UW, Construction & Renovation

Essential Duties and Responsibilities

• Underwrite residential construction, renovation, and rehabilitation mortgage loan applications in accordance with agency, investor, and company guidelines.
• Analyze borrower creditworthiness, including income, assets, liabilities, employment, reserves, and overall financial capacity.
• Review construction and renovation plans, budgets, contractor information, draw schedules, and project feasibility.
• Evaluate appraisal reports, plans and specifications, permits, inspections, and related collateral documentation.
• Absess risk factors and determine eligibility for construction-to-permanent financing and renovation loan programs.
• Review and validate contractor credentials, licensing, insurance coverage, and project experience as required.
• Ensure loan files meet FHA 203(k), Fannie Mae HomeStyle®, Freddie Mac Choice Renovation®, USDA, VA, and proprietary loan program guidelines as applicable.
• Calculate qualifying income for self-employed, commissioned, and complex borrowers.
• Issue credit decisions, conditions, suspense notices, and final approvals within established service-level expectations.
• Collaborate with processing, closing, quality control, compliance, and secondary marketing teams to resolve underwriting concerns.
• Provide clear and concise explanations regarding loan decisions and required conditions.
• Review and approve construction draw requests and project milestones when applicable.

Knowledge, Skills and Abilities

• Comprehensive knowledge of residential mortgage underwriting principles and risk assessment.
• Strong understanding of construction-to-permanent and renovation loan products.
• Knowledge of FHA, VA, USDA, Fannie Mae, Freddie Mac, and non-agency underwriting guidelines.
• Familiarity with construction budgeting, project funding, draw administration, and contractor management.
• Understanding of residential appraisal methodologies and property valuation standards.
• Knowledge of mortgage lending regulations and compliance requirements.
• Excellent verbal and written communication skills.
• Effective problem-solving and risk evaluation skills.
• Proficiency with Loan Origination Systems (LOS), Automated Underwriting Systems (AUS), and mortgage technology platforms.
• Strong attention to detail and accuracy.

Qualifications

• Minimum of 3-5 years of residential mortgage underwriting experience.
• Minimum of 2 years underwriting construction, renovation, or rehabilitation loans preferred.
• DE, SAR, VA LAPP, or other underwriting certifications are a plus.
• Experience with FHA 203(k), HomeStyle®, Choice Renovation®, and construction-to-permanent lending strongly preferred.
• Experience using Microsoft Office products (i.e. Word, Excel, Outlook, PowerPoint, SharePoint).