Senior Underwriter

Job Description

Sr. Underwriter

Classification: Exempt -This is not a remote position

Reports to: Associate Director of Underwriting

Summary/Objective 

The Sr. Underwriter is responsible for supporting loan origination volume by conducting loan-level due diligence to underwrite loans on SFR (1-4 units) and multi-family or mixed-use properties.  The Sr. Underwriter reports directly to the Associate Director of Underwriting.

Essential Functions

• Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

• Responsible for conducting loan-level due diligence and ensuring each loan conforms to our underwriting and/or investor guidelines
• Manage a pipeline of loans submitted for closing.
• Interact with other areas of the firm, including processing, sales, and the closing/funding teams, as well as servicing and secondary sales teams.
• Issue updated final underwriting approval with terms and assign to legal team/attorney. 
• Document all activities in our system and provide feedback on improvement as necessary. 
• Review contingencies and underwrite rehabilitation and construction budgets.  
• Carry out requisite loan calculations (LTV, LTC, ARV, DSCR, DTI, etc.)  
• Verify market comparables for both rental values as well as property sale values.  
• Conduct appraisal analysis to determine acceptable collateral standards are met.  

• Property valuation using online tools available to determine values given by appraisal is appropriate and substantiated.
• Review and approve third-party reports, including property appraisals, physical needs assessments, environmental reports, lease abstracts, title reports, insurance binders, etc.
• Keep informed of current Secondary Market guidelines  
• Maintain productivity level and turn times as established by management
• Pricing loans using internal Excel tools or various external investor pricing models
• Perform other duties as required

Requirements

• Bachelor’s degree 
• 7+ years in lending operations for real estate as an underwriter 
• Experience in appraisal reviews or developing valuation on SFR and/or multi-family or mixed-use properties 
• Experience in managing/mentoring Junior Underwriters
• Knowledge of loan underwriting and related activities 
• Superb communication, organization, and interpersonal skills