B
New
1 week ago
Job Summary
Backflip is seeking an Underwriter for our business-purpose Loan Underwriting Team. Backflip originates real estate investment loans (not consumer loans). As an early hire, this individual will play a critical role in ensuring Backflip has a best-in-class underwriting operation that is compliant, borrower-friendly, detail oriented, operationally efficient and designed to scale.
- Minimum Qualification: Degree
- Experience Level: Mid level
- Experience Length: 3 years
Job Description/Requirements
Primary Responsibilities
- Underwrite short-term investment loans and understand various real estate investment strategies.
- Review and approve title documents (Title Commitment, Tax Certificate, HOA Documents, etc) to ensure they comply with Backflip’s Credit Policy. This includes, but is not limited to, advising which endorsements are needed and which exceptions will need to be removed.
- Review and approve entity documents (Operating Agreements, Articles of Incorporation, EIN, etc.) to ensure they comply with Backflip’s Credit Policy. This includes, but is not limited to, establishing signing authority and validating the entity is in good standing
- Review and approve assets, credit and background checks according to Backflip credit policy and standards.
- Review and approval appraisals (both full 1004 and evaluations) along with rehab budgets to determine acceptability of the property and project according to Backflip credit policy and standards.
- Review and approve insurance documents (dwelling coverage, flood coverage, builder’s risk, etc.) to ensure they comply with Backflip’s Credit Policy
- Review and approve executed closing documents to ensure they are completed in full and comply with Backflip’s Credit Policy
- Complete loan file Final Review and QC Reviews to ensure the loan is completed according to Backflip’s Credit Policy
- Assist in reviewing and approving loan documentsÂ
- Adhere to established SLA review times for reviews
- Understand that Backflip is an evolving company and at times there will be changes to the standard operating procedures that are currently in place
Qualifications - Role Specific
- 3+ years of mortgage underwriting experience; which includes time underwriting short-term bridge loans or construction loans where the borrower is an LLC or Corporate entityÂ
- Prior experience analyzing rehab projects or construction loans
- Expert knowledge of Title Commitments and ability to review Requirements, Exceptions and EndorsementsÂ
- Expert knowledge of LLC structure and organization
- Prior experience in underwriting assets, credit and insurance documents
- Prior experience in reviewing closing documents or other closing experience is a plus
- Prior experience with a fintech company or startup is a plusÂ
- Ability to multi-task with exceptional time management, prioritization and attention to detail
- Exemplary computer skills - demonstrated ability and desire to learn new technologies (we use Slack + Notion + Google Workspace + Front + HubSpot + more)
- Comfortable in a small, relatively unstructured office environment (we are remote currently)
- Excellent verbal and written communication skills with appropriate urgency to various audiences
- General understanding of basic investment concepts (or demonstrated desire to learn); comfortable performing basic math calculations
- Self-motivated, coachable, and highly collaborative; takes ownership of tasks and pride in work product; details matter
- High integrity, dependable, accountable, humble, and respectful
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