Underwriter / Loan Purchase Specialist

About the position

Ellington, through its correspondent loan purchase platform, acquires business purpose residential, and multifamily loans throughout the US from a network of private lenders. The loans are short term bridge and Fix-Flip loans. Ellington is seeking a Loan Underwriter / Loan Purchase Specialist for our growing team. The ideal candidate will have 5+ years of experience in frontline underwriting and/or the oversight of residential loan level underwriting and mortgage due diligence. The candidate MUST HAVE a good understanding of various product guidelines including Fix and Flip lending, as well as Business Purpose Lending in general (Long and Short Term Rental Investors Loans). Previous experience working for a loan aggregator is a plus. This position will be located at either one of our two main offices in New York City or Old Greenwich, CT.

Responsibilities

• Underwrite loan submissions to Ellington guidelines including identification of exceptions and corresponding compensating factors. This includes loan data, credit, and legal document files.
• Manage process for clearing review conditions, application of guideline waivers, and approval of loans for purchase.
• Manage day to day point of contact with our lender partners to provide superior customer service.
• Interact with third party vendors to obtain property valuations, title work, etc. as needed.
• Manage other operational aspects of loan purchase program such as custodian functions, servicer oversight, loan performance, special projects, as needed.
• Oversee third party diligence as needed.

Requirements

• 5+ years underwriting multiple products including, Bridge, Fix-Flip, Conventional, SFR and other residential mortgage loans.
• Minimum 2 years Fix-flip experience preferred.
• Knowledge of appraisal valuations and reviews, and alternative valuation products.
• Ability to manage multiple projects at a time and prioritize accordingly.
• Ability to effectively communicate, both written and verbally, with Senior Management regarding the progress and results of volume and timelines.
• Ability to work effectively under time constraints.
• 4-year degree from accredited university preferred.

Nice-to-haves

• Previous experience working for a loan aggregator.

Benefits

• Remote work environment is possible for the right candidate.
• Full time or 1099 options may be available.