Rick Thomas
PROSPER,TX
Summary
Credit analysis and risk management expert with a proven track record at Constructive Capital, driving the underwriting process and improving loan portfolio quality. Proficient in Encompass and data interpretation, I excel at problem-solving to ensure compliance and optimize financial strategies, resulting in significant efficiency gains in loan processing.
Overview
24
24
years of professional experience
1
1
Certification
Work History
Remote DSCR Underwriter - Underwriting Group
Constructive Capital
Dallas, Texas
06.2023 - Current
- Exercise discretion, independent judgment and problem-solving abilities to complete work assignments
- Underwrite commercial debt financing transactions backed by single family rentals (SFR)
- Analyze rent rolls, operating history, valuations and cash flows on portfolios of rental properties
- Serve as main point of contact for Loan Officer/Loan Manager to ensure a smooth experience through closing by setting proper expectations
- Review and verify documents in loan files, such as credit reports, loan applications, title policies, appraisals, and financial statements are current and accurate
- Work closely with Loan Officer/Loan Manager to review and discuss needed conditions for approval
- Review collateral for asset quality and market conditions
- Prioritize, track, and manage the loan underwriting process in order to meet deadlines and ensure timely submission to the underwriting team
- Assist with training and implementation of new policies and procedures
- Structure loan scenarios based on internal guidelines to meet client needs and expectations
- Evaluate sponsor credit, background, financials and operating capabilities, as well as property management operating capabilities
- Prepare and review credit model and memo summarizing deal
- Ability to work well under pressure and handle multiple transactions in a fast-paced deal environment
- Additional duties as requested by management
Remote Underwriter (Contract Position)/ Hard Money - Private Equity Lending
Carstensz Capital Partners, LLC
Frisco, Texas
06.2022 - 10.2022
- Underwrite investment real estate loans for fix and flip loan programs, buy and hold purchases, construction and development loans and land acquisition loans ensuring compliance with appropriate investor guidelines
- Assure that all mortgages are of investment quality and acceptable for sale to the company's secondary market conduits
- Review and analyze submitted financial documents for the repayment ability and creditworthiness for approval
- Identify and describe compensating factors when communicating loan exception requests when warranted
- Examine loan documentation in file for accuracy and completeness
- Work with loan originator(s), processors and production staff to secure all required documents
- Review the submitted budgets, scope of work, title, builders risk insurance policies and ratified contracts for all projects to ensure we meet the 10 day closing for the builder
- Working under limited supervision with significant independent judgement, position responsible for underwriting loan applications to closing, establishing loan files in encompass and ordering all documentation required to process loan
- Review and process all requested weekly draws for projects under construction with in pipeline
- Manage an assigned pipeline of loans and ensure contingency and closing dates are met
- Update general comments in loan notes with all daily activity on the loan
Remote DE Underwriter IV / Retail Lending Division
New American Funding
Prosper, Texas
04.2018 - 05.2022
- Underwrote residential mortgage loans ensuring compliance with appropriate investor and secondary market investor guidelines
- Examine loan documentation in file for accuracy and completeness
- Work with loan originator(s), processors and production staff to secure all required documents
- Regularly review industry publications to keep abreast of new developments an industry trends and guideline changes
- Analysis of credit, income/employment, assets and property documents
- Consistently met corporate goals and requirements
- Work closely with a team of associates on the communication and compliance of underwriting policy procedures coupled with current guidelines
- Work in a high production environment with fluctuating volume and deadlines
- Manage my personal loan Queue of resubmissions to ensure they are reviewed daily
- Exposed to Conventional, Fannie Mae, Freddie Mac and FHA (government backed) assets with a lending/signing authority of 2MM
Remote DE Underwriter IV / Retail Lending Group
