Condo Underwriter

Cake Mortgage Corp.•Los Angeles, CA

52d

About The Position

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 Condo Underwriter is responsible for reviewing and approving condominium projects for Non-QM loans in alignment with internal guidelines and investor requirements. This role conducts detailed assessments of project documentation, identifies potential risks, and ensures project eligibility to support accurate and salable loan decisions.

Requirements

3–5 years of experience in condominium underwriting, project review, or collateral analysis within the mortgage industry.
Strong understanding of condominium project eligibility requirements for Non-QM or portfolio lending programs.
Familiarity with investor and regulatory guidelines related to condo approvals (e.g., FNMA, FHLMC, and Non-QM equivalents).
Experience with loan origination systems (LOS), preferably Encompass.
Excellent analytical and problem-solving skills with strong attention to detail.
Strong written and verbal communication skills.
Ability to work independently while contributing effectively within a team environment.
Proven ability to manage multiple condo reviews in a fast-paced, deadline-driven environment.

Responsibilities

Review and underwrite condominium project approvals for Non-QM loans in accordance with company guidelines and investor standards.
Analyze HOA documents, budgets, insurance policies, and legal project materials to determine project eligibility and financial stability.
Evaluate key project characteristics such as occupancy ratios, litigation, special assessments, and reserve funding.
Collaborate with collateral, credit, and operations teams to ensure all documentation required for condo review is complete and accurate.
Maintain up-to-date knowledge of Non-QM condo project requirements and regulatory guidelines impacting condominium financing.
Identify, assess, and mitigate potential project risks that could affect loan salability or investor acceptance.
Prepare detailed project review summaries and communicate findings clearly to internal teams and management.
Provide guidance and support to underwriters and account managers regarding condominium eligibility standards.
Partner with management to recommend enhancements to condo review policies, procedures, and workflows.
Assist in developing review templates, job aids, and process improvements to promote accuracy, consistency, and efficiency.
Participate in quality control reviews and audits related to condominium underwriting.
Maintain accurate records of all condo reviews and approvals in accordance with company documentation standards.
Coordinate with internal and external stakeholders to resolve pending items and obtain final condo approval decisions.