Scenario Underwriter

2 weeks ago

Los Angeles, CA, United States JBA International Full time

Description

CAKE Mortgage is a cutting-edge wholesale mortgage lender specializing in Non-QM products. We're redefining the lending experience with innovative programs, streamlined processes, and a commitment to speed and precision. As we grow, we're looking for forward-thinking professionals who thrive in fast-paced, collaborative environments.

The Scenario Underwriter plays a critical role in supporting the mortgage loan origination process by evaluating unique borrower situations, reviewing exceptions to standard guidelines, and providing scenario-based assessments. This position serves as a resource to the Sales and Operations teams, ensuring high-quality loan submissions and adherence to underwriting and investor guidelines.

Key Responsibilities

  • Evaluate and respond to complex loan scenarios submitted by Sales, Brokers, or Loan Officers.
  • Interpret and apply underwriting guidelines, matrices, and investor overlays to scenario assessments.
  • Identify potential exceptions and determine acceptability based on risk tolerance and company policies.
  • Analyze exception requests, assessing risk and documentation to make informed decisions.
  • Provide clear written justifications for approved or denied exceptions in accordance with underwriting standards.
  • Escalate complex exceptions to management as needed, with supporting analysis.
  • Stay up to date with investor and agency (Fannie Mae, Freddie Mac, FHA, VA, etc.) guidelines.
  • Use and interpret various underwriting matrices (e.g., income, asset, credit, collateral matrices) to determine eligibility and pricing.
  • Ensure accurate scenario assessments based on current policy and matrix updates.
  • Collaborate closely with Sales teams to provide pre-submission support and guidance on loan structuring.
  • Review incoming files for quality and completeness prior to underwriting submission.
  • Provide training or feedback to Sales on recurring issues or opportunities for improvement.
  • Maintain detailed records of scenario reviews and exception decisions.
  • Communicate underwriting decisions and rationale clearly and professionally to internal stakeholders.
  • Serve as a point of contact for pre-underwriting file quality review and risk mitigation.
Requirements
  • 3-5 years of mortgage underwriting experience, preferably with scenario or exception underwriting.
  • Strong knowledge of conventional and government loan products, guidelines, and investor overlays.
  • Ability to interpret and apply underwriting matrices and risk assessment tools.
  • Excellent analytical, organizational, and communication skills.
  • Ability to work in a fast-paced environment and manage multiple priorities.
  • Experience with LOS system, Encompass, is a plus.


Why Join CAKE Mortgage?
  • Be part of a fast-growing company changing the game in Non-QM.
  • Competitive compensation and performance-based bonuses.
  • Collaborative and entrepreneurial culture.
  • Opportunities for career advancement and innovation.

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