Job Description
Job Summary
PrimeRate Funds is seeking a detail-oriented Residential Mortgage Underwriter (or Underwriting Manager for more experienced candidates) to handle the full underwriting process for our residential mortgage portfolio. As a Mortgage Investment Corporation, we provide short-term, flexible private mortgages (primarily residential first and second positions) to borrowers in major BC metropolitan areas. This role focuses on compiling, reviewing, and analyzing all documentation to assess risk, ensure compliance, and make sound credit decisions—keeping our investor-funded portfolio secure and performing.
No advanced commercial or complex institutional underwriting required; emphasis is on thorough residential file management in a private lending environment.
Key Responsibilities
- File Compilation & Document Review — Gather, organize, and compile all required mortgage documents from brokers, borrowers, and third parties (e.g., income verification, credit reports, appraisals, title searches, property details, insurance, bank statements, employment letters).
- Underwriting & Risk Assessment — Perform complete residential mortgage underwriting: review borrower credit history, income/debt ratios, employment stability, property value (via appraisals), and overall risk profile to determine loan approval, conditions, loan-to-value , terms, and pricing in line with internal policies and BCFSA regulations.
- Credit Decision Making — Approve, decline, or condition files within delegated authority; escalate exceptions or higher-risk files to management; document clear rationale for all decisions.
- Compliance & Due Diligence — Ensure all files meet MIC guidelines, provincial regulations (e.g., BCFSA licensing), and prudent lending standards; verify accuracy of documentation and flag any discrepancies or red flags (e.g., fraud indicators, title issues).
- Liaison & Communication — Act as point of contact with mortgage brokers/originators for clarifications, additional docs, or conditions; provide updates on file status and work collaboratively to resolve issues for timely closings.
- Process Support — Maintain organized records in our systems; assist with reporting on portfolio metrics (e.g., approval rates, delinquency trends) as needed; contribute to process improvements for efficiency in a small-team environment.
- Underwriting Manager Add-On (if applicable) — For senior candidates: Oversee junior/underwriting support, set/review underwriting standards, and handle higher-authority decisions.
Qualifications & Requirements
- Experience — 2+ years in residential mortgage underwriting, processing, or related roles (private lending, MIC, mortgage brokerage, or alternative lender experience highly preferred; bank/A lending experience also welcome but not required).
- Skills — Strong attention to detail and analytical abilities; excellent organizational skills for managing multiple files; proficiency in Microsoft Office (Excel for ratios/analysis) and basic mortgage software/tools; good communication for broker interactions.
- Knowledge — Solid understanding of residential mortgage documentation, credit assessment (income verification, credit scores, debt service ratios), appraisal review, title/lien checks, and Canadian private lending basics. Familiarity with BCFSA guidelines and prudent residential underwriting principles is a plus.
- Personal Attributes — Proactive, reliable, thorough, with a focus on risk mitigation and accuracy; able to work independently on contract basis if preferred.
- Education — Post-secondary in business, finance, or related field preferred; relevant certifications (e.g., from Mortgage Professionals Canada) an asset.
- Other — Eligible to work in Canada; must pass background check (common in lending roles).
Flexible Arrangement Notes
- Contract/Per-File Basis — Ideal for experienced underwriters seeking flexibility (e.g., part-time or volume-based). Compensation could be per completed file/underwritten loan, with potential for steady volume from our residential pipeline. Remote-friendly with secure file sharing.
Job Types: Full-time, Fixed term contract
Benefits:
- Dental care
- Extended health care
- Flexible schedule
Work Location: Hybrid remote in North Vancouver, BC