CAKE Mortgage is a cutting-edge wholesale mortgage lender specializing in Non-QM products. We're redefining the lending experience with innovative programs, streamlined processes, and a commitment to speed and precision. As we grow, we're 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
- 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.
- 3-5 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.
- 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.
Cake Mortgage does not tolerate discrimination of any type. Cake Mortgage offers equal employment opportunity to all qualified persons without regard to race, age, color, religion, sex/gender, gender identity, sexual orientation, marital status, medical condition, military or veteran status, national origin, ancestry, disability, or any other considerations made unlawful by Federal, State, or Local law. Cake Mortgage provides eligible and qualified employees with opportunities to advance. Cake Mortgage is an at will employer. Cake Mortgage is committed to providing employees with a work environment free of discrimination and harassment.
Salary Description
$85,000.00 to $100,000.00