Indirect Underwriter 3

Sunward Federal Credit Union; Albuquerque (NM); On-site; USD 70,000 - 90,000; Full time

Job summary

Sunward Federal Credit Union is seeking a Consumer Underwriter to review loan documents and make underwriting decisions by assessing financial risk and borrower creditworthiness in alignment with banking regulations.

You will analyze income stability, assets, and debt-to-income ratios, determine credit risk, and document rationale for approvals or denials while collaborating with loan processors and the Credit Committee as needed.

Qualifications

• Minimum four years’ direct experience in consumer underwriting.
• Minimum high school diploma/GED or more than four year of related experience.

Responsibilities

• Review loan applications to determine creditworthiness and repayment likelihood.
• Evaluate borrower's financial profiles, including income, assets, and credit history.
• Ensure compliance with banking regulations and underwriting standards.
• Collaborate with loan processors and other stakeholders.

Skills

Interpersonal skills

Negotiation skills

Organizational skills

Microsoft Office

Analytics & decision-making

Multi-tasking

Education

High school diploma or GED

Job description

Description

Job Summary:

Reviews loan documents and appropriately decisions auto applications, by assessing financial risk, analyzing data, reviewing borrower’s creditworthiness, and ensuring compliance with banking regulations, while making critical loan underwriting decisions.

Essential Job Duties:

• Assesses and analyzes borrower's financial profiles, including credit history, income stability, debt-to-income ratios, loan-to-value ratio, assets, real estate appraisal, title reports, home insurance policies, and other relevant information.
• Reviews loan applications to determine the creditworthiness of applicants and the likelihood of loan repayment.
• Calculates key ratios and assesses credit history to determine borrower ability to repay.
• Ensures all indirect loan applications comply with credit union policies, underwriting standards, and regulatory requirements.
• Calculates and evaluates applicants' debt-servicing ability using various financial tools and credit scoring models.
• Obtains and verifies all necessary documentation, such as income verification, employment history, and financial statements.
• Makes loan approval or rejection decisions based on thorough risk assessment, underwriting criteria, and increased approval limits; refer to the General Loan Policy.
• Clearly documents and communicates the reasons for the approval or rejection of loan applications.
• Collaborates with loan processors, originators, and other stakeholders to gather additional information or clarification as needed.
• Recommends loan terms and conditions and suggests alternative loan structures to better fit the borrower's needs and risk profile.
• Answers underwriting inquiries and provides detailed and accurate responses in a timely manner.
• Serves as a member of the Credit Committee in decisioning loan applications involving high complexity and loan amounts, according to policy.
• Escalates loan files with recommendations that exceed individual lending authority and/or are of high complexity and associated risk to an Indirect Underwriter 4 or Supervisor.
• Builds strong relationships with dealerships to ensure the success of the indirect lending program, focusing on open communication, consistent underwriting, support and training, flexibility, and incentive programs.
• Acts as a subject matter expert for others in the department.
• Assists in training new staff members on products and procedures.
• Supports and responds to questions from Indirect Underwriter 1 and Indirect Underwriter 2.
• Participates in company lending seminars.
• Performs other duties as assigned.

Requirements

Required Skills/Abilities:

• Excellent interpersonal and negotiation skills.
• Excellent organizational skills and attention to detail.
• Strong proficiency with Microsoft Office applications. Familiar and comfortable with information technology, particularly digital means of communication.
• Strong organizational skills in managing multiple initiatives.
• Strong analytical and decision-making skills

Knowledge:

• Strong working knowledge of consumer credit and underwriting principles
• Strong working knowledge with federal and state regulations affecting consumer loans
• Strong working-level knowledge of overall consumer lending processes, including underwriting and loan processing.
• Strong working-level knowledge of valid documentation related to the processing of consumer applications (tax returns, financial statements, verification of income, etc.)

Education and Experience:

• Minimum four years’ direct experience in consumer underwriting.
• Minimum high school diploma/GED or more than four year of related experience.

Physical Requirements:

Prolonged periods of sitting at a desk and working on a computer.

Must be able to lift 5 pounds at times.