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Renovation Lending Underwriter

RenoFi


2 months ago

Job type: Full-time

Remote (Anywhere)

Hiring from: Anywhere

Category: Finance / Legal


About RenoFi
The demand for home renovations has never been stronger, yet, it's surprisingly difficult for a new homeowner to renovate. It can take a decade to build up enough home equity and savings to pay for a major renovation. As a result, recent homeowners do a lot of financially-suboptimal things to compensate like borrow from their 401k, rack up credit card debt, and use high-interest personal loans. Or they just live unhappily for years in a home that doesn't meet their family's needs.
 
But by completing a major renovation, homeowners are increasing the value of their home. Professional real estate investors leverage this After Renovation Value (ARV) to roll the increase in value into new properties all the time. But there hasn't been a great way for homeowners to take advantage of this. If homeowners had an ability to borrow against the ARV, they could increase their borrowing power up to 10x.
 
To meet this need, RenoFi created a platform that enables homeowners to borrow funds from RenoFi approved lenders in the form of the first home equity loan purpose-built for renovations! Unlike standard home equity loans, RenoFi Loans use the value of your home post-renovation which lets you borrow the most money at the best possible terms.  RenoFi is creating a full suite of renovation loan products to better suit the needs of today’s homeowners!
 
For homeowners, RenoFi makes it possible to renovate years earlier than might be otherwise feasible. For contractors, we empower the financing of renovations at the point of sale, reducing instances of scope reduction, and ensuring prompt payment. Our lender partners, most often credit unions, rely on RenoFi's platform to generate loans, create efficiencies, and grow membership. The lenders pay RenoFi for the new loans, which allows us to offer our services to homeowners for free. RenoFi is truly a win-win-win for everyone involved.
 
RenoFi is backed by some of the best startup investors in the world, including First Round Capital, Canaan Partners, and Comcast Ventures. 
 
The Role
The Renovation Underwriter will help RenoFi reinvent renovation underwriting. The ideal candidate is an experienced mortgage lending professional looking for an opportunity to break away from the archaic processes of the traditional mortgage world and join the leading fintech changing the game for the $300bn/yr home renovations market. 
 
As a renovation underwriter you’ll be responsible for reviewing eligibility documents along with a host of renovation documentation.  You’ll collaborate with senior management to enhance our proprietary renovation underwrite process. The individual should be organized, creative and customer obsessed as well as passionate about being a part of a leading innovative fintech start-up.
 
RenoFi is a fully distributed team, meaning you can work from anywhere.  We are seeking the best talent regardless of location.  RenoFi is not a lender but we work with them hand-in-hand to ensure they get the best qualified consumers with the most accurate and complete data to do their job.



Key Responsibilities
  • Help evolve RenoFi’s proprietary Renovation Underwriter Platform 
  • Process and underwrite large volumes of fast moving renovation style mortgages (1st and 2nd lien) to internal renovation guidelines with a focus on renovation risk management.
  • Manage our AMC/appraiser network to lead our “After Renovation Value” collateral review process, executing on an existing round robin vendor rotation. 
  • Key homeowner support contact throughout the RenoFi work-flow and post-closing through the completion of the renovation.
  • Collaborate with the Head of Operations and Senior Executives to perfect the underwriting and customer experience process and guidelines.
  • Be a forward thinker with an open mind to break away from legacy mortgage practices.
  • Be a champion for RenoFi throughout the mortgage ecosystem.



Desired Experience
  • 5+ years residential mortgage business experience
  • Product knowledge from traditional first mortgages (purchase & refinance), construction only, construction to perm, land loans, and all 2nd mortgage products.
  • 2+ years of underwriting experience
  • Comprehensive understanding of FNMA guidelines
  • Renovation loan experience including reviewing renovation documents, contracts, budget estimates, renovation plans, and renderings a plus
  • Appraisal experience, from ordering and reviewing 3rd party AMC reports, AVMs and valuation methodologies
  • Strong organizational and communication skills
  • Experience working remotely and in a paperless environment
 
 
We are committed to hiring and cultivating a diverse team. If you are uncertain about whether you meet our requirements, please apply anyway!
 
Read more about RenoFi
 
 
Blog post by our lead investor announcing his investment in RenoFi: https://www.canaan.com/latest/brendan-dickinson-announcing-our-investment-in-renofi
 

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