Bulk Credit Risk Underwriting Associate

Company

Verus Mortgage Capital (VMC) is a non-QM correspondent investor backed by Invictus Capital Partners, a leading investment firm. The Washington, D.C.-based company, with current operations staff of 82 employees located in Bloomington, MN, has purchased over $6 billion in non-QM loans and completed thirteen rated securitizations since its inception. Interested candidates can learn more about VMC’s investor products by visiting www.verusmc.com.

Role

The role of the Bulk Credit Risk Underwriting Associate is to provide support in all aspects of the underwriting due diligence process for a variety of mortgage products and property types. To work with Verus management and staff to successfully purchase and prepare for securitization multiple bulk loan transactions within deal specific timelines. The individual selected must have a high level of familiarity with the credit guidelines for Fannie Mae and the manual underwriting process. The ideal candidate will possess strong underwriting, compliance and analytical skills with the ability to address credit risk issues with both external and internal counterparts.

Accountabilities

  • Underwrite and/or audit legal collateral, credit, property and compliance documents to ensure loans meet guidelines and represent an acceptable level of risk for purchase.
  • Review and comparison of 3rd party Diligence Provider data and reports to ensure loans meet bid parameters and represent an acceptable level of risk for purchase and securitization.
  • Review 3rd party data for accuracy and collect missing data elements and/or documents as applicable.
  • Research underwriting and property issues and/or concerns and present finding to address with diligence firms, sellers and internal partners.
  • Review/re-structure underwriting exceptions and compensating factors to assess credit risk and acceptability for securitization. Present findings to Verus responsible party.
  • Willingness to work with Operational team on any other duties necessary to acquire assets or as assigned by management.

Qualifications

  • In depth knowledge of mortgage underwriting, mortgage product guidelines and the mortgage production process
  • Minimum of 3 years current mortgage underwriting experience with experience manually underwriting.
  • High level of comfort reviewing bank statements, Tax Returns, & P&L statements.
  • Comfort reviewing property Appraisals and supporting valuation document to establish value.
  • Knowledge of business purpose loan transactions a plus
  • Working knowledge of Microsoft Office suite with high degree of comfort with excel and review of spreadsheet data
  • Experience working with 3rd party providers beneficial
  • Strong oral and written communication skills
  • Ability to work both independently and collaboratively within a small team environment.
  • Current knowledge of state and federal compliance and regulatory environment
  • Ability to work both independently and collaboratively within a small team environment

All job duties and responsibilities must be performed within the guidelines of the Verus Residential Mortgage Employee Handbook and established company policies and procedures. It is the responsibility of each employee to maintain confidentiality of the company, its clients and to follow applicable laws and regulations in the performance of duties.

Verus Mortgage Capital is an equal opportunity employer.  All qualified applicants are welcome to apply and will receive consideration for employment without unlawful discrimination because of a person’s race, religious creed, color, national origin, citizenship status, ancestry, marital status, sex, age or sexual orientation, or because of a person’s disability or medical condition.

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