Description:
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 Scenario Underwriter plays a critical role in supporting the mortgage loan origination process by evaluating unique borrower situations, reviewing exceptions to standard guidelines, and providing scenario-based assessments. This position serves as a resource to the Sales and Operations teams, ensuring high-quality loan submissions and adherence to underwriting and investor guidelines.

Requirements:

• 3–5 years of mortgage underwriting experience, preferably with scenario or exception underwriting.
• Strong knowledge of conventional and government loan products, guidelines, and investor overlays.
• Ability to interpret and apply underwriting matrices and risk assessment tools.
• Excellent analytical, organizational, and communication skills.
• Ability to work in a fast-paced environment and manage multiple priorities.
• Experience with LOS system, Encompass, is a plus

• Evaluate and respond to complex loan scenarios submitted by Sales, Brokers, or Loan Officers.
• Interpret and apply underwriting guidelines, matrices, and investor overlays to scenario assessments.
• Identify potential exceptions and determine acceptability based on risk tolerance and company policies.
• Analyze exception requests, assessing risk and documentation to make informed decisions.
• Provide clear written justifications for approved or denied exceptions in accordance with underwriting standards.
• Escalate complex exceptions to management as needed, with supporting analysis.
• Stay up to date with investor and agency (Fannie Mae, Freddie Mac, FHA, VA, etc.) guidelines.
• Use and interpret various underwriting matrices (e.g., income, asset, credit, collateral matrices) to determine eligibility and pricing.
• Ensure accurate scenario assessments based on current policy and matrix updates.
• Collaborate closely with Sales teams to provide pre-submission support and guidance on loan structuring.
• Review incoming files for quality and completeness prior to underwriting submission.
• Provide training or feedback to Sales on recurring issues or opportunities for improvement.
• Maintain detailed records of scenario reviews and exception decisions.
• Communicate underwriting decisions and rationale clearly and professionally to internal stakeholders.
• Serve as a point of contact for pre-underwriting file quality review and risk mitigation.

Requirements:

• 3–5 years of mortgage underwriting experience, preferably with scenario or exception underwriting.
• Strong knowledge of conventional and government loan products, guidelines, and investor overlays.
• Ability to interpret and apply underwriting matrices and risk assessment tools.
• Excellent analytical, organizational, and communication skills.
• Ability to work in a fast-paced environment and manage multiple priorities.
• Experience with LOS system, Encompass, is a plus.