Title: Consumer Loan Underwriter
Reports to: Consumer Loan Underwriting Manager
Supervises: None
Status: Non-Exempt
Objective
The Consumer Loan Underwriter is responsible for representing the financial interests of both our Members and the Credit Union. Responsible and prudent lending, along with a genuine interest in the overall economic welfare of our members, needs to be reflected in each lending decision. The Consumer Loan Underwriter will be responsible for reviewing, analyzing, approving, and underwriting consumer requests and products within company and industry guidelines and is responsible for timely turnaround on applications from various origination channels as well as for performance of loans written.
Duties and Responsibilities
- Receives, reviews and processes requests for credit:
- Evaluates and verifies loan applications and credit criteria; ensures all loan documents are accurate, complete and compliant; reviews financial statements, credit reports, applicable ratios and other supporting documentation; computes needed ratios; verifies employment and income; determines value of collateral ordering and review of all third-party vendor services to include AVM, Appraisal, Flood, and Credit Supplements etc. review, conditioning and final decisioning of the loan product
- Uses an automated scoring system or traditional underwriting to determine acceptability of credit requests and approves loans within limits of authority; contacts Members to gather additional information if necessary to make appropriate decisions; calculates terms, finance charges and insurance premiums on loans for proper disclosure on promissory notes
- Explains rationale behind credit decisions
- Assists in servicing loans by processing such items as payoff, refinances, problem loan workout arrangements, address changes, payment extensions, collateral releases, and payment due date changes
- Stays abreast of any changes in underwriting provisions
- Ensures that lending operations are conducted in accordance with established Credit Union policies and are legally compliant
- Assumes responsibility for establishing and maintaining effective coordination and communication with staff and management:
- Assists staff in other departments
- Assists in training and cross-training Lending and Member Services staff
- Completes reports and records promptly and accurately
- Strives to meet all goals established for this position
- Performs all duties in a manner that is fully compliant with applicable industry regulations as well as KEMBA policy and procedures
- Develops an understanding of Credit Union history, philosophy, organization, policies, and operational procedures
- On a self-direct basis, continues to improve individual level of competency through training and certification on established educational programs
- Relates to others beyond giving and receiving instructions:
- Communicates with coworkers or peers without exhibiting behavioral extremes
- Performs work activities requiring negotiating, instructing, supervising, persuading, or speaking with others
- Responds appropriately to criticism from a supervisor
- Performs other duties as required by management
Required Qualifications
- College graduate or equivalent work experience with required loan training and certification
- 3 Years lending and financial services industry experience
- Knowledge of state and federal lending statutes and required loan documentation
- Knowledge of consumer and residential lending practices
- Thorough knowledge of loan origination procedures and terminology
- Credit bureau familiarity
- Strong analytical and financial skills
- Ability to work quickly, with extreme accuracy and attention to detail
- Solid research skills and the ability to understand complex underwriting directives
- Effective verbal and written communication skills
Physical Demands
The physical demands listed below represent those necessary to perform the essential functions of this role. Reasonable accommodation may be provided to enable individuals with disabilities to perform these functions.
The employee is regularly required to sit, use their hands, reach with arms, and communicate verbally and orally. Occasional standing, walking, and lifting of objects up to 25 pounds are required. Vision requirements include close, distance vision, and focus adjustment.
Equal employment opportunity, including veterans and individuals with disabilities.
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