The VP, Mortgage Risk (Non-QM) is responsible for leading mortgage credit policy, underwriting guidelines, and risk strategy across a diverse portfolio of lending products. This role will evaluate new and existing mortgage programs, with a strong focus on Non-QM, home equity, closed-end second, jumbo, and portfolio lending products. The VP will balance risk, product competitiveness, investor requirements, and portfolio performance while partnering with Capital Markets, Product, Underwriting, Servicing, and executive leadership.
Key Responsibilities:
- Own and maintain mortgage credit policy, underwriting guidelines, and eligibility requirements
- Develop and refine guidelines for Non-QM, home equity, closed-end second, jumbo, agency, and portfolio lending products
- Evaluate new mortgage products and recommend appropriate credit risk controls and eligibility standards
- Monitor portfolio performance, delinquency trends, fraud risk, collateral risk, and market conditions
- Recommend policy changes based on risk trends, investor requirements, and portfolio performance
- Partner with Capital Markets and Trading teams to ensure product saleability and investor alignment
- Review investor guideline updates and establish appropriate overlays and exception policies
- Provide risk analysis and recommendations on new product initiatives and portfolio strategies
- Lead, mentor, and develop a team of approximately 6-7 credit policy professionals
- Act as a player-coach by reviewing guidelines, writing policy, and helping remove operational bottlenecks when needed
- Collaborate with Product, Underwriting, Servicing, Compliance, Risk, and executive leadership teams
- Support risk committee discussions and provide recommendations regarding mortgage credit risk and product strategy
Requirements
- 15+ years of experience in mortgage lending, credit risk, credit policy, underwriting strategy, portfolio risk, or related mortgage functions
- Proven experience developing, implementing, and managing mortgage underwriting guidelines and credit policies
- Strong Non-QM mortgage product experience
- Experience with one or more of the following: Non-QM, Home Equity, HELOC, Closed-End Seconds, Prime Jumbo, Portfolio Lending, DSCR, Bank Statement, White-Label, or Alternative Income products
- Deep understanding of mortgage credit risk, including borrower, collateral, occupancy, income, fraud, and portfolio-related risks
- Experience evaluating portfolio performance and recommending policy changes based on market trends, delinquency performance, servicing data, and emerging risks
- Strong knowledge of investor guidelines, overlays, loan eligibility, and product saleability
- Experience partnering cross-functionally with Capital Markets, Trading, Product, Underwriting, Servicing, Compliance, Risk, and executive leadership teams
- Ability to assess and balance risk, profitability, investor requirements, and business objectives when evaluating new products and programs
- Prior leadership experience managing and developing credit policy, risk, underwriting, or product risk professionals
- Strong communication, analytical, problem-solving, and decision-making skills
- Hands-on approach with the willingness to personally review guidelines, write policy, and help drive key initiatives
- Experience overseeing credit risk for a national mortgage portfolio
- Background in bank portfolio lending, mortgage credit portfolio management, or product risk
- Experience with Non-QM, Home Equity, HELOC, DSCR, Jumbo, or other portfolio-based lending products
- Knowledge of fraud risk, occupancy risk, collateral risk, and geographic concentration risk
- Experience supporting new mortgage product development and launch initiatives
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