Senior Jumbo Underwriter

Redwood Trust, Inc.; United States; Hybrid; USD 100,000 - 120,000; Full time

Benefits offered by this job

Discretionary bonus program

Health plans

STD and LTD options

Company sponsored life insurance

Fitness reimbursement

Paid parental leave

Paid time off

ESPP

401K matching

Job summary

Redwood Trust, Inc. seeks a Senior Underwriter with expert jumbo mortgage underwriting and credit risk knowledge. The role requires clear communication, outstanding client service, and proven problem solving with high interaction with internal teams and external parties.

The position offers hybrid work options (Mill Valley, CA; Englewood, CO) or remote work outside those areas, plus a competitive compensation package and comprehensive benefits.

Qualifications

• 7+ years of mortgage industry experience.
• 3+ years Jumbo and Non-QM underwriting experience.
• 2+ years of complex income analysis experience.
• Expert underwriting knowledge and extensive experience with loan origination documentation.
• Technologically savvy with the ability to work in varied systems.
• Proficiency with Excel, loan origination systems, automated underwriting engines, electronic document management and other systems.
• High attention to detail and effective problem-solving skills.
• Excellent oral and written communication skills.
• Excellent multi-tasking skills and ability to manage multiple tasks simultaneously.

Responsibilities

• Analyze underwriting of jumbo, Non-QM, DSCR and Closed End Second mortgage loans for completeness and compliance.
• Apply Fannie Mae and Freddie Mac underwriting guidelines.
• Analyze multiple income methods (complex tax returns, bank statements, DSCR, 1099, asset depletion).
• Manage loan conditions from credit, property, and compliance reviews with Sellers and third-party providers.
• Evaluate and provide recommendations for underwriting waivers and eligibility exceptions.
• Communicate compensating factors to justify exceptions clearly in writing and verbally.
• Support Sellers by evaluating loan scenarios and giving feedback.
• Provide feedback on credit policy recommendations and participate in policy discussions.
• Collaborate with Transaction Underwriters to resolve investor conditions timely.
• Maintain knowledge of mortgage compliance rules, agency guidelines, and appraisal requirements.

Skills

Mortgage underwriting

Credit risk analysis

Communication skills

Problem solving

Excel

Loan documentation

Tools

Excel

Loan origination systems

Automated underwriting engines

Electronic document management

Job description

We are open for this role to be hybrid based out of our Mill Valley, CA office; Englewood, CO office, or fully remote if outside those areas.

Position Summary

The Senior Underwriter requires expert jumbo mortgage underwriting and credit risk knowledge, clear communication skills, consistently outstanding client service, and proven problem solving and decision-making skills. The successful candidate must have a high level of interaction with internal parties (trading, sales, legal and compliance, structured finance) and external parties (Sellers, 3rd party service providers).

Responsibilities & Duties

• Ability to analyze the underwriting of closed JUMBO, Non-QM, DSCR and Closed End Second mortgage loans in a timely manner for completeness and compliance with Redwood purchase guidelines.
• Use of manual underwriting requires strong attention to detail and strong foundation of Fannie Mae and Freddie Mac Underwriting guidelines.
• Must be able to analyze multiple alternative income methods of income, (ie: complicated tax returns, bank statements, DSCR, 1099, asset depletion.)
• Manage loan conditions from credit, property, and compliance reviews with Sellers and external 3rd party service due diligence providers.
• Evaluate and provide recommendations for underwriting waivers and eligibility exceptions.
• Clearly communicate, in written and verbal form, compensating factors to justify exceptions.
• Provide support to Redwood Sellers by evaluating and supplying feedback on loan scenarios, at times based on limited information.
• Participate in and provide clear feedback on credit policy recommendations.
• Collaborate with Transaction Underwriters to ensure timely resolution of investor conditions related to whole loan sales.
• Maintain strong knowledge of mortgage compliance rules, agency underwriting guidelines and industry standards for appraisal requirements and regulatory compliance.
• Participate in evaluating current loan review processes and provide feedback and recommendations to increase efficiency and risk management capabilities.
• Consistently access third party services (valuation, fraud, compliance) to provide valuable input for loan decisions.

Required Experience & Education

• 7+ years of mortgage industry experience
• 3+ recent years Jumbo and Non-QM underwriting experience
• 2+ years of complex income analysis experience
• Expert underwriting knowledge and extensive experience with loan origination documentation
• Technologically savvy, with the ability to work in varied systems
• Proficiency with Excel, loan origination systems, automated underwriting engines, electronic document management and other systems
• High attention to detail and effective problem-solving skills
• Excellent oral and written communication skills
• Excellent multi-tasking skills and ability to manage multiple tasks simultaneously
• Analytical thinking ability, diplomacy and professionalism

A reasonable estimate of the total compensation range for this role is $100,000-$120,000. The actual salary offer to the successful candidate will be based on job-related education, geographic location, training, licensure and certification, and other factors. Redwood Trust also offers a competitive benefit package including discretionary corporate bonus program, multiple health plans, STD and LTD options, company sponsored life insurance, fitness reimbursement, paid parental leave, time to volunteer, Paid Time off, ESPP, and 401K matching.

At Redwood Trust, we are committed to fostering an inclusive workplace where diversity is valued, and everyone has the opportunity thrive. We welcome applications from individuals of all backgrounds and experiences. We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.