Loan Setup Specialist / Pre-Underwriting Analyst
About The Position
Pennymac (NYSE: PFSI) is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. At Pennymac, our people are the foundation of our success and at the heart of our dynamic work culture. Together, we work towards a unified goal of helping millions of Americans achieve aspirations of homeownership through the complete mortgage journey. The Loan Setup Specialist / Pre-Underwriting Analyst is responsible for reviewing, structuring, and setting up mortgage loan files prior to submission to underwriting. This role ensures all required documentation is complete, accurate, compliant, and properly structured to support an efficient underwriting review and reduce rework, conditions, and escalations.
Requirements
- High school diploma or equivalent required; college coursework in finance, business, or related field preferred.
- 1–3 years of experience in mortgage processing, underwriting support, loan setup, or a related role.
- Prior experience reviewing income, assets, and credit documentation preferred.
- Strong understanding of mortgage loan products (Conventional, FHA, VA, USDA, Non-QM as applicable).
- Working knowledge of underwriting guidelines and pre-underwriting review standards
- High attention to detail and strong analytical skills.
- Ability to identify risk, discrepancies, and guideline conflicts early in the process.
- Effective written and verbal communication skills.
- Strong time management skills with the ability to meet production goals in a fast-paced environment.
- Proficiency with loan origination systems (e.g., Encompass) and mortgage documentation.
Responsibilities
- Review incoming loan files for completeness, accuracy, and compliance with company policies, investor guidelines, and regulatory requirements.
- Validate loan structure, including loan program eligibility, product selection, occupancy, property type, and transaction purpose.
- Analyze borrower documentation such as income, assets, credit reports, and liabilities to ensure accuracy and consistency.
- Identify missing, incorrect, or conflicting information and request appropriate documentation or corrections.
- Set up loan files accurately in the loan origination system (LOS) prior to underwriting submission.
- Ensure disclosures, fees, and credits align with loan structure and compliance standards.
- Review appraisals, AVMs, and property documentation for accuracy and guideline alignment when applicable
- Collaborate with Loan Officers, Brokers, Account Executives, and internal teams to resolve issues and prevent delays.
- Document clear, concise notes within the loan file to support underwriting review.
- Adhere to service-level agreements (SLAs), productivity goals, and quality standards.
- Follow all company policies, procedures, and regulatory requirements at all times.
- Consistently meet or exceed daily production and quality benchmarks.
- Maintain low error and rework rates.
- Demonstrate adherence to schedules, SLAs, and company policies
- Maintain professional conduct and effective collaboration with internal and external partners.
Benefits
- Comprehensive Medical, Dental, and Vision
- Paid Time Off Programs including vacation, holidays, illness, and parental leave
- Wellness Programs, Employee Recognition Programs, and onsite gyms and cafe style dining (select locations)
- Retirement benefits, life insurance, 401k match, and tuition reimbursement
- Philanthropy Programs including matching gifts, volunteer grants, charitable grants and corporate sponsorships
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
High school or GED
Number of Employees
1,001-5,000 employees
