Position Title: Condo Underwriter
Reports to: Vice President of Credit Risk
Department: Underwriting
Location: Corporate - Remote
Position Type: Full-Time: 40 hours per week
FLSA Classification / Type: Non-Exempt/ Administrative Support
Supervises: None
POSITION SUMMARY
The Condo Underwriter is responsible for reviewing and underwriting condominium projects and individual condo unit transactions to ensure compliance with agency, investor, and company guidelines. This role evaluates condominium project documentation, borrower eligibility, collateral risk, insurance coverage, and legal documentation in accordance with current Fannie Mae, Freddie Mac, and FHA Single Unit Approvals (SUA) eligibility requirements. The Condo Underwriter works closely with production, processing, closing, secondary marketing, and quality control teams to support accurate and timely loan decisions while maintaining compliance and risk standards.
DUTIES AND RESPONSIBILITIES
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.
- Review and underwrite condominium projects for eligibility under agency and investor guidelines
- Analyze project documentation including condo questionnaires, budget and financial statements, master insurance policies, documentation such as HOA and litigation, reserve studies, special assessments, owner occupancy ratios, and commercial space allocations
- Determine project eligibility for: limited/full, CPM/project, detached condo, and established/new project classification reviews
- Evaluate projects for compliance with current agency requirements related to: financial stability, insurance adequacy, litigation exposure, delinquency thresholds, investor concentration, project completion status, and property usage restrictions
- Review and validate borrower loan files as they relate to condominium eligibility and collateral acceptability
- Ensure all underwriting decisions comply with: Agency guidelines, investor overlays, federal/state regulatory requirements, and internal credit policy
- Issue clear underwriting conditions and communicate decisions effectively to operations staff
- Maintain current knowledge of agency updates, lender bulletins, and condominium project policy changes
- Assist with internal audits, post-closing reviews, and investor due diligence requests
- Meet established service quality standards, and productivity goals
EDUCATION, EXPERIENCE, LICENSURE, AND COMPETENCIES
- 3+ years’ experience in the mortgage industry required
- DE (Direct Endorsement) designation not required upon hire but must be acquired
- VA SAR/LAPP (Staff Appraiser Reviewer / Lender Appraiser Processing Program) designations preferred
- Bachelor’s degree in business, Finance, or a related field required
- Strong analytical decision-making and problem-solving abilities
- Excellent mortgage loan processing system computer skills
- Encompass experience preferred
- Demonstrates success in a fast-paced, high-stakes environment
- Aptitude for maintaining professional relationships with coworkers
- Highly motivated, ambitious, and driven to succeed
- Trustworthy, honest, and able to display a high-level of integrity
- Ability to identify and resolve problems in a timely manner
- Ability to understand and respond appropriately to basic inquiries
- Ability to read, write, and communicate sufficiently to perform job functions
- Ability to use Company equipment in assigned area (including but not limited to telephone, copiers, fax machines, computers, internet, etc.)
- Ability to access, input, retrieve, and interpret information using applicable computer systems (including, but not limited to, Microsoft Word, Excel, Outlook, industry-specific computer software, etc.)
- Ability to multi-task (e.g., simultaneous usage of several applications, etc.)
- Well-versed with keyboard shortcuts and able to identify new ways to complete a task in less time
- Compliance with all Bank Secrecy Act (BSA), Anti-Money Laundering (AML) laws, and Office of Foreign Asset Controls (OFAC) requirements are required. Employees must complete annual training in these areas
WORK ENVIRONMENT
This job operates in a clerical office setting; climate-controlled surroundings with adequate lighting and little or moderate noise when in the office. This role routinely involves standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.
PHYSICAL DEMANDS
This is largely a sedentary role; however, some filing and photocopying is required. This would require the ability to lift files, open filing cabinets, and bend or stand as necessary.
EXPECTED HOURS OF WORK
Days and hours of work are Monday through Friday, 8:30 a.m. to 5:00 p.m. Evening and weekend work may be required as job duties demand.
OTHER DUTIES
This position performs additional duties as assigned, given adequate guidance and resources. This Job Description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee to perform this job. Duties, responsibilities and activities may change at any time with or without notice.
EOE D/V/M/F