Loan Setup Specialist​/Pre-Underwriting Analyst

PENNYMAC

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 home ownership 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.

The Loan Setup Specialist / Pre-Underwriting Analyst will:

• 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.

The Loan Setup Specialist / Pre-Underwriting Analyst performance expectations:

• 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.

• Office or remote work environment, depending on business needs.
• Extended periods of computer use.
• Fast-paced, deadline-driven production environment.

• 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.

As one of the top mortgage lenders in the country, Pennymac has helped over 4 million lifetime homeowners achieve and sustain their aspirations of home. Our vision is to be the most trusted partner for home. Together, 4,000 Pennymac team members across the country are guided by our core values: to be Accountable, Reliable and Ethical in all that we do.

Pennymac is committed to conducting a business that makes positive contributions and promotes long‑term sustainable growth and to fostering an equitable and inclusive environment, where all employees and customers feel valued, respected and supported.