Consumer Loan Underwriter Sample Job Description Template

[Compensation]

Fulltime/Part Time

Are you ready to take your 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 consumer 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]

Company Description

[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 Consumer Loan Officer

As a consumer loan underwriter, you play a very important role in the lives of our members as you are responsible for providing financing for vehicles, home improvements, and other needs by approving loans in a fair and timely manner.

You arrive each day ready to work on files that you prioritize according to various deadlines. 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 evaluate collateral. In cases of denial, you suggest alternative loan options or steps that can be taken for future approval. You ensure that fair lending practices are applied at all times.

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 dealers, appraisers, title professionals, and fellow credit union staff. You check your emails regularly throughout the day for high-priority communications. Sometimes you even make visits to dealers.

You develop and maintain dealer lending account relationships and communicate with them to gather the required information for credit applications and explain loan options, rates, terms, and collateral requirements. Sometimes, you help mediate branch/dealer/member disputes.

You are flexible, as interruptions are a regular part of your day. You are often confronted with paperwork that needs to be rushed, modification requests, and all kinds of issues and questions. You keep informed of current trends in the industry and changes in regulations and policies and complete annual compliance training. You feel great about helping our members achieve their dreams!

Qualifications

Bachelor’s in business, finance, accounting, economics, or related field or 5+ years of experience in commercial lending
High school diploma or equivalent
Minimum of 1 year of experience in lending
Proficiency with Word and Excel
Proficiency in math, particularly ratios, percentages, and interest rates