VP Underwriting

Pennymac (NYSE: PFSI) is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. 

At Pennymac, our people are the foundation of our success and at the heart of our dynamic work culture. Together, we work towards a unified goal of helping millions of Americans achieve aspirations of homeownership through the complete mortgage journey.

Job Summary

We are seeking an experienced and driven Vice President to lead our Non-QM Underwriting team. The ideal candidate possesses expert-level knowledge of Non-QM lending guidelines, a proven track record of success in managing high-performing teams, and a strong commitment to quality and compliance. The role is responsible for overseeing all aspects of Non-QM underwriting, ensuring efficient operations, and maintaining exceptional loan quality. 

The Vice President Underwriting will manage a staff of approximately 7 to 10 underwriters reviewing loans originated through correspondent and retails channels. As the VP Underwriting, you will work with various levels of company management regarding underwriting and credit policy matters.

The VP Underwriting will:

• Direct the underwriting activities for a wide range of GSE, FHA, VA and private label mortgage products
• Oversee all staff training and development
• Manage the review, credit decision and tracking of requests for loan program exceptions
• Develop and maintain unit capacity, procedures and workflow to ensure maximum staff productivity, prudent expenses and adherence to service levels
• Manage the Corporate Underwriting Help Desk
• Perform other related duties as required and assigned
• Demonstrate behaviors which are aligned with the organization’s desired culture and values

• Bachelor’s degree or equivalent work experience
• 10 years of experience in mortgage underwriting, with a minimum of 5 years in a leadership role focused on Non-QM products
• Comprehensive knowledge of Non-QM underwriting guidelines, including investor requirements and regulatory standards
• Current and extensive knowledge of FNMA/FHLMC, FHA, and VA program guidelines
• Experience analyzing financial statements for high net worth borrowers
• A thorough understanding of cash flow practices for analyzing complex tax returns including, but not limited to, partnerships, corporations, S-corporations, as well as, treatment of capital gains and trust income 
• DE/SAR designation preferred

As one of the top mortgage lenders in the country, Pennymac has helped over 4 million lifetime homeowners achieve and sustain their aspirations of home. Our vision is to be the most trusted partner for home. Together, 4,000 Pennymac team members across the country are guided by our core values: to be Accountable, Reliable and Ethical in all that we do. Pennymac is committed to conducting a business that makes positive contributions and promotes long-term sustainable growth and to fostering an equitable and inclusive environment, where all employees and customers feel valued, respected and supported. 

Benefits That Bring It Home: Whether you're looking for flexible benefits for today, setting up short-term goals for tomorrow, or planning for long-term success and retirement, Pennymac's benefits have you covered. Some key benefits include: 

• Comprehensive Medical, Dental, and Vision
• Paid Time Off Programs including vacation, holidays, illness, and parental leave 
• Wellness Programs, Employee Recognition Programs, and onsite gyms and cafe style dining (select locations)
• Retirement benefits, life insurance, 401k match, and tuition reimbursement 
• Philanthropy Programs including matching gifts, volunteer grants, charitable grants and corporate sponsorships

To learn more about our benefits visit: https://pennymacnews.page.link/benefits

For residents with state required benefit information, additional information can be found at: https://www.pennymac.com/additional-benefits-information

Compensation: Individual salary may vary based on multiple factors including specific role, geographic location / market data, and skills and experience as defined below:

• Lower in range - Building skills and experience in the role
• Mid-range - Experience and skills align with proficiency in the role 
• Higher in range - Experience and skills add value above typical requirements of the role 

Some roles may be eligible for performance-based compensation and/or stock-based incentives awarded to employees based on company and individual performance. 

Salary : $90,000 - $150,000