What are the responsibilities and job description for the Consumer Loan Underwriter position at Notre Dame Federal Credit Union?
Brief Description
PRIMARY FUNCTION:
The Consumer Loan Underwriter performs all duties as required examining and underwriting all applications for extension of Consumer credit received from the membership of Notre Dame Federal Credit Union.
ESSENTIAL DUTIES & RESPONSIBILITIES:
To perform this job successfully, an individual must fully understand Credit Union products and services and be able to educate members to use these products and services. This person must also be collaborative and have a positive interaction with our internal partners and member owners. Professional appearance and character is required.
Requirements
QUALIFICATION REQUIREMENTS:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION AND/OR EXPERIENCE:
This position requires the ability to read and comprehend simple instructions, short correspondence, and memos. It also requires the ability to write simple correspondence.
MATHEMATICAL SKILLS:
This position requires the ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals and to compute rate, ratio, and percent.
REASONING ABILITY:
A qualified individual must have the ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.
OTHER SKILLS & ABILITIES:
Excellent interpersonal and communications skills required. Computer proficiency/keyboard skills are needed as well as experience using word processing and spreadsheet software programs. Must have the ability to handle a variety of duties efficiently. Attention to detail and a strong analytical ability are important. A strong background and understanding of lending laws and regulations, as well as of federal income tax returns is necessary. A working knowledge of other lending products such as conventional first mortgage loans is beneficial.
PHYSICAL DEMANDS:
The physical demands described here are representative of those that must be met by a partner to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the partner is regularly required to use hands to finger, handle or feel objects, tools, or controls and talk and hear. The partner frequently is required to walk and sit. The partner is occasionally required to stand, reach with hands and arms and stoop, kneel, crouch or crawl. Specific vision abilities required by this job include close vision, peripheral vision, and the ability to adjust focus. The partner must occasionally lift and/or move up to 15 pounds.
MENTAL DEMANDS:
The partner is frequently required to use alertness, precision, resourcefulness, problem solving, numeric, persuasiveness, auditory perception, memory, creativity, concentration, judgment, writing ability, reading ability, reasoning, imagination, initiative, patience, visual perception, comparing and analyzing.
WORK ENVIRONMENT:
The work environment characteristics described here are representative of those a partner encounters while performing the essential functions of this job. The noise level in the work environment is usually quiet to moderate.
REGULATORY COMPLIANCE & CONFIDENTIALITY:
Follows regulatory and policy compliance requirements, which would include those efforts in compliance with Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC) and Anti-Money Laundering (AML) Regulations, and other compliance related Policies. Also, this position requires maintaining confidentiality with regard to non-public information about our members and Notre Dame Federal Credit Union.
Summary
PRIMARY FUNCTION:
The Consumer Loan Underwriter performs all duties as required examining and underwriting all applications for extension of Consumer credit received from the membership of Notre Dame Federal Credit Union.
ESSENTIAL DUTIES & RESPONSIBILITIES:
- Evaluates information from applicants for loan services and products as presented by all loan originators.
- Renders decisions on applications within authorized lending limits in a manner consistent with Notre Dame Federal Credit Union policy and procedures.
- Maintains communications with originators and provide them with decisions/alternatives in a timely manner.
- Reviews any loan documentation used to extend or deny credit to members and prepare periodic reports of errors and the resolution of those errors.
- Fully documents all decisions as well as maintain and organize such documentation.
- Follows all Federal and State lending regulations applicable to the lending activities at Notre Dame Federal Credit Union.
- Identifies opportunities to educate and improve the financial lives of our members with other products and services.
- Maintains high accuracy and compliance rate with policies and procedures related to lending activities.
- Complies with Notre Dame Federal Credit Union’s Code of Ethics and follows all State and Federal laws.
- Maintains training requirements and knowledge of lending regulations to ensure that decisions made are knowledgeable and reasonable.
- Participates in activities both during and after regular business hours to support our communities, members and overall credit union activities.
