Job Description

POSITION DESCRIPTION

Title: Consumer Loan Underwriter

Reports to: Loan Underwriting Manager

Supervises: None

FLSA 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:

a) 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.

b) 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;

c) Explains rationale behind credit decisions.

d) 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.

e) Stays abreast of any changes in underwriting provisions.

f) 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:

a) Assists staff in other departments.

b) Assists in training and cross-training Lending and Member Services staff.

c) Completes reports and records promptly and accurately.

• Develops a working knowledge of Credit Union’s systems.

• Performs other duties as required by Credit Union management.

• Develops an understanding of Credit Union history, philosophy, organization, policies and operational procedures.

• On a self-directed basis, continues to improve individual level of competency through training and certification on established educational programs.

• Must be able to relate to other people beyond giving and receiving instructions: (a) can get along with coworkers or peers without exhibiting behavioral extremes; (b) perform work activities requiring negotiating, instructing, supervising, persuading or speaking with others; and (c) respond appropriately to criticism from a supervisor.

Required Qualifications:

• College graduate or equivalent work experience with required loan training and certification

• Minimum two years related consumer and/or mortgage lending 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

• Professional demeanor

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of the job. Reasonable accommodations may be made to enable individuals with abilities to perform the essential functions.

While performing the duties of the job, the employee is regularly required to sit; use hands to finger, handle, or feel and talk or hear. The employee is frequently required to reach with hands and arms. The employee is occasionally required to stand and walk. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision and ability to adjust focus.