Mortgage Credit Risk Underwriting Team Manager – Non-Delegated

Company:

Founded in 2015, Verus Mortgage Capital (VMC) is a non-QM correspondent investor backed by Invictus Capital Partners, a leading investment firm. VMC purchases loans in all 50 states and the District of Columbia and focuses solely on the non-QM market. It offers correspondent lenders a wide range of home financing products for credit worthy borrowers.

The Washington, D.C.-based company, with operations located in Minneapolis, has purchased over $5.5 billion in expanded, non-QM loans since its inception. In addition, through its affiliates, VMC has completed twelve rated securitizations. Interested candidates can learn more about VMC’s investor products by visiting www.verusmc.com.

Role:

The Underwriting Team Manager provides direction, support, and training in all aspects of the underwriting process for a variety of mortgage products and property types. Works with senior management and staff to successfully analyze, underwrite, and validate loans submitted to VMC will meet product/program parameters. The management of this non-delegated underwriting team includes ensuring all manual underwriting processes are adhered to during the assessment of borrower credit and property sufficiency to ensure eligibility with all applicable programs. This includes the assessment of risk associated with guideline exceptions, decisioning those exceptions within specific authority limits, and making recommendations regarding those exceptions that fall outside of authority limits. The ideal candidate will possess strong credit underwriting, compliance and analytical skills with the ability to address credit risk issues with both external and internal counterparts. The candidate must also possess strong management skills, ability to multi-tasks, work within specific deadlines, effectively partner with sales, sellers and others while maintaining the Company risk standards.

Accountabilities:

• Audit underwriter output to ensure the team is accurately assessing loan conformance to credit and property eligibility guidelines.
• Monitor underwriter productivity. Recommended additional metrics and reports to assess underwriter productivity.
• Manage the condition review process to ensure quality and timeliness of disposition.
• Manage and teach team to research underwriting issues, conditions, concerns and work with sellers and internal partners to resolve appropriately and timely.
• Manage and review eligibility Exception Requests and determine whether sufficient compensating factors exist to make loans acceptable for purchase and securitization.
• Manage the assessment of bank statement income calculations within required timeframes for designated sellers.
• Conduct second level review of loan submissions and Exception Requests as outlined in escalation procedures
• Develop, review and implement training material and conduct classes for new and developing credit associates
• Recommend and draft updates to established processes and procedures.
• Responsible for hiring, training, management and overall performance of underwriters and Jr. underwriters for the assigned team.
• Other duties as assigned by management.

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 also the responsibility of each employee to maintain the confidentiality of the company, its clients and to follow applicable laws and regulations in the performance of the employee’s duties.

Qualifications:

• In depth knowledge of mortgage credit underwriting, mortgage product guidelines and the mortgage production process
• Minimum of 5-10 years current mortgage underwriting and management experience specific to manually underwriting income based on bank statements, Tax Returns, P&L statements
• Knowledge of business purpose and/or commercial real estate loan transactions a plus
• Strong depth of knowledge relative to review and analysis of property appraisal and value
• Current knowledge of state and federal compliance and regulatory environment
• Strong recruiting ability to increase underwriting staff nationally in accordance with company staffing requirements
• Working knowledge of Microsoft Office suite with high degree of comfort with excel and review of spreadsheet data
• Strong oral and written communication skills
• Ability to work both independently and collaboratively within a small team environment.
• Ability to hire, manage, train and mentor in a remote underwriting network if required

Verus Mortgage Capital is an equal opportunity employer. All qualified applicants are welcomed 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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