Description A Non-QM Mortgage Underwriter reviews and evaluates non-qualified mortgage applications that fall outside agency and government guidelines. They make sure each loan meets the lender’s and investors’ credit standards, risk tolerance, and Ability-to-Repay (ATR) requirements. The role requires strong manual underwriting skills, sound judgment, and experience with alternative documentation and complex borrower profiles. Essential Duties and Responsibilities: • Manually underwrite Non-QM loan files without relying on an AUS decision. Assess each borrower’s creditworthiness, ability to repay, and willingness to repay under the lender’s and investors’ Non-QM guidelines. • Document a reasonable, good-faith Ability-to-Repay determination under Regulation Z (§1026.43(c)) for every applicable loan, covering all eight ATR underwriting factors. • Analyze alternative income documentation, including: • Personal and business bank statements (12/24 months): calculate qualifying income, apply expense factors, and review deposits for consistency, transfers, and non-business income • CPA- or tax preparer-prepared Profit & Loss statements • 1099-only and WVOE-only income • Asset depletion / asset utilization calculations • Underwrite DSCR and investor cash-flow loans. Calculate debt service coverage ratios using lease agreements, market rent schedules (Form 1007/1025), and short-term rental income data where guidelines allow. • Underwrite specialty programs as offered, such as foreign national, ITIN, interest-only, jumbo/super-jumbo, and recent credit event loans (bankruptcy, foreclosure, short sale, deed-in-lieu). Apply the required seasoning and credit grading. • Review credit reports and credit history to determine credit grade, payment patterns, housing history, and any derogatory events against program matrices. • Review appraisals and property eligibility, including non-warrantable condos, condotels, rural properties, mixed-use, and 2–4 unit properties. Confirm the property is adequate collateral and meets investor requirements. • Identify red flags and possible fraud, such as altered bank statements, related-party transactions, occupancy misrepresentation, and inconsistent income patterns. Apply prudent judgment and escalate when appropriate. • Evaluate compensating factors and prepare well-supported exception requests in line with investor exception policies. • Issue clear, complete underwriting conditions, and write detailed underwriting narratives and income worksheets to support approvals, suspensions, or denials. • Work with loan officers, processors, brokers, and closers to resolve discrepancies, clarify documentation, and move files toward a timely decision. • Help get loans ready for sale and securitization by resolving investor suspense items, third-party due diligence findings, EPD, QC, and post-closing issues. • Ensure compliance with federal, state, and local regulations (ATR, TRID, HMDA, Fair Lending), investor guidelines, and internal policies and procedures. • Stay current on Non-QM product changes, investor overlays, secondary market conditions, and regulatory updates. • Other duties as assigned. Requirements What We'll Love About You Education and/or Work Experience Requirements: • 3+ years of mortgage underwriting experience, with at least 1–2 years underwriting Non-QM or alternative documentation loans. • Strong manual underwriting skills, including bank statement income calculation, DSCR analysis, and self-employed income analysis. • Working knowledge of ATR/QM rules, Non-QM investor guidelines, and secondary market and securitization standards. • Experience reading business and personal tax returns, P&L statements, and business bank statements. • Conventional, FHA DE, and/or VA SAR experience is a plus. • Proficiency with loan origination systems, underwriting and income calculation tools. • Excellent analytical and problem-solving skills with close attention to detail. • Strong written and verbal communication skills for working with internal teams, brokers, and investors. • Ability to work independently and make sound, well-documented credit decisions within established guidelines and delegated authority. • Strong time management skills to handle complex files while meeting turn-time expectations. Physical Requirements: • Must be able to occasionally lift and carry up to 15 lbs. • Must be able to sit for prolonged periods at a desk, while working on a computer.