What are the responsibilities and job description for the Indirect Underwriter 1 position at Sunward Federal Credit Union?
Description
Job Summary:
In this role, you will play a pivotal part in processing and originating of indirect loan applications.
Requirements
Essential Job Duties:
- Assesses and analyzes borrower's financial profiles, including credit history, income stability, debt-to-income ratios, loan to value ratio, assets 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.
- Recommend loan terms and conditions and suggest alternative loan structures to better fit the borrower's needs and risk profile.
- Answers underwriting inquiries and provides detailed and accurate response in a timely manner
- Escalates loan file with recommendation that exceed individual lending authority and/or of high complexity and associated risks to an Indirect Underwriter 2,3, 4 or Supervisor.
- Build 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.
- Performs other duties as assigned.
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:
- Familiarity with credit and underwriting principles
- Familiarity with federal and state regulations affecting loans
Education and Experience:
- Minimum one year’s experience in loan underwriting, lending or related experience
- Minimum high school diploma/GED or more than one 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.
Salary : $23 - $29
