Non-QM Underwriter

Why Deephaven Mortgage?

Deephaven Mortgage has been a pioneer and leader in non-QM since our origin in 2012. Our longevity and strength in the non-QM space has allowed a significant number of borrowers to achieve homeownership who otherwise would not have under traditional requirements. Deephaven champions mortgage borrowers whose independence, entrepreneurial drive and determination are often the very reason they cannot qualify for a traditional loan.

We continuously and responsibly innovate new mortgage products and programs that put homeownership within reach of millions of borrowers and investors that need and deserve financing through lending ingenuity that is supported by common-sense underwriting.

Deephaven is comprised of two lending platforms. Our wholesale channel offers loans through a network of over 1,000 independent mortgage brokers. Our correspondent channel buys loans from over 200 correspondent partners.

Deephaven’s headquarters are in Charlotte, North Carolina. To learn more about our innovative loan solutions please visit www.deephavenmortgage.com or email us at [email protected].

Job Overview

In this role, you will be responsible for evaluating mortgage loan applications that fall outside traditional Qualified Mortgage (QM) guidelines. You will assess borrower risk based on alternative documentation, ensure compliance with company policies and investor guidelines, and play a key role in decision-making for loan approvals.

This role is remote with ability to work from any state in the U.S.

What You’ll Do

• Manually underwrite mortgage loan transactions submitted by our Correspondent and Wholesale lending clients to company and investor credit guidelines

• Perform quality control audits of our third-party vendor to ensure mortgage loans meet all company and investor credit guidelines and requirements

• Review loan scenarios and communicate purchase/funding eligibility requirements to our Correspondent and Wholesale lending clients

• Collaborate with internal staff (e.g., Underwriters, Account Managers, Processors, Closers, Operations Management, etc.) of our correspondent lending clients, brokers and third party-vendors throughout the review process to clear purchase/funding eligibility conditions.

• Work closely with processing staff to clear loan conditions throughout the process

• Assist in handling loan-level credit and compliance questions & issues and in the preparation and dissemination of updated mortgage underwriting and compliance standards and procedures

• Analyze loan applications and conduct financial due diligence to assess the creditworthiness of borrowers and the risk associated with the loan

• Evaluate multi-family properties to determine their market value, condition, and potential for generating rental income

• Review financial statements, rent rolls, and property operating data to ensure that the property’s income can cover loan payments and expenses

• Collaborate with account executives, clients and stakeholders to gather necessary information and provide feedback on loan applications

• Recommend loan structuring and terms that mitigate potential risks while meeting the needs of borrowers and lenders

• Make informed decisions about whether to approve, deny, or modify loan applications based on comprehensive analysis and risk assessment

Job Requirements

• Recent, hands-on non-QM underwriting experience is required, including, but not limited to:

  • DSCR

  • Bank Statement (personal & business)

  • P&L–only qualification

  • Asset Depletion

  • Multi-family

• Experience underwriting HELOCs and 2nd mortgages strongly preferred

• 5+ years of experience as an underwriter

• Ability to manually calculate income across all non-QM programs, including complex self-employed borrower profiles, layered income sources, and variable cash flow

• Demonstrated ability to independently review and clear:

  • Title commitments & supporting documentation

  • Appraisal reports (including complex or unique property types)

  • Full condo project reviews (warrantable, non-warrantable, new construction, and small projects)

• Proficiency in Encompass, with the ability to navigate workflows, analyze documentation, and manage conditions efficiently

• High-volume underwriting background, managing 50+ initial underwrites per month while maintaining quality, accuracy, and fast SLAs

• Strong understanding of non-QM guidelines, investor overlays, compensating factors, and risk layering

• Excellent communication skills with the ability to clearly document decisions and collaborate with sales, processors, and closers

• Strong critical thinking, independent decision-making, and problem-solving skills

• Commitment to loan quality, compliance, and responsible lending

Compensation

The sarlary range for this role begins at $52.88 per hour, plus a performance based monthly incentive plan.

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Our Perks

Flexible Time to Recharge – Personalized Time Off for What Matters (because rest isn't one-size fits all)

Future Finance Focused – Generous employer-matched 401(k) plan

Community Connect– Philanthropy Committee that creates charitable initiatives

Health from Day One – Comprehensive health insurance starting on day one of employment

Family Matters – Competitive maternity and paternity leave

Culture & Celebrations – Culture Committee with team-building events and celebrations

Ideas Welcome – Encouraging thought leadership and innovation

Guidance & Growth – Mentorship opportunities for career development

Perk Up – Exclusive discounts on travel, tech, pets, legal, and more