Consumer Loan Underwriter

Job Type

Full-time

Description

SUMMARY

The Consumer Loan Underwriter is responsible for providing information on credit union products and services to current and potential members according to all credit union policies and procedures and Federal and State rules and regulations.

Prepare, assess, process, and document all required forms and related documentation for consumer loan products. Approve or deny a variety of consumer loan applications, with considerable loan authority.

Promote credit union products and services.

ESSENTIAL DUTIES AND RESPONSIBILITIES

Interview loan applicants and provide information on loan products and alternative products that best meet the member's needs.

Request and review all required information and documentation to secure a loan.

• Assist member in completing loan applications over the phone and / or electronically.
• Obtain and evaluate credit reports.
• Calculate debt-to-income ratios on loan applicants and calculate how much of a loan applicant's debt is secured or unsecured.
• Recommend and outline terms of loan. Inform prospective borrowers of loan commitments.
• Identify collateral needs and payment plans for members applying for loans.
• Identify eligibility of loan co-maker from co-maker's statement and credit rating.
• Notify applicant of loan conclusion. Correspond with members, applicants, and creditors to resolve questions regarding application information.
• Develop and maintain interest-rate structure that is consistent with credit union policies and is competitive with current market.
• Review developing laws and regulations as they apply to installment-loan security agreements.
• May manage delinquent account files for the credit union.
• Handle loans of highest complexity, value, and risk.
• May be required to train / assist more junior consumer loan officers with questions, challenges, etc.
• Review loan applications and supporting documentation submitted by borrowers to ensure completeness and accuracy.
• Ensure compliance with internal policies, underwriting guidelines, and regulatory requirements throughout the pre-funding process.

This includes adherence to laws such as the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), and Equal Credit Opportunity Act (ECOA).

• Identify any outstanding conditions or documentation required for loan approval and communicate these requirements to loan officers, processors, or borrowers.
• Conduct quality assurance checks to ensure the accuracy and consistency of pre-funding activities, documentation, and decision-making processes.
• Stay informed about changes in lending regulations, underwriting guidelines, and industry best practices.
• Identify and mitigate risks associated with pre-funding activities, such as fraud, misrepresentation, or non-compliance with lending requirements.
• Review real estate portfolio for ARM's and adjust interest rates as needed prior to interest rate adjustment period.
• Pre and post quality control review on all loans
• CPI audit and review of missing titles
• Conduct post-closing audits to ensure compliance with regulatory requirements, internal policies, and loan underwriting guidelines.
• Set up new loan accounts in the organization's loan servicing system or software.
• Other duties and responsibilities as assigned by the CU.

Requirements

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and / or ability required.

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

• Minimum of high school diploma or general education degree (GED). Bachelor's degree in business preferred.
• Minimum of 5 years' management experience in a Credit Union with knowledge of consumer lending requirements.
• Prior experience with Meridienlink lending digital lending software and digital lending platform.
• Thorough knowledge of assessment and management of loan portfolios, including risk analysis, balancing portfolios and adapting in a changing economic environment.
• Underwriting : Home equity and Consumer / Vehicle
• Real Estate title search experience / title research
• Real Estate loan origination
• Processing ARM Loan interest rate changes
• Skills Required : Cross Sell, Research, Risk assessment
• Knowledge of ARN index / margin calculations and ARM terms
• Credit Analysis
• Financial acumen
• Regulatory knowledge
• Strong working knowledge of fair lending regulations guidelines.
• Solid knowledge of risk management, portfolio segmentation and analytics, and Allowance for Loan Loss methodologies.
• Experience handling problem loans and loan workouts.
• Experience with the foreclosure process and related litigation.
• Thorough knowledge of problem resolution techniques, establishing new account, developing relationships, loan consultation, service delivery, following policies and government regulations related to financial institutions
• Understanding of collections procedures and related legal actions.
• Broad business knowledge and collaborative management skills
• Excellent organizational, analytical, management, planning and decision-making skills.
• Detail oriented and ability to prioritize and multitask.
• Excellent verbal and written communication / negotiations skills, including active listening, providing clear direction.
• Extensive knowledge of CU policies and applicable state and federal government regulations.
• Requires the ability to communicate courteously and professionally, both in writing and verbally.
• Computer proficiency required Microsoft Office (Word and Excel). Various CU systems experience required.
30+ days ago