As a Senior Underwriter, you will independently perform live underwriting of US residential mortgage loans with full authority and accountability for credit decisions. The role demands expert-level evaluation of all 5 C’s of Credit across Conventional, FHA, and VA loan products, ensuring compliance with QM/ATR requirements, investor guidelines, agency regulations, and internal credit policies.
You will be responsible for end-to-end underwriting decisions, including complex income analysis, layered credit risk assessment, exception identification, final credit recommendations, post-closing responses, and audit defense—while serving as a subject matter expert (SME) and mentor for junior underwriters.
Key Responsibilities
Live Credit Underwriting & Risk Assessment
Perform full-file, live underwriting from intake through final disposition for Conventional, FHA, and VA loans.
Assess and document all 5 C’s of Credit:
Character – credit history, repayment behavior, derogatory analysis
Capacity – complex income calculations, DTI, residual income (VA)
Capital – assets, reserves, sourcing and seasoning
Collateral – appraisal review, valuation risk, property eligibility
Conditions – loan purpose, market, occupancy, investor overlays
Make sound credit decisions aligned with risk tolerance, investor appetite, and regulatory expectations.
Income Analysis & Financial Evaluation
Calculate and validate complex income scenarios, including:
Self-employed borrowers (Schedule C, K-1, 1120, 1120S, 1065)
Rental income (departing and retained residence)
Commission, bonus, overtime, and variable income
Prepare and analyze borrower financial profiles using tax returns, W-2s, paystubs, bank statements, and financial statements.
Identify income stability, sustainability, and compliance with ATR/QM standards.
Guideline & Regulatory Compliance
Apply and interpret guidelines from:
Agency: FNMA, FHLMC, FHA, VA
Investor overlays and internal credit policies
Ensure strict adherence to US mortgage regulations, including:
Ability-to-Repay (ATR)
Qualified Mortgage (QM)
Fair Lending and ECOA
Stay current with policy updates, industry changes, and regulatory bulletins.
Credit Documentation & Decisioning
Prepare clear, defensible underwriting notes and credit narratives supporting loan decisions.
Identify, document, and recommend policy exceptions with compensating factors.
Assign appropriate loan risk grades and recommended conditions.
Partner with closing, QC, and post-closing teams to resolve credit-related issues.
Post-Closing, QC & Audit Support
Respond to post-closing reviews, quality control findings, and investor audits.
Defend underwriting decisions with guideline-based rationale.
Support remediation efforts and continuous improvement initiatives.
Leadership & SME Responsibilities
Act as a Subject Matter Expert (SME) for underwriting guidelines, income, and credit scenarios.
Mentor and train junior underwriters on:
Credit analysis
Income calculations
Appraisal and collateral review
Investor and agency guidelines
Support process improvements, risk controls, and underwriting best practices.
Core Competencies & Skills
Technical Expertise
Expert knowledge of Conventional, FHA, and VA underwriting guidelines
Strong command of credit risk analysis and layered risk evaluation
Advanced income calculation and tax analysis skills
Appraisal and collateral risk assessment proficiency
Analytical & Communication Skills
Exceptional analytical thinking and logical reasoning
Highly detail-oriented with strong documentation skills
Clear, professional written and verbal communication
Ability to present and defend credit decisions confidently
Execution & Ownership
Highly organized with strong prioritization skills
Comfortable handling high-volume pipelines without compromising quality
Proven ability to work independently with minimal supervision
Required Qualifications
Bachelor’s degree mandatory
Excellent English communication skills (written and Verbal)
Prior hands-on experience with Encompass
5+ years of hands-on, live underwriting experience, specifically:
Conventional QM loans (mandatory)
FHA and VA loans (strongly preferred)
Demonstrated experience underwriting complex and exception-driven scenarios
Prior experience interacting with audits, QC, and post-closing reviews
Hands on experience using Encompass
