Non-QM Mortgage Underwriter

Security National Mortgage Company•Taylorsville, UT

About The Position

The Non-QM Mortgage Underwriter reviews and evaluates non-qualified mortgage applications that fall outside agency and government guidelines. The role ensures loans meet lender and investor credit standards, risk tolerance, and Ability-to-Repay (ATR) requirements. It requires strong manual underwriting skills, sound judgment, and experience with alternative documentation and complex borrower profiles. The underwriter manually evaluates loan files without relying on an AUS decision, documents good-faith ATR determinations, analyzes alternative income documentation, underwrites DSCR and investor cash-flow loans, and assesses specialty programs and property eligibility. The role also identifies potential fraud, evaluates exceptions, issues underwriting conditions and narratives, collaborates with lending teams to resolve file issues, and supports sale and securitization readiness. The underwriter ensures regulatory and investor compliance and stays current on Non-QM products, investor overlays, secondary market conditions, and regulatory changes.

Requirements

At least 3 years of mortgage underwriting experience, including at least 1–2 years underwriting Non-QM or alternative documentation loans.
Strong manual underwriting skills, including bank statement income calculation, DSCR analysis, and self-employed income analysis.
Working knowledge of ATR/QM rules, Non-QM investor guidelines, and secondary market and securitization standards.
Experience reading business and personal tax returns, P&L statements, and business bank statements.
Proficiency with loan origination systems, underwriting tools, and income calculation tools.
Excellent analytical and problem-solving skills, with close attention to detail.
Strong written and verbal communication skills for working with internal teams, brokers, and investors.
Ability to work independently and make sound, well-documented credit decisions within established guidelines and delegated authority.
Strong time management skills to handle complex files while meeting turn-time expectations.
Ability to occasionally lift and carry up to 15 lbs.
Ability to sit for prolonged periods at a desk while working on a computer.

Nice To Haves

Conventional, FHA DE, and/or VA SAR experience.

Responsibilities

Manually underwrite Non-QM loan files without relying on an AUS decision, assessing borrower creditworthiness, ability to repay, and willingness to repay under lender and investor guidelines.
Document a reasonable, good-faith Ability-to-Repay determination under Regulation Z (§1026.43(c)) for every applicable loan, covering all eight ATR underwriting factors.
Analyze alternative income documentation, including personal and business bank statements, CPA- or tax preparer-prepared Profit & Loss statements, 1099-only and WVOE-only income, and asset depletion or asset utilization calculations.
Underwrite DSCR and investor cash-flow loans, calculating debt service coverage ratios using lease agreements, market rent schedules, and short-term rental income data where guidelines allow.
Underwrite specialty programs as offered, including foreign national, ITIN, interest-only, jumbo/super-jumbo, and recent credit-event loans; apply required seasoning and credit grading.
Review credit reports and credit history to determine credit grade, payment patterns, housing history, and derogatory events against program matrices.
Review appraisals and property eligibility, including non-warrantable condos, condotels, rural properties, mixed-use properties, and 2–4 unit properties; confirm collateral adequacy and investor eligibility.
Identify red flags and possible fraud, apply prudent judgment, and escalate concerns when appropriate.
Evaluate compensating factors and prepare supported exception requests in accordance with investor exception policies.
Issue clear, complete underwriting conditions and write detailed underwriting narratives and income worksheets supporting approvals, suspensions, or denials.
Work with loan officers, processors, brokers, and closers to resolve discrepancies, clarify documentation, and move files toward timely decisions.
Help prepare loans for sale and securitization by resolving investor suspense items, third-party due diligence findings, EPD, QC, and post-closing issues.
Ensure compliance with federal, state, and local regulations, including ATR, TRID, HMDA, and Fair Lending requirements, as well as investor guidelines and internal policies and procedures.
Stay current on Non-QM product changes, investor overlays, secondary market conditions, and regulatory updates.
Perform other duties as assigned.