Position Summary

The Non-QM Underwriter is responsible for evaluating and underwriting residential mortgage loan applications that fall outside traditional Qualified Mortgage (QM) guidelines. This position requires strong knowledge of Non-QM lending products, credit risk analysis, income and asset documentation, property valuation, and investor/lender guidelines.

The Underwriter will independently analyze complex borrower and loan scenarios, identify and mitigate credit risks, determine loan eligibility, and render well-supported underwriting decisions while balancing prudent risk management with production and service expectations.

Key Responsibilities

• Review and underwrite Non-QM residential mortgage loan applications in accordance with company, investor, and applicable regulatory guidelines.
• Analyze complex borrower profiles, including self-employed borrowers, business owners, investors, foreign nationals, borrowers with multiple income sources, and borrowers with non-traditional credit profiles.
• Evaluate income using alternative documentation methods, including:
• Bank statement programs
• P&L and business bank statements
• 1099 income
• Asset depletion
• DSCR
• Profit and loss statements
• CPA-prepared documentation
• Foreign income and assets, where permitted
• Review credit history, liabilities, payment history, public records, derogatory credit, bankruptcies, foreclosures, short sales, collections, judgments, and other credit-related risks.
• Analyze debt-to-income (DTI), loan-to-value (LTV), combined LTV, reserves, liquidity, and overall borrower capacity.
• Evaluate compensating factors and determine whether exceptions or overlays may be warranted.
• Review property eligibility, appraisal reports, marketability, zoning, property condition, title/vesting, insurance, and other collateral considerations.
• Identify inconsistencies, red flags, undisclosed liabilities, potential fraud indicators, and documentation deficiencies.
• Determine appropriate conditions and communicate clear, concise underwriting requirements to account managers, account executives, brokers, and other internal teams.
• Analyze exception requests and provide a well-supported recommendation based on overall loan risk and compensating factors.
• Ensure compliance with company underwriting policies, investor guidelines, federal and state regulations, and applicable Non-QM requirements.
• Maintain appropriate turn times while exercising sound independent credit judgment.
• Communicate effectively with production and operations teams regarding underwriting decisions and complex loan scenarios.
• Assist with escalated or high-risk loans and provide guidance on difficult underwriting scenarios.
• Stay current with changes to Non-QM products, investor guidelines, regulatory requirements, and underwriting practices.

Required Qualifications

• 8+ years of residential mortgage underwriting experience, preferably with the most recent 3 years’ Non-QM experience.
• Strong knowledge of Non-QM mortgage products and underwriting methodologies.
• Strong understanding of credit, income, assets, collateral, and capacity analysis.
• Experience underwriting self-employed borrowers and complex income scenarios.
• Ability to analyze financial statements, tax returns, bank statements, business records, and other alternative documentation.
• Ability to review various legal documents such as LLC’s, Corporations, Trusts, POA’s.
• Strong knowledge of mortgage documentation and loan underwriting requirements.
• Excellent analytical, decision-making, and problem-solving skills.
• Strong written and verbal communication skills.
• Ability to independently manage a pipeline while meeting established service-level requirements.
• Strong attention to detail and ability to identify inconsistencies and potential risk.
• Proficiency with mortgage loan origination and underwriting systems.

Preferred Qualifications

• Experience with DSCR, bank statement, asset depletion, foreign national, investor, and other alternative documentation programs.
• Experience evaluating credit exception requests and compensating factors.
• Experience underwriting loans with complex property types or title/vesting structures.
• Prior experience in a senior underwriting, credit risk, or underwriting quality-control role.

Core Competencies

• Credit Risk Analysis – Ability to identify, evaluate, and appropriately mitigate borrower and collateral risk.
• Non-QM Expertise – Strong understanding of alternative income documentation and Non-QM credit guidelines.
• Independent Judgment – Ability to make sound credit decisions when a loan does not fit within standard underwriting parameters.
• Analytical Thinking – Ability to evaluate multiple risk factors and determine the overall strength of a loan rather than relying solely on individual guideline metrics.
• Attention to Detail – Ability to identify discrepancies, inconsistencies, undisclosed obligations, and documentation deficiencies.
• Communication – Ability to clearly explain underwriting decisions, conditions, and risk concerns to internal and external stakeholders.
• Time Management – Ability to manage multiple loans and competing priorities while maintaining underwriting quality and turn times.

Performance Expectations

• Maintain established underwriting turn times and productivity standards.
• Consistently produce accurate, well-supported underwriting decisions.
• Maintain strong underwriting quality with minimal preventable errors.
• Appropriately identify and document material credit and collateral risks.
• Provide clear and actionable underwriting conditions.
• Demonstrate consistent application of company and investor guidelines.
• Escalate unusual or high-risk scenarios appropriately.
• Balance responsible credit risk management with business objectives and customer service.

Position Type

• Position: Non-QM Underwriter
• Department: Credit / Underwriting
• Reports To: Underwriting Manager / VP of Credit - Underwriter
• Employment Type: Full-Time
• Work Arrangement: Remote