower and loan scenarios, identify and mitigate credit risks, determine loan eligibility, and render well-supported underwriting decisions while balancing prudent risk management with production and service expectations.

Key Responsibilities

Review and underwrite Non-QM residential mortgage loan applications in accordance with company, investor, and applicable regulatory guidelines.
Analyze complex borrower profiles, including self-employed borrowers, business owners, investors, foreign nationals, borrowers with multiple income sources, and borrowers with non-traditional credit profiles.
Evaluate income using alternative documentation methods, including:
Bank statement programs
P&L and business bank statements
1099 income
Asset depletion
DSCR
Profit and loss statements
CPA-prepared documentation
Foreign income and assets, where permitted
Review credit history, liabilities, payment history, public records, derogatory credit, bankruptcies, foreclosures, short sales, collections, judgments, and other credit-related risks.
Analyze debt-to-income (DTI), loan-to-value (LTV), combined LTV, reserves, liquidity, and overall borrower capacity.
Evaluate compensating factors and determine whether exceptions or overlays may be warranted.
Review property eligibility, appraisal reports, marketability, zoning, property condition, title/vesting, insurance, and other collateral considerations.
Identify inconsistencies, red flags, undisclosed liabilities, potential fraud indicators, and documentation deficiencies.
Determine appropriate conditions and communicate clear, concise underwriting requirements to account managers, account executives, brokers, and other internal teams.
Analyze exception requests and provide a well-supported recommendation based on overall loan risk and compensating factors.
Ensure compliance with company underwriting policies, investor guidelines, federal and state regulations, and applicable Non-QM requirements.
Maintain appropriate turn times while exercising sound independent credit judgment.
Communicate effectively with production and operations teams regarding underwriting decisions and complex loan scenarios.
Assist with escalated or high-risk loans and provide guidance on difficult underwriting scenarios.
Stay current with changes to Non-QM products, investor guidelines, regulatory requirements, and underwriting practices.

Required Qualifications

8+ years of residential mortgage underwriting experience, preferably with the most recent 3 years’ Non-QM experience.
Strong knowledge of Non-QM mortgage products and underwriting methodologies.
Strong understanding of credit, income, assets, collateral, and capacity analysis.
Experience underwriting self-employed borrowers and complex income scenarios.
Ability to analyze financial statements, tax returns, bank statements, business records, and other alternative documentation.
Ability to review various legal documents such as LLC’s, Corporations, Trusts, POA’s.
Strong knowledge of mortgage documentation and loan underwriting requirements.
Excellent analytical, decision-making, and problem-solving skills.
Strong written and verbal communication skills.
Ability to independently manage a pipeline while meeting established service-level requirements.
Strong attention to detail and ability to identify inconsistencies and potential risk.
Proficiency with mortgage loan origination and underwriting systems.

Preferred Qualifications

Experience with DSCR, bank statement, asset depletion, foreign national, investor, and other alternative documentation programs.
Experience evaluating credit exception requests and compensating factors.
Experience underwriting loans with complex property types or title/vesting structures.
Prior experience in a senior underwriting, credit risk, or underwriting quality-control role.