Non-QM Mortgage Underwriter

Security National Mortgage Company; Murray (UT); Vor Ort; USD 70.000 - 110.000; Vollzeit

Zusammenfassung

Security National Mortgage Company seeks an experienced Non-QM Mortgage Underwriter to review and evaluate complex loan applications that fall outside standard agency and government guidelines.

The role requires strong manual underwriting skills, attention to detail, and the ability to assess alternative documentation and complex borrower profiles for ATR compliance and investor guidelines.

Qualifikationen

• 3+ years of mortgage underwriting experience, including 1–2 years with Non‑QM or alternative documentation loans.
• Strong manual underwriting skills with income analysis and credit review.
• Working knowledge of ATR/QM rules, investor guidelines, and secondary market standards.
• Experience reading tax returns, P&L statements, and business bank statements.
• Proficiency with loan origination systems and underwriting tools.

Aufgaben

• Manually underwrite Non‑QM loan files without relying on an AUS decision.
• Document underwriting determinations and ensure ATR compliance for each loan.
• Analyze alternative income documentation (bank statements, 1099s, WVOE, P&L) and asset depletion as needed.
• Underwrite DSCR and investor cash-flow loans, including foreign national, ITIN, jumbo, or recent credit event loans.
• Identify red flags, escalate when appropriate, and prepare exception requests per investor policies.
• Issue underwriting conditions and write narratives to support approvals, suspensions, or denials.
• Collaborate with loan officers, processors, brokers, and closers to move files toward timely decisions.

Kenntnisse

Manual underwriting

Non-QM underwriting

Bank statement income

DSCR analysis

ATR rules

Credit analysis

Regulatory knowledge

Communication

Time management

Jobbeschreibung

Description

A Non-QM Mortgage Underwriter reviews and evaluates non-qualified mortgage applications that fall outside agency and government guidelines. They make sure each loan meets the lender’s and investors’ credit standards, risk tolerance, and Ability-to-Repay (ATR) requirements. The role requires strong manual underwriting skills, sound judgment, and experience with alternative documentation and complex borrower profiles.

Essential Duties and Responsibilities:

• Manually underwrite Non-QM loan files without relying on an AUS decision. Assess each borrower’s creditworthiness, ability to repay, and willingness to repay under the lender’s and investors’ Non-QM guidelines.
• Document a reasonable, good-faith Ability-to-Repay determination under Regulation Z (§1026.43(c)) for every applicable loan, covering all eight ATR underwriting factors.
• Analyze alternative income documentation, including:
• Personal and business bank statements (12/24 months): calculate qualifying income, apply expense factors, and review deposits for consistency, transfers, and non-business income
• CPA- or tax preparer-prepared Profit & Loss statements
• 1099-only and WVOE-only income
• Asset depletion / asset utilization calculations
• Underwrite DSCR and investor cash-flow loans. Calculate debt service coverage ratios using lease agreements, market rent schedules (Form 1007/1025), and short-term rental income data where guidelines allow.
• Underwrite specialty programs as offered, such as foreign national, ITIN, interest-only, jumbo/super-jumbo, and recent credit event loans (bankruptcy, foreclosure, short sale, deed-in-lieu). Apply the required seasoning and credit grading.
• Review credit reports and credit history to determine credit grade, payment patterns, housing history, and any derogatory events against program matrices.
• Review appraisals and property eligibility, including non-warrantable condos, condotels, rural properties, mixed-use, and 2-4 unit properties. Confirm the property is adequate collateral and meets investor requirements.
• Identify red flags and possible fraud, such as altered bank statements, related-party transactions, occupancy misrepresentation, and inconsistent income patterns. Apply prudent judgment and escalate when appropriate.
• Evaluate compensating factors and prepare well-supported exception requests in line with investor exception policies.
• Issue clear, complete underwriting conditions, and write detailed underwriting narratives and income worksheets to support approvals, suspensions, or denials.
• Work with loan officers, processors, brokers, and closers to resolve discrepancies, clarify documentation, and move files toward a timely decision.
• Help get loans ready for sale and securitization by resolving investor suspense items, third‑party due diligence findings, EPD, QC, and post‑closing issues.
• Ensure compliance with federal, state, and local regulations (ATR, TRID, HMDA, Fair Lending), investor guidelines, and internal policies and procedures.
• Stay current on Non‑QM product changes, investor overlays, secondary market conditions, and regulatory updates.
• Other duties as assigned.

Requirements

What We’ll Love About You

Education and/or Work Experience Requirements:

• 3+ years of mortgage underwriting experience, with at least 1-2 years underwriting Non‑QM or alternative documentation loans.
• Strong manual underwriting skills, including bank statement income calculation, DSCR analysis, and self‑employed income analysis.
• Working knowledge of ATR/QM rules, Non‑QM investor guidelines, and secondary market and securitization standards.
• Experience reading business and personal tax returns, P&L statements, and business bank statements.
• Conventional, FHA DE, and/or VA SAR experience is a plus.
• Proficiency with loan origination systems, underwriting and income calculation tools.
• Excellent analytical and problem‑solving skills with close attention to detail.
• Strong written and verbal communication skills for working with internal teams, brokers, and investors.
• Ability to work independently and make sound, well‑documented credit decisions within established guidelines and delegated authority.
• Strong time management skills to handle complex files while meeting turn‑time expectations.

Physical Requirements:

• Must be able to occasionally lift and carry up to 15 lbs.
• Must be able to sit for prolonged periods at a desk, while working on a computer.