Job Overview
PenFed is hiring a (Hybrid) Senior Consumer Lending Underwriter at our San Patricio Office Center located in Guaynabo, Puerto Rico. The primary purpose of this job is to review and underwrite all consumer loan applications within delegated underwriting authority in accordance with Federal regulation and PenFed Board of Director policies, procedures, and standards. This position is also responsible for mentoring and leading the junior underwriting teams and maintaining a thorough knowledge of all Consumer Lending Processes and Policies.
Responsibilities
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
Credit Analysis
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Complete a thorough analysis of loan applications to extend credit for all Consumer Lending products within delegated lending authority. Products may include Direct Unsecured, Credit Card, Direct Auto, Refinance Auto Partners, and Indirect Auto applications.
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Understand how to read and analyze a credit report to make a sound lending decision based on the applicants' credit profile.
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Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance including bank secrecy and anti-money laundering laws appropriate to the position.
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Maintain a working knowledge of the analysis and judgmental decision process for various Consumer loan products within designated lending authority.
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Complete a thorough analysis of high-risk loan applications to determine member's creditworthiness for the desired product.
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Use resources and contacts to investigate potential fraud schemes and red flags.
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Remain up to date with current first party and third-party fraud trends as it pertains to Consumer Lending.
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Maintain a strong working knowledge of current and historical fraud trends and credit abuse tactics.
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Ability to review and approve loan applications from various loan origination systems.
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Ability to review and approve loans applications utilizing various policies, procedures, and desk guides.
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Ability to review complex lending situations and update lending decisions and deal structure for all application types within delegated lending authority.
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Ability to work with various external stakeholders (dealers, members, lead generation partners, etc.) to update offers of credit and discuss credit decisions.
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Possess a strong understanding of the life cycle of a Consumer Lending application through all lending channels (dealership, lead partner, and TTD organic), and the relevant risk factors of all channels.
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As a result of higher lending authority, execute higher risk and more complex underwriting decisions. Work as an escalation point to junior lenders for questions, concerns, and second reviews.
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Analyze and review documentation related to consumer loan applications with an emphasis on accuracy, legitimacy, and completeness of required documentation.
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Ability to review a funding package and understand the necessary documents required to fund an application.
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Review policies, procedures, and guidelines and makes recommendations for improvement.
Collaboration
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Build and enhance relationships with existing external stakeholders (dealerships, finance managers, leader generation partners, etc.).
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Provide lending decisions to internal and external stakeholders over the phone.
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Work with members, internal PenFed staff, and external partners to provide rationale and explanations for consumer lending decisions.
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Collaborate with other departments and/or institutions to corroborate or collect information related to consumer lending decisions.
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Work closely with Senior Management to provide feedback regarding the development and refinement of the Consumer Lending program, including policies, procedures, work methods, and product enhancements.
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Assist IT department with user acceptance and other systems testing.
Leadership
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Lead peer mentoring and coaching activities to develop junior underwriting team, provides feedback and context for complex underwriting decisions.
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Rigorously evaluate, justify, and execute requests for exceptions to policy within delegated authority; additionally, screens exception requests from junior underwriters to ensure proper justification and processing.
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Interpret policies and guidelines for loan processors and other PenFed employees requiring guidance. Follow up with processors & underwriters when documentation is inaccurate due to processing errors or execution failures. Provides feedback to managers on employee performance.
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Act as an escalation point for other underwriters regarding high-risk and suspicious loan applications, evaluating the request for potential red flags and providing follow-up and research to determine the legitimacy of the loan application.
Qualifications
Equivalent combination of education and experience is considered.
- Bachelor's Degree in a related field is preferred.
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Minimum of four (4) years of experience underwriting consumer loans required, with two (2) or more years of either high-risk and/or auto underwriting required.
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Minimum of six (6) years of experience in Direct or Indirect underwriting is preferred.
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Experience in auto sales, indirect lending, or consumer collections is strongly preferred.
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Experience mentoring/coaching, leading, and developing subordinates required.
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Ability to obtain Senior Lender authority with PenFed by successfully passing an advanced underwriting training course.
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Knowledge of PenFed structure, products, policies, and procedures preferred.
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Experience with AI preferred.
Supervisory Responsibility
This position will not supervise staff.
Licenses and Certifications
Must successfully complete Pentagon Federal Underwriting Training Program.
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds. *
Travel
Ability to travel to various worksites and be on-call will be required.
#LI-Hybrid
Benefits
At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You'll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access. Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities.
Our Purpose
Helping members achieve their dreams since 1935.
Pentagon Federal Credit Union (PenFed) is one of America's largest federal credit unions, serving 2.8 million members worldwide with $29 billion in assets. PenFed offers market-leading certificates, checking and savings, credit cards, personal loans, mortgages, auto loans, and a wide range of other financial services, always with members' interests in mind. PenFed is federally insured by the NCUA and is an Equal Housing Lender.
Berkshire Hathaway HomeServices PenFed Realty, LLC is a full-service real estate company ready to assist our clients with buying, selling and renting a home. The company is a wholly owned subsidiary of PenFed Credit Union and is the largest independently-owned brokerage in the Berkshire Hathaway HomeServices network, placing us in the top 1% of all real estate brokerages in the country.
With almost 60 offices and nearly 2,000 world-class sales professionals, we offer complete service coverage in Virginia, Maryland, the District of Columbia, Delaware, Pennsylvania, West Virginia, Florida, Tennessee, Kansas and Texas. In addition, we also offer specialized client services which include management of vacation properties and long-term rentals, corporate relocation services and national referral network.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568.
