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SalaryCome help us change residential real estate investing for the better!
Backflip is a venture-backed FinTech company that empowers anyone to improve their life and their neighborhood through real estate investing. To do that, we need people who are inspired to reimagine and rebuild an outdated and unbalanced system; to support and celebrate America’s local entrepreneurs.
Backflip is seeking an Underwriter for our business-purpose Loan Underwriting Team. Backflip originates real estate investment loans (not consumer loans). As an early hire, this individual will play a critical role in ensuring Backflip has a best-in-class underwriting operation that is compliant, borrower-friendly, detail oriented, operationally efficient and designed to scale. They will also play a key role in ensuring Backflip’s Culture continues to be enlivened in the operation.
We’re looking for someone who possesses strong organizational skills with a passion for analytical details, and thrives in a fast-paced, entrepreneurial environment. Success in this role requires learning quickly while balancing structure and autonomy. This position is remote (U.S.) and reports to the Head Underwriter. This is a rare opportunity to get in on the ground floor (~50 person team) working directly with executives in a fast-paced and well-capitalized startup (Series A).
This candidate will champion Backflip’s culture & Core Values:
- Raise the standard of what is possible
- Embrace being the novice to become the master
- Work only with those who want the best for us
- Communicate quickly, naturally and with radical candor
- Learn from the giants who came before us
- Test new things to invent and challenge the status quo
Responsibilities
- Underwrite short-term investment loans and understand various real estate investment strategies.
- Review and approve title documents (Title Commitment, Tax Certificate, HOA Documents, etc) to ensure they comply with Backflip’s Credit Policy. This includes, but is not limited to, advising which endorsements are needed and which exceptions will need to be removed.
- Review and approve entity documents (Operating Agreements, Articles of Incorporation, EIN, etc.) to ensure they comply with Backflip’s Credit Policy. This includes, but is not limited to, establishing signing authority and validating the entity is in good standing
- Review and approve assets, credit and background checks according to Backflip credit policy and standards.
- Review and approval appraisals (both full 1004 and evaluations) along with rehab budgets to determine acceptability of the property and project according to Backflip credit policy and standards.
- Review and approve insurance documents (dwelling coverage, flood coverage, builder’s risk, etc.) to ensure they comply with Backflip’s Credit Policy
- Review and approve executed closing documents to ensure they are completed in full and comply with Backflip’s Credit Policy
- Complete loan file Final Review and QC Reviews to ensure the loan is completed according to Backflip’s Credit Policy
- Assist in reviewing and approving loan documents
- Adhere to established SLA review times for reviews
- Understand that Backflip is an evolving company and at times there will be changes to the standard operating procedures that are currently in place
Qualifications
- 3+ years of mortgage underwriting experience; which includes time underwriting short-term bridge loans or construction loans where the borrower is an LLC or Corporate entity
- Prior experience analyzing rehab projects or construction loans
- Expert knowledge of Title Commitments and ability to review Requirements, Exceptions and Endorsements
- Expert knowledge of LLC structure and organization
- Prior experience in underwriting assets, credit and insurance documents
- Prior experience in reviewing closing documents or other closing experience is a plus
- Prior experience with a fintech company or startup is a plus
- Ability to multi-task with exceptional time management, prioritization and attention to detail
- Exemplary computer skills - demonstrated ability and desire to learn new technologies (we use Slack + Notion + Google Workspace + Front + HubSpot + more)
- Comfortable in a small, relatively unstructured office environment (we are remote currently)
- Excellent verbal and written communication skills with appropriate urgency to various audiences
- General understanding of basic investment concepts (or demonstrated desire to learn); comfortable performing basic math calculations
- Self-motivated, coachable, and highly collaborative; takes ownership of tasks and pride in work product; details matter
- High integrity, dependable, accountable, humble, and respectful
This role also includes an additional $50/per file incentive bonus.
- Compensation is based on a variety of factors including prior experience, geographic location, stock option grant and other factors, and may fall outside of the stated range for certain candidates. In addition to a competitive market salary, Backflip employees receive equity stock options, paid health care, a 401K + company match, among other benefits.
All Backflip positions are Remote. Like the people we serve, we believe being free to create wherever you’re most inspired is one of life’s greatest joys. It’s better for individuals, for community, and for fostering great work to emerge. With our work-from-anywhere approach, Backflip brings together a diverse team of individuals, with passions for innovation, art, coding, AI, data, finance, film, real estate, the environment, learning and teaching. Together, we're moving fast.
Backflip is an equal opportunity employer. We know that building a world-class organization is not possible without an intentional focus on recruiting, empowering, promoting and rewarding the best and brightest people of all backgrounds. Backflip focuses on hiring individuals that align with its Core Values (listed above), and consistently display a high ethical standard, both personally and professionally.
\uD83D\uDC47 Disclosures:
This role is not eligible for visa sponsorship
