Commercial underwriters are responsible for evaluating the creditworthiness of potential borrowers. They analyze an applicant’s financial history, assets, and other factors to determine whether they should receive a loan or some other type of financing. This position is also responsible for collecting and organizing the required loan documentation and preparing the loan file to make sure all underwriting conditions are satisfied. Communicate with the title companies, county clerks, attorneys, etc. to ensure all the documents are accurate and filed with the appropriate government agency. The commercial underwriter/processor will also manage and maintain a professional relationship with third-party vendors.
Essential Duties and Responsibilities
Following prescribed methods and operating policies and established practices, the commercial underwriter will:
Complete work accurately and in a timely manner.
Actively engage with people respectfully and professionally.
Enter paper application and tax return information into the Commercial Lending system (Abrigo).
Review loan applications to determine whether they meet company guidelines, including verifying income levels, credit scores, and debt-to-income ratios.
Review loan terms with the loan officer to resolve difficulties with loan applications or documentation.
Reviewing financial statements and other documentation to determine if the borrower has sufficient assets to repay the loan.
Work with third-party vendors to order appraisals, title searches, and flood searches.
Prepare loan write-up to submit for approval. Contact insurance companies on behalf of members to verify correct proof of insurance and lienholder before closing.
Prepare loan closing documents and verify them to be error-free before sending the closing package.
Accurately process and fund commercial loans on the core system
Record proper documents with the specified county, record lien with the title office, and/or file UCC. Examine final documents for accuracy and compliance with credit union policies and legal requirements.
Scan all required documents and save them to proper files to prepare for the loan audit
Create folders and file member documents.
Participate in requiredmeetings and training.
Performs other duties as assigned by the immediate supervisor.
Performance Standards
Must have in-depth knowledge of all credit unionservices, operational policies and procedures, and can communicate this knowledge effectively to staff and members. Attention to detail and time management is imperative. Supportive of the Credit Union leadership towards change, always displaying positive actions toward the staff and peers. Willing to work at any branch location.
Attention to detail is the ability to notice small changes in information. As an underwriter, you need to review all the information about a loan to ensure it’s a good investment for the bank. This includes reviewing all the information about the borrower, the collateral, and the repayment plan. Attention to detail can help you notice any inconsistencies or errors in the information you review.
Communication skills are essential in a role as a commercial loan underwriter. You may be required to communicate with clients, other underwriters, and other financial professionals. Effective communication can help you to explain complex financial concepts and ensure that all parties involved in a transaction are on the same page.
Commercial loan underwriters use mathematical skills to calculate financial data and determine the viability of a loan. They use mathematical skills to calculate interest rates, determine the length of a loan and analyze financial data. They also use mathematical skills to determine the risk of a loan and the potential profit for the lender.
Commercial loan underwriters use their problem-solving skills to find solutions to complex financial issues. They use their problem-solving skills to find ways to make a business’s financial information more understandable to lenders. They also use their problem-solving skills to find solutions to financial issues that may prevent a business from receiving a loan.
Commercial loan underwriters need to have a thorough understanding of the industry they work in. This includes knowing the types of loans that are available, the types of businesses that are eligible for loans, and the types of businesses that aren’t eligible for loans. This knowledge can help them make informed decisions about whether to approve or deny a loan application.
Pay: $23.00 - $28.00 per hour
Benefits:
- 401(k) 4% Match
- 401(k) matching
- Dental insurance
- Health insurance
- Health savings account
- Life insurance
- Paid time off
- Vision insurance
- Volunteer time off
Work Location: In person
