BUSINESS PURPOSE (FIX-FLIP / BRIDGE LOAN) UNDERWRITER / LOAN PURCHASE SPECIALIST
JOB DESCRIPTION:
Ellington, through its correspondent loan purchase platform, acquires business purpose residential, and multifamily loans throughout the US from a network of private lenders. The loans are short term bridge and Fix-Flip loans. Ellington is seeking a Loan Underwriter / Loan Purchase Specialist for our growing team. The ideal candidate will have 5+ years of experience in frontline underwriting and/or the oversight of residential loan level underwriting and mortgage due diligence. The candidate MUST HAVE a good understanding of various product guidelines including Fix and Flip lending, as well as Business Purpose Lending in general (Long and Short Term Rental Investors Loans). Previous experience working for a loan aggregator is a plus.
This position will be located at one of our two man offices, New York City or Old Greenwich, CT.
Responsibilities will include but not limited to:
- Underwrite loan submissions to Ellington guidelines including identification of exceptions and corresponding compensating factors. This includes loan data, credit, and legal document files.
- Manage process for clearing review conditions, application of guideline waivers, and approval of loans for purchase.
- Manage day to day point of contact with our lender partners to provide superior customer service.
- Interact with third party vendors to obtain property valuations, title work, etc. as needed.
- Manage other operational aspects of loan purchase program such as custodian functions, servicer oversight, loan performance, special projects, as needed.
- Oversee third party diligence as needed.
Desirable background:
- 5+ years underwriting multiple products including, Bridge, Fix-Flip, Conventional, SFR and other residential mortgage loans. Minimum 2 years Fix-flip experience preferred.
- Knowledge of appraisal valuations and reviews, and alternative valuation products
- Ability to manage multiple projects at a time and prioritize accordingly
- Ability to effectively communicate, both written and verbally, with Senior Management regarding the progress and results of volume and timelines
- Ability to work effectively under time constraints
- 4-year degree from accredited university preferred
Additional:
- Remote work environment is possible for the right candidate.
- Full time or 1099 options may be available.
About Ellington
Ellington Management Group, LLC was founded in December 1994 and includes a family of registered investment advisers, (together “Ellington”). Ellington currently has approximately $13+ billion of assets under management in private hedge funds, private debt funds, separately managed accounts, public REITs, and Ellington sponsored CLOs. Ellington’s core strategies include its credit strategies, its prepayment and related relative value strategies. Ellington is known for its highly analytical approach to portfolio construction and risk management, including extensive proprietary models that we believe provides us with a distinct competitive advantage over other market participants.
Ellington manages funds and private accounts for both U.S. and non-U.S. investors, including major pension funds, foundations, commercial and private banks, family offices, insurance companies, and funds of funds. Ellington employs over 170 people at its offices in Old Greenwich, Connecticut, New York, NY, and London, England.
More information regarding Ellington can be found at www.ellington.com.
Ellington Management Group is an Equal Opportunity Employer. Ellington's policy is to extend opportunities to qualified applicants and employees on an equal basis regardless of an individual's sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age or any other characteristic protected by applicable law.
