Commercial Real Estate NonQm Underwriter

Victorian Finance - A Division of Farmers Bank is seeking an experienced Underwriter to evaluate and structure both commercial real estate (CRE) loans and non-qualified mortgage (Non-QM) residential loans. This role owns credit risk analysis end-to-end—reviewing borrower financials, property performance, and collateral—to render sound, well-documented credit decisions that balance portfolio growth with prudent risk management. The ideal candidate is comfortable underwriting income-producing properties on the commercial side and alternative-documentation loans on the residential side, and can move fluidly between the two.

Responsibilities:
Commercial Real Estate Underwrite CRE loan requests across property types—multifamily, office, retail, industrial, mixed-use, and owner-occupied—analyzing rent rolls, trailing-12 operating statements, and pro formas. Calculate and interpret key metrics including debt service coverage ratio (DSCR), loan-to-value (LTV), debt yield, and capitalization rates to determine repayment capacity and collateral adequacy. Perform global cash flow and contingent-liability analysis on guarantors and related entities using personal and business tax returns, financial statements, and rent schedules.

Review third-party reports—appraisals, environmental (Phase I ESA), property condition, and title—and identify conditions or exceptions that must be cleared prior to closing. Structure loans (amortization, term, covenants, reserves, recourse) and prepare written credit memoranda with clear risk ratings and recommendations for presentation to the loan committee.
Non-QM Residential Manually underwrite Non-QM loan products including bank statement, DSCR (investor cash-flow), asset-depletion/asset-qualifier, P&L, ITIN, and foreign national programs. Assess income for self-employed and complex borrowers using alternative documentation, applying investor and program-specific guidelines rather than standard agency automated findings. Document the basis for each Ability-to-Repay (ATR) determination and ensure files are underwritten in accordance with applicable investor overlays and internal credit policy.

Analyze credit history, reserves, occupancy, and property eligibility (including non-warrantable condos and interest-only structures) to render clear approve/suspend/decline decisions. Issue and clear loan conditions, communicate decisions and rationale to loan officers and processors, and manage a pipeline to meet service-level turn times.
Across Both Portfolios Ensure loans comply with applicable regulations and guidance, including TRID/RESPA, ECOA, HMDA, Fair Lending, and the ATR/QM rule, as well as internal credit and BSA/AML requirements. Maintain complete, audit-ready loan files and support internal, external, and regulatory examinations. Recommend enhancements to underwriting guidelines, checklists, and workflow to improve consistency, quality, and turnaround.
Compensation:
$100,000-$110,000 per year