UW, Construction & Renovation

The Construction and Renovation Underwriter is responsible for analyzing, evaluating, and underwriting residential construction, construction-to-permanent, renovation, rehabilitation, and specialty renovation mortgage loans. This position ensures loan applications meet agency, investor, regulatory, and company guidelines while delivering sound credit decisions and maintaining exceptional service levels. The Underwriter works closely with loan officers, processors, contractors, appraisers, and internal stakeholders to assess borrower qualifications, construction feasibility, project budgets, and collateral adequacy.

The ideal candidate possesses extensive knowledge of residential mortgage underwriting, construction lending, renovation financing programs, and applicable regulatory requirements. This role requires strong analytical skills, attention to detail, and the ability to effectively communicate underwriting decisions and requirements.

Essential Duties and Responsibilities: 

• Underwrite residential construction, renovation, and rehabilitation mortgage loan applications in accordance with agency, investor, and company guidelines.
• Analyze borrower creditworthiness, including income, assets, liabilities, employment, reserves, and overall financial capacity.
• Review construction and renovation plans, budgets, contractor information, draw schedules, and project feasibility.
• Evaluate appraisal reports, plans and specifications, permits, inspections, and related collateral documentation.
• Assess risk factors and determine eligibility for construction-to-permanent financing and renovation loan programs.
• Review and validate contractor credentials, licensing, insurance coverage, and project experience as required.
• Ensure loan files meet FHA 203(k), Fannie Mae HomeStyle®, Freddie Mac Choice Renovation®, USDA, VA, and proprietary loan program guidelines as applicable.
• Calculate qualifying income for self-employed, commissioned, and complex borrowers.
• Issue credit decisions, conditions, suspense notices, and final approvals within established service-level expectations.
• Collaborate with processing, closing, quality control, compliance, and secondary marketing teams to resolve underwriting concerns.
• Provide clear and concise explanations regarding loan decisions and required conditions.
• Review and approve construction draw requests and project milestones when applicable.
• Maintain a thorough understanding of evolving agency, investor, and regulatory requirements.
• Participate in audits, quality control reviews, and investor examinations.
• Serve as a subject matter expert for construction and renovation lending products.
• Assist with training and mentoring junior underwriters and operations staff.
• Perform additional duties as assigned.

An individual in this position must be able to successfully perform the essential duties and responsibilities listed above. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.

Knowledge, Skills and Abilities: 

• Comprehensive knowledge of residential mortgage underwriting principles and risk assessment.
• Strong understanding of construction-to-permanent and renovation loan products.
• Knowledge of FHA, VA, USDA, Fannie Mae, Freddie Mac, and non-agency underwriting guidelines.
• Familiarity with construction budgeting, project funding, draw administration, and contractor management.
• Understanding of residential appraisal methodologies and property valuation standards.
• Knowledge of mortgage lending regulations and compliance requirements.
• Excellent verbal and written communication skills.
• Effective problem-solving and risk evaluation skills.
• Proficiency with Loan Origination Systems (LOS), Automated Underwriting Systems (AUS), and mortgage technology platforms.
• Strong attention to detail and accuracy.

Qualifications: 

• Minimum of 3-5 years of residential mortgage underwriting experience.
• Minimum of 2 years underwriting construction, renovation, or rehabilitation loans preferred.
• DE, SAR, VA LAPP, or other underwriting certifications are a plus.
• Experience with FHA 203(k), HomeStyle®, Choice Renovation®, and construction-to-permanent lending strongly preferred.
• Experience using Microsoft Office products (i.e. Word, Excel, Outlook, PowerPoint, SharePoint).