Consumer Loan Underwriter

Consumer Loan Underwriter

SUMMARY/OBJECTIVE: Responsible for approving and denying Consumer loans to achieve profitable member and asset growth. Identifies and calculates risk, works with staff to gather proper paperwork needed to assess loans. Maintains a professional approach to assessing the credit needs while following the established Lending Policies, Procedures and guidelines of the Credit Union and Federal/State rules and regulations. Promote and cross sell credit union products and services for all consumer loans that are underwritten.

This position also maintains thorough knowledge of lending products and services and understands the department’s internal processes that support these products and services.

FLSA Classification: Non-Exempt

Supervisory Responsibilities: None

Essential Functions: Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Review consumer loan applications and provide information on consumer loan products that best meet the member’s needs.
• Communicate in a courteous, professional and informative manner with internal staff on a day to day basis. Periodically may also have to communicate with loan applicants.
• Return calls and voicemails within a 24-hour business period.
• Assist in taking/processing loan applications over the phone and internet.
• Develop and maintain a strong/expert level knowledge of In-House lending system.
• Remain up to date and knowledgeable of all Federal/State lending rules and regulations.
• Evaluate credit reports, verify debts, estimate monthly payments and establish member’s creditworthiness, stability and ability to repay loan in an effort to make a strong lending decision. The evaluation process will also consist of calculating different lending ratios.
• Determine collateral needs and payment plans for members applying for routine loans.
• Serve as a member of the Loan Review Committee to decision complex/higher risk loans.
• Notify Branch Manager and FSRs of loan decision. Correspond with Branch Manager and FSRs to resolve questions regarding initial and follow up loan application information. Explain reasons for approval, counter offer and denial. Explore and convey options for members when loans are denied.
• Review regulations as they apply to installment loan security agreements.
• Underwriting requires judgment to apply broader aspects of established practices to situations, which go beyond clear, concise guidelines.
• Underwriters must understand and are accountable for executing all job functions in a way that is consistent with all requirements for Federal/State regulatory guidelines, BSA, OFAC and the USA Patriot Act/Customer Identification Act (CIP).
  
  Note:
  
  Failure to comply with requirements may be subject to strong disciplinary action, up to and including termination by the credit union, as well as civil and criminal penalties.
• Other duties as assigned.

• Ability to solve problems within established policies and procedures
• Ability to accept and perform new job responsibilities as needed
• Excellent communication skills (oral, written and listening), professional appearance and positive attitude
• Basic math skills required (ability to add, subtract, multiply, and divide using whole numbers, common fractions, and decimals)
• Have a thorough knowledge of Consumer Lending Compliance and Lending Regulations
• Good working knowledge of credit models and credit scoring
• High school diploma or equivalent and at least two years of related work experience, preferably in a financial institution
• Saturday rotation required;
  May also require occasional travel for training as needed

High school diploma or equivalent and at least two years of related work experience, preferably in a financial institution

• Math Ability – Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts of basic algebra and geometry.
• Reasoning Ability – Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a…