Collateral Review-Condo/Co-op Specialist

Emporium is a new wholesale origination platform that is dedicated to servicing professional mortgage brokers and non-delegated correspondent lenders. Our aspirations at Emporium are simple: build a team of talented individuals with shared values who think and behave like owners, create a culture that is focused on exceptional customer service and deliver quality products and returns to stakeholders. Come join us!

Role Summary: The Collateral Review Underwriter – Condo/Co-op Specialist plays a key role within the Collateral team, focusing on the analysis and approval of condominium and co-op projects to ensure compliance with Agency, investor, and internal guidelines. They will conduct comprehensive reviews of project documentation, identify risk factors, and collaborate with underwriters, account managers, and external stakeholders.

Essential Job Functions

• Analyze and determine the eligibility of condominium and co-op projects based on investor and agency guidelines (Fannie Mae, Freddie Mac, FHA, VA, Jumbo).
• Conduct thorough reviews of key project documentation, including:
   - Condo/co-op questionnaires
   - Audited financials or corporate tax returns
   - Budgets, reserve studies, insurance policies
   - Recorded legal documents (e.g., CC&Rs, bylaws, ground leases, litigation disclosures)
• Utilize internal systems to assess eligibility and manage project data.
• Evaluate and approve condo and co-op projects working with our investors.
• Identify potential red flags or risk indicators such as litigation, resale restrictions, or deferred maintenance concerns.
• Communicate clearly with internal stakeholders regarding project eligibility, outstanding items, and potential risks.
• Prepare detailed summaries of project reviews and maintain accurate records within internal databases and the LOS.
• Enter relevant data into condo/co-op databases and ensure compliance with all internal documentation standards.
• Collaborate with HOAs, management companies, title companies, and AMCs to resolve documentation discrepancies or obtain additional project information.
• Stay current with investor, agency, and regulatory changes to condo/co-op guidelines (Fannie Mae, Freddie Mac, FHA, VA, AIR, USPAP).
• Provide guidance and clarification to underwriters and operations teams on condo/co-op project requirements and approval standards.
• Assist in maintaining policies and procedures for all aspects of collateral.
• Assist in training team members on condo/co-op review policies and procedures.
• Support underwriters by identifying and articulating project-related collateral risks.
• Conduct comprehensive collateral reviews with consideration for property type, condition, and market trends.
• Provide recommendations and feedback on reconsiderations of value and appraisal-related conditions tied to condo/co-op projects.

Qualifications and Experience

• 5+ years of experience in real estate appraisal, underwriting, or condo/co-op project analysis.
• Deep working knowledge of Fannie Mae, Freddie Mac, FHA, VA, and Jumbo investor condo/co-op guidelines.
• Experience with Condo Project Manager (CPM), Condo Project Advisor, and AUS systems.
• Proficient in analyzing legal documents, financial statements, insurance policies, reserve studies, and HOA documentation.
• USPAP certification required; Appraiser license preferred.
  Strong analytical and risk assessment skills with a sharp attention to detail.
• Excellent written and verbal communication skills.
• Highly organized with the ability to meet deadlines and manage multiple priorities in a fast-paced environment.
• Proficiency with LOS platforms such as Encompass ICE, and Microsoft Office Suite.
• Familiarity with California SB 326, Florida SB 154 and NYC Local Law 11 and other jurisdiction-specific requirements is a plus.
• Flexibility to adapt to changing priorities.

Emporium is an equal opportunity employer. At Emporium we are committed to treating all Applicants and Associates fairly based on their abilities, achievements, and experience without regard to race, national origin, sex, age, disability, veteran status, sexual orientation, gender identity, or any other classification protected by law.