Consumer Loan Underwriter

Wintrust Financial Corporation; Rosemont (IL); On-site; USD 59,000 - 77,000; Full time

Benefits offered by this job

Medical Insurance

Dental

Vision

401(k) with company match

Parental Leave

Employee Assistance Program (EAP)

Job summary

Wintrust Financial Corporation seeks a Consumer Loan Underwriter to process applications, underwrite loans, and recommend loan decisions in compliance with credit policies and regulatory requirements. The role balances risk, compliance, and customer experience in a fast-paced environment.

You will verify information, perform due diligence, and assess creditworthiness using reports and income data, determining approvals or denials with appropriate conditions.

Qualifications

• 3-5 years of consumer loan underwriting experience.
• Strong written and verbal communication and organizational skills.

Responsibilities

• Verify accuracy and completeness of application information and supporting documents.
• Complete due diligence (fraud, BSA/MLA screening, income verification, employment length, bank relationship).
• Issue Incomplete Letter to obtain additional information.
• Assess creditworthiness using credit reports and income documentation to calculate DTIs and LTV, determine overall risk.
• Determine loan decisions (approve, deny, counteroffer, approve with conditions) per policy and issue adverse action notices when required.
• Maintain detailed records of decisions and supporting analysis.
• Support affiliated charters to build relationships with customers.

Skills

Credit underwriting

Communication

Organizational skills

Education

Bachelor's degree

Job description

Wintrust provides community and commercial banking, specialty finance and wealth management services through its 16 bank charters and nine non-bank businesses. Wintrust delivers the sophisticated solutions of a large bank while staying true to the relationship-focused, personalized service of our community banking roots. We serve clients in all 50 states with more than 200 branch banking locations in Illinois, southwestern Florida, northwestern Indiana, west Michigan and southern Wisconsin and commercial banking offices in Chicago, Denver, Milwaukee, Grand Rapids, Mich., and in key branch banking locations throughout Illinois. Our people are the heart of our business and we are proud to rank consistently as a top place to work. Wintrust is a $66 billion financial institution based in Rosemont, Illinois, and listed on the NASDAQ Global Select Market under the symbol “WTFC.”

Why join us?

• An award-winning culture! We are rated a Top Workplace by the Chicago Tribune (past 12 years) and Employee Recommended award by the Globe & Mail (past 6 years)
• Competitive pay and discretionary or incentive bonus eligible
• Comprehensive benefit package including medical, dental, vision, life, a 401k plan with a generous company match and tuition reimbursement to name a few
• Family-friendly work hours
• Promote from within culture

Why join this team?

• Great opportunity to work in a small business lending segment
• Opportunity to create value by providing your innovative ideas
• You come to join focused, highly collaborative team at a great company

Position Summary

The Consumer Loan Underwriter is responsible for processing applications, underwriting loans, and recommending loan decisions based on established credit policies, procedures, and regulatory requirements. This role ensures sound lending decision while balancing risk, compliance, and customer experience. Underwriter is responsible to resolve any discrepancies or issues identified in file, in a timely and professional manner in order to be able to determine loan decision. This individual must possess excellent organization skills, problem solving skills, and must be able to work in a fast-paced environment.

What You’ll Do

• Verify accuracy and completeness of application information and supporting documents (all required signatures obtained, financial information received, collateral qualifies, purpose of the loan is permissible, insurance received, etc.)
• Complete all required due diligence that consists of but is not limited to: fraud, BSA and MLA screening, borrower’s eligibility to borrow, verify income, verify length of employment, bank relationship, etc.
• Issue Incomplete Letter, if required to obtain additional information form borrowers.
• Assess applicant’s creditworthiness using credit reports, application information, and income documentation to calculate debt to income ratio, calculate loan to value ratio, and determine overall risk of the applicant. Must be able to identify alternative financing options for borrowers that do not qualify for their original requests
• Determine loan decisions such as approval, denial, counteroffer, or approval with condition and ensure these are completed in a timely manner following regulatory requirements. Present loan decisions in accordance with established procedures and underwriting criteria applying delegated credit authorities per Wintrust policies. Issue corresponding adverse action notices when and if required.
• Maintain detailed and accurate records of decisions and supporting analysis.
• Ensure adherence to established policies and procedures, as well as maintenance with service level agreements. Work closely and provide support to all affiliated charters to help build strong relationships with customers.

Qualifications

• 3-5 years of relevant experience.
• Must possess knowledge and understanding of consumer lending, loan terms, credit underwriting, and consumer lending regulations. Strong written and verbal communication and organizational skills, with the ability to effectively multi-task.
• Bachelor’s degree preferred.

Benefits

Medical Insurance

• Dental
• Vision
• Life insurance
• Accidental death and dismemberment
• Short-term and long term Disability Insurance
• Parental Leave
• Employee Assistance Program (EAP)
• Traditional and Roth 401(k) with company match
• Flexible Spending Account (FSA)
• Employee Stock Purchase Plan at 5% discount
• Critical Illness Insurance
• Accident Insurance
• Transportation and Commuting Benefits
• Banking Benefits
• Pet Insurance

Compensation

The estimated salary range for this role is $59,000-$77,000, along with eligibility to earn an annual bonus. Actual salaries may vary based on several factors, such as a candidate’s qualifications, skills and experience.

From our first day in business, Wintrust has been proud to serve a variety of unique communities and people from all walks of life. To build a company that reflects the communities we serve, we believe that fostering a unique and inclusive workplace where everyone feels valued and empowered to succeed will support our ongoing success. Wintrust Financial Corporation, including community banking and financial services subsidiaries, is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, national origin, disability, veteran status, genetic information, and other legally protected categories.