Gateway Mortgage
Irving, Texas
07.2017 - 03.2018
- Perform timely reviews of mortgage loan conditions submitted as well as mortgage loan resubmissions
- Analyze and evaluate all aspects of borrower's credit, related risks and offsets, employment/income and asset profiles to arrive at a loan decision of approval, suspense, counter offer or denial
- Underwrite mortgage loans and process customer information in compliance with appropriate lending regulations
- Interact with staff regarding credit decisions on mortgage loans; effectively re-work resubmitted applications; queue workloads; make decisions on turn-around levels
- Render an underwriting decision and subsequent clearing conditions to ensure Gateway's credit policy and procedures are met
- Underwrite FHA specialty programs in accordance with requirements dictated by the Federal Housing Authority (FHA) Guidelines and appropriate state housing agencies coupled with company overlays
Remote DE Underwriter IV / Direct Lending Group
Nationstar Mortgage
Irving, Texas
05.2012 - 07.2017
- Perform income, credit and property analysis on conventional loan files submitted within the time frame established by departmental management
- Perform timely reviews of conditions submitted a well as loan resubmission
- Analyze challenging loan packages to render sound credit solutions
- Maintain quality and production standards as defined by business
- Perform prudent analysis of all Loan documentation submitted to render decision Results consistent with corporate rules governing extension of credit, credit policies Government Lending Policies, and all applicable Federal/Regulatory guidelines (ECOA, Fair Lending, CRA, FCRA, HARP etc.)
- Provides exemplary customer service to both internal staff and external customer by explaining credit decision and offering alternative options when needed
- Provide prompt, courteous and excellent service at an acceptable cost to all customers and operate in accordance with the company's standards
- Adequately and effectively explain in written and verbal form the decision reached in a manner that will maintain a positive relationship with all customers
- Perform other job related duties and special projects as require
Dallas Construction Manager / Construction Lending Division
Stock Building Supply a Wolseley company
Dallas, Texas
06.2006 - 04.2012
- Managed the construction loan department in Dallas which included overseeing the loan originations to custom home builders, P&L responsibilities, draw and site inspection process coupled with ensuring loan portfolio quality
- Managed the home building process from receipt of building permits to closing of the sale and ensure building code, environmental, safety compliance and the quality specifications of the blueprints
- Provided interim funds to custom home builders for the construction of custom homes in Dallas and all surrounding areas, managed the home building process on a daily basis
- Preparation of monthly foreclosure reserve and new loan production reports for senior level management
- Managed overall niche interim construction financing business in the Dallas market
- Negotiating and structuring of proposed transactions, real estate and financial underwriting, economic market analysis, project cost analysis, interest collections, daily site inspections, and substitute trustee foreclosure sales
- Efficiently and effectively managed custom builders and trade partner vendors to build quality homes in a timely and profitable manner
- Evaluate, approve and recommend approval of new residential construction loan request
- Advise builders on financial status and methods of payments
- Duties to include credit underwriting, interest collections, loan servicing, home building process, draw management, reserve replacement, created loan modifications and loan amendments for builders
- Effectively managed the complete Foreclosure process and liquidated an REO portfolio of 40MM
- Sourced home builders, realtors and lawn crews to complete construction of foreclosed homes, maintain and dispose of foreclosed homes on Stock Building Supply's foreclosed reserve report
- Managed and maintained an existing performing New Construction portfolio of 55MM
- Maintained and updated databases containing all information relating to loans in the Dallas market
- Responsible for independently managing risk, recommending loan renewals and extensions prior to loan maturity date, overseeing all property inspections, loan draw disbursements and loan workouts
