Underwriter III, CML

WHO ARE WE

Alerus is a commercial wealth bank and national retirement provider with one core purpose: helping clients achieve their financial goals. We are driven by a shared commitment to always do the right thing; leading with integrity and providing valued advice and guidance to our clients. We value the expertise and skillsets each team member provides and encourage collaboration, innovation, adaptability, and an entrepreneurial spirit at all levels of our company.

By consistently seeking improvements and growth, we foster long‑term relationships with clients and team members. We are proud to be recognized as a Top Workplace by numerous industry and regional outlets.

Passion for Excellence ::
Success is Never Final ::
Do the Right Thing ::
One Alerus

The Commercial Credit Underwriter III underwrites and monitors a portfolio of complex, large commercial and industrial (C&I) loans ranging in size from $1,000,000 to $25,000,000. Assigned portfolio may also include owner‑occupied and/or investor commercial real estate loans. Will partner with Business Advisors to propose and negotiate lending solutions on new opportunities and underwrite credit risk. Responsible for determining the creditworthiness of borrowers and/or sponsors and recommending credit decisions.

Monitors assigned portfolio credit relationships for covenant compliance, collateral monitoring and credit deterioration, as applicable. Keeps apprised of industry related issues to analyze and determine their impact on specific industries, clients, or Alerus C&I portfolios. Performs all duties in accordance with policies, procedures, and regulatory requirements.

• Supports the loan decision making process by providing quality, in‑depth credit analysis for complex C&I as well as OO and/or commercial RE loans.
• Develops comprehensive understanding of customer financial needs and project feasibility; recommends a plan of action while working collaboratively with Business Advisors and RCO regarding loan structure, monitoring and servicing loan relationship.
• Performs financial analysis including forecasting and sensitivity analysis to assist in determining borrower capacity to repay.
• Writes cogent credit narratives and perform advanced risk assessments of products, policy, structure, terms and financial strength with minimal to moderate guidance/feedback.
• Attends loan committee and support Business Advisors in addressing questions on submitted requests.
• Completes quarterly/annual loan reviews and renewals within required time frames and with minimal guidance.
• Ensures loan requests adhere and comply with applicable bank regulations, policies and procedures.

• Bachelor's degree or equivalent education, including upper‑level courses in finance and accounting.
• 5-8 years of experience in a previous commercial underwriter position.
• 4+ years of experience working with large, complex business banking and commercial and industrial loans.
• In‑depth knowledge of advanced loan documentation, banking laws, and regulations preferred, but not required.
• Self‑motivated and demonstrates strong written and oral communication skills.
• Problem‑solving capabilities.

• Competitive compensation including base salary, bonus and/or incentive opportunities.
• Comprehensive benefits package providing a wide range of health and well‑being benefits, including medical, dental, vision, life and long‑term disability insurance; and 401(k) and ESOP for retirement savings.
• Generous paid time off programs such as flexible time off, company‑paid holidays, parental and bereavement leave.
• Learning and development resources for personal and professional career development, and advancement opportunities.
• Access to financial experts for guidance, financial wellness tools, and discounts on Alerus products and services.
• Support for the communities we live in through paid volunteer time and a company donation match opportunity.

Work is typically performed in an office setting. The employee is regularly required to sit for extended periods of time. The employee is occasionally required to move about the office…