Scenario Underwriter
Scenario Underwriter
Posted on :
14-08-2025
Employer Active
1 Vacancy
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Monthly Salary
$ 85000 - 100000
Vacancy
1 Vacancy
Posted on :
14-08-2025
Job Description
Description
CAKE Mortgage is a cutting-edge wholesale mortgage lender specializing in Non-QM products. Were redefining the lending experience with innovative programs streamlined processes and a commitment to speed and precision. As we grow were looking for forward-thinking professionals who thrive in fast-paced collaborative environments.
The Scenario Underwriter plays a critical role in supporting the mortgage loan origination process by evaluating unique borrower situations reviewing exceptions to standard guidelines and providing scenario-based assessments. This position serves as a resource to the Sales and Operations teams ensuring high-quality loan submissions and adherence to underwriting and investor guidelines.
Key Responsibilities
The Scenario Underwriter plays a critical role in supporting the mortgage loan origination process by evaluating unique borrower situations reviewing exceptions to standard guidelines and providing scenario-based assessments. This position serves as a resource to the Sales and Operations teams ensuring high-quality loan submissions and adherence to underwriting and investor guidelines.
Key Responsibilities
- Evaluate and respond to complex loan scenarios submitted by Sales Brokers or Loan Officers.
- Interpret and apply underwriting guidelines matrices and investor overlays to scenario assessments.
- Identify potential exceptions and determine acceptability based on risk tolerance and company policies.
- Analyze exception requests assessing risk and documentation to make informed decisions.
- Provide clear written justifications for approved or denied exceptions in accordance with underwriting standards.
- Escalate complex exceptions to management as needed with supporting analysis.
- Stay up to date with investor and agency (Fannie Mae Freddie Mac FHA VA etc.) guidelines.
- Use and interpret various underwriting matrices (e.g. income asset credit collateral matrices) to determine eligibility and pricing.
- Ensure accurate scenario assessments based on current policy and matrix updates.
- Collaborate closely with Sales teams to provide pre-submission support and guidance on loan structuring.
- Review incoming files for quality and completeness prior to underwriting submission.
- Provide training or feedback to Sales on recurring issues or opportunities for improvement.
- Maintain detailed records of scenario reviews and exception decisions.
- Communicate underwriting decisions and rationale clearly and professionally to internal stakeholders.
- Serve as a point of contact for pre-underwriting file quality review and risk mitigation.
Requirements
- 35 years of mortgage underwriting experience preferably with scenario or exception underwriting.
- Strong knowledge of conventional and government loan products guidelines and investor overlays.
- Ability to interpret and apply underwriting matrices and risk assessment tools.
- Excellent analytical organizational and communication skills.
- Ability to work in a fast-paced environment and manage multiple priorities.
- Experience with LOS system Encompass is a plus.
Why Join CAKE Mortgage
- Be part of a fast-growing company changing the game in Non-QM.
- Competitive compensation and performance-based bonuses.
- Collaborative and entrepreneurial culture.
- Opportunities for career advancement and innovation.
Employment Type
Full Time
Key Skills
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