- Exposed to Sales and Marketing, Home Building, Credit Review, Loan Underwriting, Daily Project Inspection, Loan Disbursement Management, Collections, Dallas Portfolio P & L Management with Stock Building Supply
Senior Underwriter (Contract Underwriter) /Commercial & Residential Lending Division
MortgageRamp & The Bohan Group
Dallas, Texas
09.2003 - 06.2006
- Actively support the knowledge of colleagues by sharing information about the department, sellers guidelines, organization and the underwriting industry, data discrepancies, document issues, compliance issues
- Identify potential problems in within the underwriting administrative process and make recommendations for change to enhance the system
- Underwriting & Management of Commercial & Residential Real Estate portfolio loans: Conducting due diligence in formulating mortgage risk; examining historic trends; preparing committee write-ups; modeling and sizing loans; identifying and mitigating deal issues as applicable; managing third parties; coordinating due diligence, deal structuring and responding to securitization requests
- Conduct required underwriting procedures per sellers guidelines for loan submitted from lending institutions
- This includes reviewing loan files for completeness and accuracy, analyzing credit history, income, title reports and collateral appraisals
Commercial Real Estate Analyst / Commercial Lending Strategic Information Group
Guaranty Bank
Dallas, Texas
08.2000 - 09.2003
- Support both Commercial and Residential Real Estate lenders by doing project feasibility and market analysis reports to include real estate trends and data, economic, demographic and comparable property data
- Forecast return on assets, return on equity, yield spreads, net interest income, and production to recommend various financial projection to senior management
- Preparing research results via written reports and presenting summary of findings to GFB's loan committees both Senior & Regular Loan Committee
- Manage monthly/fiscal budget variance analysis for the consumer line of business with 1.2 billion in outstanding loan balances, and the residential real estate line of business with 1.8 billion in commitments
- Proven ability to perform market studies for office, retail, industrial, apartment, multi-family, residential, land and acquisitions due diligence
- Analyze demographics and market information for current bank relationships to produce an analytical commercial real estate market report macro and micro
- Develop and implement complex financial concepts, techniques for financial planning, analysis, and control for senior management
Education
Associate of Science - Finance
University of Kansas
Lawrence, KS06-1995
Skills
- Encompass
- Byte
- Lotus
- PowerPoint
- Office 95/97
- Windows 95/NT
- PageMaker
- Freehand
- Microsoft Office
- Excel
- Access
- Credit Quest
- TMO
- Quantum
- Blitzdocs
- Bryt
- Salesforce
- CREAM
- Strategy
- Strategy CS
- ARGUS
- DU
- LP
- LPM
- LSAM's
- Merlin
- Citrix
- Citiworks
- Formal Credit Training
- Analyzing data
- Creditworthiness assessment
- Underwriting calculations
- Credit analysis
- Mathematical Aptitude
- Manage risk
- Fraud Detection
- Policy analysis
- Cost-benefit analysis
Certification
- Direct Endorsement (DE)
- Series 6
- Series 7
- Series 63
Training
Formal Credit training programs with Bank of America, Citibank, Guaranty Bank & WAMU
Professionalorganizations
- Dallas Mortgage Bankers Association, 1999-2024
- National Mortgage Licensing System NLMS, 2006-2024
- Dallas United Way Community Development Group, 2005-2024
- Omega Psi Phi Fraternity Inc., 1993-2024
- United States Golf Association, 1995-2024
- Goodguys Rod & Custom Car Association, 2000-2024
References
References available upon request.
Timeline
Remote DSCR Underwriter - Underwriting Group
Constructive Capital
06.2023 - Current
Remote Underwriter (Contract Position)/ Hard Money - Private Equity Lending
Carstensz Capital Partners, LLC
06.2022 - 10.2022
Remote DE Underwriter IV / Retail Lending Division
New American Funding
04.2018 - 05.2022
Remote DE Underwriter IV / Retail Lending Group
Gateway Mortgage
07.2017 - 03.2018
Remote DE Underwriter IV / Direct Lending Group
Nationstar Mortgage
05.2012 - 07.2017
Dallas Construction Manager / Construction Lending Division
Stock Building Supply a Wolseley company
06.2006 - 04.2012
Senior Underwriter (Contract Underwriter) /Commercial & Residential Lending Division
MortgageRamp & The Bohan Group
09.2003 - 06.2006
Commercial Real Estate Analyst / Commercial Lending Strategic Information Group
Guaranty Bank
08.2000 - 09.2003
Associate of Science - Finance
University of Kansas