Business Loan Underwriter Sample Job Description Template
Are you ready to take your business lending career to the next level? [Insert name of credit union here] is looking to hire an analytical and detail-oriented individual to work as a business loan underwriter for the [Insert location here] market. This position pays [$00.000-$00.000], depending on experience. You would also be eligible for [Insert benefits here].
[Insert company description here]
This section should briefly describe the history of your credit union, your values, and what it’s like to work there. Make sure to emphasise the work culture experienced by your employees.
Example: [Our Credit Union] is member-owned and everything we do is geared toward improving the lives of our members and community. We help people buy homes, grow businesses, send kids to college, and save for the future. In addition to feeling good about the work we do, our employees enjoy perks such [as schedules that allow for good work/life balance, robust insurance plan options, plenty of paid time off, 401k with employer match, and fitness club memberships].
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A Day in the Life of a Business Loan Underwriter
As a business loan underwriter, you play a very important role in the lives of our member businesses as you are responsible for approving and closing loans in a fair and timely manner. You arrive each day ready to work on files that you prioritize according to various deadlines. You ensure that fair lending practices are applied at all times.
You evaluate files to determine that they are complete and all credit union and governmental standards are met. You request any additional information or documentation that is needed and ensure that you receive them in a timely manner.
You use your knowledge and judgment to make approval decisions based on creditworthiness and risk. You produce pre-qualification, commitment, approval, conditional approval, and denial letters. In cases of denial, you suggest alternative loan options or steps that can be taken for future approval.
You address any rate locks that have expired or are about to expire with the processor or originator and re-underwrite the loan if there is a rate change. You verify the accuracy of the loan terms, the loan amount, and product type before closing. You play an important part in making sure that closing goes smoothly and without unnecessary delays.
However, it is not just you and paperwork all day long! You also spend a large portion of your day communicating by email and phone. You communicate daily with title & escrow professionals, appraisers, real estate brokers & salespeople, mortgage brokers, and fellow credit union staff. You check your emails regularly throughout the day for high-priority communications. You also make field visits and perform property inspections.
You are flexible, as interruptions are a regular part of your day. You are often confronted with files that need to be rushed, issues that arise in closing, and all kinds of questions. You keep informed of current trends in the industry and changes in regulations and policies. You complete required BSA & OFAC training annually. You feel great when you are able to be a part of a business’ success by approving a loan and seeing it through to a timely closing!.
- Bachelor’s in business, finance, accounting, economics, or related field or 5+ years of experience in commercial lending
- Minimum of 1 year of experience in commercial lending
- Proficiency with Word and Excel
- Proficiency in math, particularly ratios, percentages, and interest rates
- Understanding of complex commercial SBA transactions per the SBA SOP
- Ability to analyze commercial leases
- Understanding of environmental risks
- Ability to read and understand multi-family appraisals
- Ability to conduct a cash flow analysis
[Add schedule here]
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