Non-QM Underwriter

Maxwell; United States; Remote; USD 50,000 - 53,000; Full time

Benefits offered by this job

Equity

Medical/dental/vision insurance

Flexible work hours

Vacation time

Job summary

Maxwell is looking for an experienced Non-QM Underwriter to assess complex loan files, calculate income using standard and alternative methods, and ensure compliance with lender and investor guidelines.

Ideal candidates bring deep knowledge of FNMA/FHLMC guidelines, and the ability to manage multiple loans for a single borrower while maintaining quality and meeting SLAs.

Qualifications

• 5+ years recent, hands-on experience in Non-QM underwriting.
• Experience with Non-QM loan origination systems and software.
• Ability to calculate full and alternative document income methods (DSCR, 1099, asset utilization, asset depletion, 12 and 24-month bank statements, tax returns, VOE, P&L...).

Responsibilities

• Perform thorough credit and collateral review of loan files to determine deficiencies.
• Manually calculate income across all non-QM programs including complex borrower profiles.
• REO analysis.
• Review title documents for clear title at closing.
• Review trust documents.
• Review condo documents for warrantable/non-warrantable condos.
• Provide concise and accurate conditioning of loan files.
• Meet contractual turn times for reviews without sacrificing quality.
• Communicate with processors, LOs, and clients to move files to final underwriting approval.
• Input data into the LOS accurately.
• Analyze AUS (FNMA, FHLMC) results.
• Review appraisals, SSRs, and CDAs for sign-off.

Skills

Organizational skills

Analytical skills

Customer service

Communication skills

Tools

Non-QM LOS

Job description

WHO WE ARE

We are committed to a supportive, diverse, and inclusive culture, living our values of Rigor, Ownership, Curiosity, Kindness, and Straight Up to promote equality and financial empowerment. Intrigued? Say hello!

WHO YOU ARE

• Exceptional organizational, analytical, customer service, and communication skills
• Excellent critical thinking, independent decision-making, and problem solving skills
• Must be well-versed with current Non-QM regulations
• Ability to work in a fast-paced, multi-tasked environment
• Thorough knowledge of federal and state laws pertaining to the mortgage banking industry (i.e.: TILA, ECOA, RESPA, etc.)
• Strong ability to independently review and clear Title documentation, Appraisal reports (including complex, unique property types, SSR’s and CDA’s) and Full condo project reviews (warrantable, non-warrantable, new construction)
• Strong knowledge of Trust documents
• Strong knowledge of LLC and Corporation documents
• Expert knowledge of AUS (DU, LP) results
• Ability to underwrite/review complex purchase and refinance transactions
• Ability to work independently as well as part of a team
• A full understanding of current FNMA/FHLMC underwriting guidelines is required
• Recent experience underwriting Non-QM loan programs
• Strong understanding of Non-QM borrower profiles, income, and documentation requirements
• Have a high-volume non-QM underwriting background while maintaining quality, accuracy, and meeting SLAs

WHAT YOU’LL BE DOING

• A thorough credit and collateral review of loan files to determine deficiencies and/or issues including calculating income using standard and alternative income calculation methods
• Manually calculate income across all non-QM programs including complex self-employed borrower profiles, layered income sources and variable cash flow.
• REO analysis
• Reviewing title documents to ensure clear title at closing
• Reviewing trust documents
• Reviewing condo documents in alignment with client and investor guidelines for warrantable and non-warrantable condos.
• Concise and accurate conditioning of loan files.
• Meet contractual turn times for initial, resubmission, and CTC reviews without sacrifice to quality.
• Analyze complex, high page count tax returns
• Communicate (telephone, email, and/or client communication portal) with the processor, LO, and client account managers in a professional manner in order to assist in moving files to a final underwriting approval in alignment with the Close of Escrow and/or lock expiration dates.
• Concise and accurate input of data into the LOS
• Accurately analyze AUS (FNMA, FHLMC) results
• Complete a comprehensive review and sign off of appraisals, SSR’s (CU, LCA) and CDAs
• Clear conditions while meeting turn-time requirementsMaintain acceptable quality control and post-closing error metrics
• Ability to train and mentor peers
• Support and work on multiple loans for one borrower. You could have up to ten (10) loans for 1 borrower.
• Evaluate Non-QM loan applications to ensure compliance with client, investor guidelines, overlays, and company policies
• Identify and mitigate potential risks associated with Non-QM loans
• Read and interpret multiple sets of client and investor underwriting guidelines

IDEALLY, YOU’LL HAVE

• 5+ years recent, hands-on experience in Non-QM underwriting
• Experience with Non-QM loan origination systems and software
• Experience and demonstrated ability to calculate full and alternative document income methods (DSCR, 1099, asset utilization, asset depletion, 12 and 24-month bank statement, tax returns, VOE, P&L, short-/long-term rental income - or any combination thereof which could also include W2, OT, bonus, and commission, Retirement, SSN, Alimony, child support, monthly maintenance)
• Compensation Range: $36.06/hr - $38.46/hr depending on experience.

WHAT WE OFFER YOU

Here, you get an opportunity to be a vital part of an agile team of thinkers and doers collaborating to change a multi-trillion dollar industry. We offer meaningful equity, a competitive salary, top-tier medical, dental, and vision insurance, flexible work hours, and vacation time.