Underwriting Specialist

About the role

This Underwriting Specialist position at Figure involves reviewing and approving loan applications, ensuring they meet company policies, investor guidelines, and all applicable regulations. The role requires applying specific underwriting guidelines for various loan products, including those for self-employed borrowers, trusts, and LLCs. A key aspect of the work is analyzing detailed financial data, such as tax returns and income statements, to make informed lending decisions.

The specialist will work closely with the Senior Operations Manager and the broader underwriting team to develop and improve underwriting guidelines for new products. This includes monitoring performance metrics for accuracy and efficiency, and providing feedback on loan applications. Collaboration with cross-functional teams like Product, Legal, and Credit is essential to resolve issues and ensure smooth loan processing.

Success in this role means maintaining accuracy and completeness in loan documentation, including verifying credit, collateral, and income. The specialist will also contribute to creating and maintaining training materials and compliance documentation. Staying current with industry regulations and best practices is crucial to support ongoing efforts to enhance underwriting efficiency and quality across new loan offerings.

The base salary for this position ranges from $77,400 to $94,600 annually, with an additional 25% annual bonus target and company equity.

Skills that matter here

• underwriting: This role requires reviewing and approving loan applications, ensuring compliance with company policies and regulations.
• financial analysis: The specialist will analyze complex financial data, including tax returns and income statements, to make lending decisions.
• compliance: Ensuring adherence to federal and state regulations, as well as investor guidelines, is a core responsibility.
• Google Workspace: Proficiency in Google Workspace or Microsoft Office Suite is needed for daily tasks and documentation.
• Microsoft Office Suite: Proficiency in Microsoft Office Suite or Google Workspace is needed for daily tasks and documentation.

Who this role suits

• A candidate with a background in conventional, portfolio, and special program loans.
• Someone who can interpret financial data and make independent underwriting decisions.
• An individual who thrives in a dynamic, fast-paced environment with strong attention to detail.
• A collaborative professional who can work across different teams to resolve issues.

From the employer

What You’ll Do

• Review and underwrite loan applications, ensuring compliance with company policies, investor guidelines, and applicable regulations.
• Apply underwriting guidelines for diverse loan products, including those for Self-Employed borrowers, Trusts, LLCs (Limited Liability Companies), POA (Power of Attorney), and DSCR (Debt Service Coverage Ratio).
• Analyze complex financial data, such as tax returns, income statements, and business documentation, to make informed lending decisions.
• Collaborate with the Senior Operations Manager and underwriting team to develop and refine underwriting guidelines for new products.
• Monitor key performance metrics for underwriting accuracy, efficiency, and compliance.
• Provide feedback on loan applications and collaborate with cross-functional teams (e.g., Product, Legal, Credit) to resolve issues and ensure seamless loan processing.
• Ensure accuracy and completeness of loan documentation, including reviewing credit, collateral, and income verification.
• Help create and maintain training materials, underwriting procedures, and compliance documentation.
• Stay current with industry regulations, investor requirements, and best practices related to underwriting.
• Support efforts to improve underwriting efficiency, quality, and compliance across new loan products.
• Assist in responding to loan repurchase requests, underwriting deficiencies, and any other challenges that arise.

What We Look For

• 3+ years of underwriting experience, with a focus on conventional, portfolio, and special program loans.
• Expertise in underwriting guidelines, including Self-Employed borrowers, Trusts, LLCs, Powers of Attorney (POA), and Debt Service Coverage Ratios (DSCR).
• Familiarity with underwriting tools and systems (e.g., DU, LP), as well as proficiency in Google Workspace and/or Microsoft Office Suite.
• Knowledge of federal and state regulations, including those set by the CFPB, FHA, VA, and other relevant bodies.
• Ability to analyze and interpret financial data and make independent underwriting decisions.
• Strong attention to detail and the ability to manage multiple tasks in a fast-paced environment.
• Excellent organizational, communication, and time management skills.
• Ability to work collaboratively across teams to resolve issues and ensure the timely processing of loans.
• Bachelor’s degree in Business, Finance, or a related field preferred.
• Ability to thrive in a dynamic, startup-like environment.

Salary

• Base Compensation Range: $77,400-$94,600/yr
• 25% annual bonus target, paid quarterly
• Company equity in the form of RSUs

Benefits

• Comprehensive medical, dental, and vision coverage, with 100% employer-paid premiums for employees and their dependents on select plans
• Company HSA, FSA, Dependent Care FSA, 401(k), and commuter benefits
• Employer-paid life and disability insurance
• 11 observed holidays and PTO plan
• Up to 12 weeks of paid family leave
• Continuing education reimbursement