Renovation Underwriter

Premium Mortgage Corporation; City of Albany (NY); Hybrid; USD 72,000 - 90,000; Full time

Benefits offered by this job

Medical Insurance

Dental Insurance

Vision Insurance

Company Paid Life Insurance

Employee Referral Fee

HSA Employer Contribution

Employee Mortgage Loans

Job summary

Premium Mortgage Corporation is seeking a Renovation Underwriter to evaluate risk and make credit decisions on renovation loan applications. This role requires in-depth knowledge of mortgage underwriting principles and experience with FHA, Fannie Mae, Freddie Mac, and VA guidelines.

The candidate will review credit files, assess project feasibility, and ensure compliance with agency requirements. Strong analytical skills and attention to detail are necessary for success in this position. The role is hybrid, allowing for both office and remote work.

Qualifications

• Minimum two years prior mortgage underwriting experience.
• Strong understanding of credit analysis and agency guidelines.
• Direct experience with renovation loan products preferred.

Responsibilities

• Evaluate risk and render credit decisions on loan applications.
• Complete full credit underwrites within posted turn times.
• Review contractor documentation and analyze project feasibility.

Skills

Analytical skills

Credit analysis

Attention to detail

Communication skills

Education

College degree with related experience

Job description

If you are unable to complete this application due to a disability, contact this employer to ask for an accommodation or an alternative application process.

Renovation Underwriter

Full Time Clerical Albany, Latham, NY, US

7 days ago Requisition ID: 1062

Salary Range: $72,000.00 To $90,000.00 Annually

Full Time | Hybrid

Salary Range: $72,000 – $90,000 annual

Pay Transparency: Compensation may vary outside of this range depending on a number of factors, including a candidate’s qualifications, skills, competencies and experience, and location. Base pay is one part of the total package that is provided to compensate and recognize employees for their work.

All positions with Premium Mortgage operate on a Hybrid work schedule unless an exception has been granted by Upper Management.

Benefits

• Insurance: Medical, Dental, Vision, Company Paid Life Insurance
• Additional Perks: Employee Referral Fee, HSA Employer Contribution, Employee Mortgage Loans

Role & Responsibilities

The Renovation Underwriter is responsible for evaluating risk and rendering credit decisions on renovation loan applications in accordance with agency guidelines and company policy. This role requires in-depth knowledge of standard mortgage underwriting principles as well as specialized expertise in renovation lending programs across FHA, Fannie Mae, Freddie Mac, VA, and SONYMA, including the unique collateral, contractor, and project feasibility considerations inherent to renovation transactions.

• Completes full credit underwrite on files submitted to underwriting for approval within posted turn times
• Reviews conditions on files within posted turn times and communicates decisions clearly to all internal parties
• Maintains a unified voice with fellow underwriters on underwriting guidance and escalates file issues not covered by existing guidelines to the Head of Renovation for direction
• Provides feedback on loan quality and mentors processing staff and loan officers on file preparation and guideline compliance
• Works jointly with colleagues to respond to quality concerns, including QC, PETR, NOR, and audit or clarification requests from managers or other departments
• Stays current on changing rules and regulations pertaining to Conventional, Government-insured mortgages, and all renovation products offered
• Meets required KPI standards for the position
• Participates in training and development as needed
• Underwrites renovation loan files in accordance with FHA 203(k), Fannie Mae HomeStyle, Freddie Mac CHOICERenovation, VA renovation, and SONYMA RemodelNY guidelines
• Evaluates project feasibility, including scope of work, contractor qualifications, construction bids and consultant reports to assess risk and ensure compliance with program requirements
• Reviews and approves contractor documentation, including licenses, insurance certificates, W-9s, executed contracts, and cost breakdowns
• Analyzes as-completed appraisals to confirm that the subject property’s projected value supports the renovation loan amount and complies with applicable LTV/CLTV requirements
• Reviews renovation escrow calculations and contingency reserves to ensure proper structuring of the renovation holdback in accordance with agency guidelines
• Coordinates with the Renovation Lending Analyst and closing team to confirm RLS system setup, pre-closing collateral documentation, and post-closing draw administration readiness
• Reviews Loan Estimates (LE) and Closing Disclosures (CD) to confirm accurate accounting of all renovation-related fees, holdbacks, and escrow items
• Identifies and escalates unusual project risks, incomplete contractor documentation, or scope-of-work concerns to the Head of Renovation prior to issuing a decision
• Supports post-closing draw administration oversight by providing underwriting guidance on change orders, project scope modifications, or borrower disputes as needed

Qualifications

Education

• A college degree with two years related experience and/or training. A combination of equivalent education and experience is acceptable.

Experience

• Minimum two years prior mortgage underwriting experience with a strong understanding of credit analysis, collateral evaluation, and agency guidelines.
• Direct experience underwriting renovation loan products (FHA 203k, Fannie Mae HomeStyle, Freddie Mac CHOICERenovation, VA renovation, or SONYMA) strongly preferred.
• Familiarity with renovation escrow administration, draw management processes, and as-completed appraisal review preferred.
• DE/SAR certifications preferred; CHUMS ID required for FHA renovation underwriting.
• Strong analytical and independent judgment skills with the ability to make sound credit decisions.
• Excellent written and verbal communication skills with the ability to clearly convey underwriting decisions and conditions.
• Detail-oriented with strong organizational and problem-solving abilities.
• Effective time management and ability to manage multiple files simultaneously within established turn times.
• Collaborative team player with the ability to mentor and support processing and origination staff.

Working Conditions

The Renovation Underwriter is primarily in an office setting and may be exposed to outdoor conditions.

The working conditions are classified as Sedentary work:

• Sedentary work - Exerting up to 10 pounds of force occasionally, and/or a negligible amount of force frequently or constantly to lift, carry, push, pull or otherwise move objects, including the human body. Sedentary work involves sitting most of the time.