Asset Underwriter

Genesis Capital LLC•Los Angeles, CA

3d•Onsite

About The Position

Genesis Capital (the “Company”) is one of the largest business purpose lenders in the country, focused on providing commercial real estate financing solutions to real estate developers who buy, renovate, and sell single-family and/or multi-family residential real estate. The Company is a subsidiary of Rithm Capital (parent company), a publicly traded mortgage real estate investment trust. Under the direction of the SVP, Senior Credit Risk Manager, the Asset Underwriter will coordinate with Loan Processor(s), Sales Support Specialist(s), Risk, Legal and the Construction Department to ensure a complete loan file has been received to proceed with the underwriting of the collateral/asset file. The Underwriter will present the underwriting findings to Management to proceed with loan decision. Principal Duties: ESSENTIAL FUNCTIONS include the following. Other duties may be assigned.

Requirements

High school diploma or equivalent, required
Minimum 4 + years real estate loan underwriting or related experience
Solid understanding of processing with regards to underwriting and funding process
Proficient in MS Word and Excel
Strong interpersonal and communication skills with exceptional follow-through abilities
Excellent verbal and written communication skills
Self-motivated with strong desire to succeed
Detail oriented and organized with ability to multi-task
Ability to think subjectively and determine a logical solution
Strong customer services skills
Strong business acumen
Takes initiative with a clear business purpose in mind
Continually seeks to improve business processes
Adapts to change easily in a fast-working environment
Follows direction easily
Excellent time management and multi-tasking skills
Team Player

Nice To Haves

Bachelor's degree, preferred
Private money and construction lending experience a plus

Responsibilities

Review preliminary Title reports for any encumbrance that would affect Genesis 1st lien priority
Review Title report exceptions to determine which ones are acceptable/not acceptable to remain on title post-closing
Determine the proper Title endorsements depending on the property location and loan characteristics, i.e., survey, loss of priority, or date down endorsements
Review purchase transaction documents for accuracy and discrepancies. This includes contracts/addendums/assignments/double escrow/1031 exchange/auctions, etc
Review proof of insurance certificates for accuracy, determine appropriate policy type and coverage amount
Review final loan structure reflected on loan page matches intended structure from lending team
Understand how to calculate and review loan metrics are within guidelines
Review plans, permits, rehab budget, and reconciliation of costs spent to date
Review appraisal (1004,1025, Land, Commercial, or desk review) for completeness and conformity with USPAP and FIRREA guidelines
Review values and determine if sufficient to move forward with initial structuring and loan approval
Review special conditions required prior to docs or prior to funding
Ensure collateral/asset file meets Genesis and senior investor loan guidelines
Escalate issues as needed for review and second approval
Update internal management tracking system daily
Determine Prior to Doc, Prior to Funding and Post Close conditions