Condo Underwriter

Alcova Mortgage LLC•Roanoke, VA

11d•Remote

About The Position

The Condo Underwriter is responsible for reviewing and underwriting condominium projects and individual condo unit transactions to ensure compliance with agency, investor, and company guidelines. This role evaluates condominium project documentation, borrower eligibility, collateral risk, insurance coverage, and legal documentation in accordance with current Fannie Mae, Freddie Mac, and FHA Single Unit Approvals (SUA) eligibility requirements. The Condo Underwriter works closely with production, processing, closing, secondary marketing, and quality control teams to support accurate and timely loan decisions while maintaining compliance and risk standards.

Requirements

3+ years’ experience in the mortgage industry required
DE (Direct Endorsement) designation not required upon hire but must be acquired
Bachelor’s degree in business, Finance, or a related field required
Strong analytical decision-making and problem-solving abilities
Excellent mortgage loan processing system computer skills
Demonstrates success in a fast-paced, high-stakes environment
Aptitude for maintaining professional relationships with coworkers
Highly motivated, ambitious, and driven to succeed
Trustworthy, honest, and able to display a high level of integrity
Ability to identify and resolve problems in a timely manner
Ability to understand and respond appropriately to basic inquiries
Ability to read, write, and communicate sufficiently to perform job functions
Ability to use Company equipment in assigned area (including but not limited to telephone, copiers, fax machines, computers, internet, etc.)
Ability to access, input, retrieve, and interpret information using applicable computer systems (including, but not limited to, Microsoft Word, Excel, Outlook, industry-specific computer software, etc.)
Ability to multi-task (e.g., simultaneous usage of several applications, etc.)
Well-versed with keyboard shortcuts and able to identify new ways to complete a task in less time
Compliance with all Bank Secrecy Act (BSA), Anti-Money Laundering (AML) laws, and Office of Foreign Asset Controls (OFAC) requirements are required. Employees must complete annual training in these areas

Nice To Haves

VA SAR/LAPP (Staff Appraiser Reviewer / Lender Appraiser Processing Program) designations preferred
Encompass experience preferred

Responsibilities

Review and underwrite condominium projects for eligibility under agency and investor guidelines
Analyze project documentation including condo questionnaires, budget and financial statements, master insurance policies, documentation such as HOA and litigation, reserve studies, special assessments, owner occupancy ratios, and commercial space allocations
Determine project eligibility for: limited/full, CPM/project, detached condo, and established/new project classification reviews
Evaluate projects for compliance with current agency requirements related to: financial stability, insurance adequacy, litigation exposure, delinquency thresholds, investor concentration, project completion status, and property usage restrictions
Review and validate borrower loan files as they relate to condominium eligibility and collateral acceptability
Ensure all underwriting decisions comply with: Agency guidelines, investor overlays, federal/state regulatory requirements, and internal credit policy
Issue clear underwriting conditions and communicate decisions effectively to operations staff
Maintain current knowledge of agency updates, lender bulletins, and condominium project policy changes
Assist with internal audits, post-closing reviews, and investor due diligence requests
Meet established service quality standards, and productivity goals