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Asset Underwriter
3 months ago
Genesis Capital (the “Company”) is one of the largest business purpose lenders in the country, focused on providing commercial real estate financing solutions to real estate developers who buy, renovate, and sell single-family and/or multi-family residential real estate. The Company is a subsidiary of Rithm Capital (parent company), a publicly traded mortgage real estate investment trust.
Primary Function
Under the direction of the Manager of Asset Underwriting, the Asset Underwriter will coordinate with Loan Processor(s), Sales Support Specialist(s), Risk, Legal and the Construction Department to ensure a complete loan file has been received to proceed with the underwriting of the collateral/asset file. The Underwriter will present the underwriting findings to Management to proceed with loan decision.
Principal Duties:
- Review preliminary Title reports for any encumbrance that would affect Genesis 1st lien priority .
- Review Title report exceptions to determine which ones are acceptable/not acceptable to remain on title post-closing.
- Determine the proper Title endorsements depending on the property location and loan characteristics, i.e., survey, loss of priority, or date down endorsements.
- Review purchase transaction documents for accuracy and discrepancies. This includes contracts/addendums/assignments/double escrow/1031 exchange/auctions, etc.
- Review proof of insurance certificates for accuracy, determine appropriate policy type and coverage amount.
- Review final loan structure reflected on loan page matches intended structure from lending team.
- Understand how to calculate and review loan metrics are within guidelines.
- Review plans, permits, rehab budget, and reconciliation of costs spent to date.
- Review appraisal (1004,1025, Land, Commercial, or desk review) for completeness and conformity with USPAP and FIRREA guidelines.
- Review values and determine if sufficient to move forward with initial structuring and loan approval.
- Review special conditions required prior to docs or prior to funding.
- Ensure collateral/asset file meets Genesis and senior investor loan guidelines.
- Escalate issues as needed for review and second approval.
- Update internal management tracking system daily.
- Determine Prior to Doc, Prior to Funding and Post Close conditions.
*These essential functions are fundamental to the role, and must be performed on-site, as they cannot physically be performed remotely. In addition, the Company has determined that an in-person presence is important to critical components of our work, including oversight, training, collaboration, and productivity. Items not marked (*) as essential on-site may still require partial on-site work to perform the role satisfactorily.
Education and Experience
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- High school diploma or equivalent, required.
- Bachelor's degree, preferred.
- Minimum 4 + years real estate loan underwriting or related experience.
- Private money and construction lending experience a plus.
- Solid understanding of processing with regards to underwriting and funding process.
- Proficient in MS Word and Excel.
- Strong interpersonal and communication skills with exceptional follow-through abilities.
- Excellent verbal and written communication skills.
Knowledge, Skills, and Abilities
- Self-motivated with strong desire to succeed.
- Detail oriented and organized with ability to multi-task.
- Ability to think subjectively and determine a logical solution.
- Strong customer services skills.
- Strong business acumen.
- Takes initiative with a clear business purpose in mind.
- Continually seeks to improve business processes.
- Adapts to change easily in a fast-working environment.
- Follows direction easily.
- Excellent time management and multi-tasking skills.
- Team Player.
While this description is intended to be an accurate reflection of the position’s requirements, it in no way implies/states that these are the only job responsibilities. Management reserves the right to modify, add or remove duties and request other duties, as necessary.
By applying to this position candidate acknowledges that this is not a remote role and is required to be on-site.
Company DescriptionGenesis Capital (the “Company”) is one of the largest business purpose lenders in the country, focused on providing commercial real estate financing solutions to real estate developers who buy, renovate, and sell single-family and/or multi-family residential real estate. The Company is a subsidiary of Rithm Capital (parent company), a publicly traded mortgage real estate investment trust.Company DescriptionGenesis Capital (the “Company”) is one of the largest business purpose lenders in the country, focused on providing commercial real estate financing solutions to real estate developers who buy, renovate, and sell single-family and/or multi-family residential real estate. The Company is a subsidiary of Rithm Capital (parent company), a publicly traded mortgage real estate investment trust.