Sr. Scenario and Exception Underwriter

Job Description

Job DescriptionDescriptionVerus Mortgage Capital is looking for a Senior Scenario and Exception Underwriter to join our team. The ideal candidate can critically analyze complex loan scenarios and requests for exceptions to underwriting guidelines. Experience in a correspondent loan acquisition environment and proven experience analyzing alternative income documentation including self-employed income analysis using bank statements, expense ratios, and P&L documentation, non-owner-occupied investment property income using debt service coverage ratio (DSCR), as well as standard income documentation is a must. Verus does not rely on automated underwriting applications for credit decisioning so the scenario desk underwriter must be able to perform a manual underwrite of all aspects of a transaction including independent appraisal and value reconciliation, entity and trust ownership structures, and identification of layered risks. The exception underwriter is responsible for partnering with Sellers and internal staff to quickly determine viable scenarios, assist in structuring scenarios that align with criteria, and consider formal exceptions to guidelines. Thinking skills based on this determination, the underwriter will either approve or deny the scenario / exception as appropriate.

Preference will be given to candidates able to work standard business hours in the Pacific (PST) or Mountain (MST) time zones. This ensures strong collaboration with our team and partners and supports timely communication across projects.

This role is remote or hybrid. Hybrid candidates living within a reasonable commute of our office will be expected to work onsite 2–3 days per week as part of our hybrid work model.
Responsibilities and Duties:

• Reviews and responds to scenario and exception requests within agreed upon SLA. Proactively communicates (verbally and written) with internal & external clients to obtain additional information/details when needed. Clear and concise communication is expected in all situations.
• Analyzes scenarios as presented and documents, including but not limited to, mortgage applications, credit history and income documents, title documents, appraisals, and other documents as necessary.
• Approves, declines, or refers scenarios and exceptions within limits of assigned authority.
• Maintain complete and accurate records of recommendations and decisions to ensure transparency and oversight is available.

Education and Experience:

• High school diploma or equivalent required
• Minimum of five years' experience underwriting non-Agency loans.
• Manual underwriting experience highly preferred.
• Required proficiency in alternative non-Agency income analysis and Appraisal Evaluations
• Thorough understanding of credit risk and an ability to review complex loan transactions.

Key Competencies:

• Analytical Thinking: Able to dissect complex scenarios, identify key risks, and apply guidelines accurately.
• Decision Quality: Makes sound, timely decisions using good judgment, even with limited information.
• Communication: Conveys information clearly to internal and external partners, both verbally and in writing.
• Technical Expertise: Deep understanding of Non-Agency underwriting, alternative income methods, and appraisal evaluation.
• Attention to Detail: Ensures all aspects of a scenario are fully reviewed and documented with precision.

How This Role Demonstrates Our Values:

• Integrity: Makes underwriting decisions based solely on facts, risk assessment, and guidelines.
• Collaboration: Works closely with Sellers and internal teams to find viable solutions to complex scenarios.
• Excellence: Strives for accuracy, consistency, and high-caliber underwriting judgment in every file.
• Critical Curiosity: Probes deeper into layered risks, challenging assumptions to arrive at the best risk-based outcome.

Benefits

• Great compensation package
• Attractive benefits plans and paid time off
• 401(k) w/ company matching
• Professional learning and development opportunities
• And much more!

Maintaining a reliable, uninterrupted high speed internet connection is a requirement of hybrid or remote positions.

All job duties and responsibilities must be performed within the guidelines of the Verus Residential Mortgage Employee Handbook and established company policies and procedures. It is the responsibility of each employee to maintain confidentiality of the company, its clients and to follow applicable laws and regulations in the performance of duties.

Verus Mortgage Capital is an equal opportunity employer. All qualified applicants are welcomed to apply and will receive consideration for employment without unlawful discrimination because of a person’s race, religious creed, color, national origin, citizenship status, ancestry, marital status, sex, age, or sexual orientation, or because of a person’s disability or medical condition.