- Promotes goodwill of the Credit Union in the community.
- Working knowledge of the following information is preferred:
- Familiar with common underwriting terms such as:Able to identify compensating factors when evaluating a loan application
- Loan to value
- Debt to Income
- Total debt ratio
- Income verification
- Employment verification
- Member relationship
- Secured debt ratio
- Student loan deferment
- Unsecured debt ratio
- Inflated income
- Negative equity
- Credit bureau trade lines.
- Credit bureau inquiries
- Thin credit and how to validate a credit score
- Understands various lending products including credit cards, lines of credit, home equity loans
- Understands life events and the need for financing during these periods such as student loans, home purchase, home improvement, auto purchases, and other needs for financial assistance from the credit union.
- The ability to take the initiative and overcome obstacles to provide exceptional member service and internal support of our partners.
To perform this job successfully, an individual must fully understand Credit Union products and services and be able to educate members to use these products and services. This person must also be collaborative and have a positive interaction with our internal partners and member owners. Professional appearance and character is required.
Requirements
QUALIFICATION REQUIREMENTS:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION AND/OR EXPERIENCE:
- College degree preferred, however, an extensive financial institution background may be substituted.
- Preferred experience includes three (3) years’ underwriting consumer loans at a financial institution.
- Computer proficiency in Microsoft Excel and Word needed.
- Knowledge of Credit Union's computer system for performing basic input/output tasks is desirable.
- Preferred system experience with CU Answers and CU Base
This position requires the ability to read and comprehend simple instructions, short correspondence, and memos. It also requires the ability to write simple correspondence.
MATHEMATICAL SKILLS:
This position requires the ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals and to compute rate, ratio, and percent.
REASONING ABILITY:
A qualified individual must have the ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.
OTHER SKILLS & ABILITIES:
Excellent interpersonal and communications skills required. Computer proficiency/keyboard skills are needed as well as experience using word processing and spreadsheet software programs. Must have the ability to handle a variety of duties efficiently. Attention to detail and a strong analytical ability are important. A strong background and understanding of lending laws and regulations, as well as of federal income tax returns is necessary. A working knowledge of other lending products such as conventional first mortgage loans is beneficial.
PHYSICAL DEMANDS:
The physical demands described here are representative of those that must be met by a partner to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the partner is regularly required to use hands to finger, handle or feel objects, tools, or controls and talk and hear. The partner frequently is required to walk and sit. The partner is occasionally required to stand, reach with hands and arms and stoop, kneel, crouch or crawl. Specific vision abilities required by this job include close vision, peripheral vision, and the ability to adjust focus. The partner must occasionally lift and/or move up to 15 pounds.
MENTAL DEMANDS:
The partner is frequently required to use alertness, precision, resourcefulness, problem solving, numeric, persuasiveness, auditory perception, memory, creativity, concentration, judgment, writing ability, reading ability, reasoning, imagination, initiative, patience, visual perception, comparing and analyzing.
WORK ENVIRONMENT:
The work environment characteristics described here are representative of those a partner encounters while performing the essential functions of this job. The noise level in the work environment is usually quiet to moderate.
REGULATORY COMPLIANCE & CONFIDENTIALITY:
Follows regulatory and policy compliance requirements, which would include those efforts in compliance with Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC) and Anti-Money Laundering (AML) Regulations, and other compliance related Policies. Also, this position requires maintaining confidentiality with regard to non-public information about our members and Notre Dame Federal Credit Union.
Summary
- Notre Dame Federal Credit Union humbly began in 1941 as a conversation between two professors from the University of Notre Dame. Now, over 75 years later, we have grown into a national, award-winning financial institution serving over 56,000 members worldwide. We consider our partners (employees) to be one of our greatest assets to this success. We strive to make great things happen for our members and partners by changing one life every day. If you share that same passion for making an impact on someone’s life, you should apply to join the Notre Dame FCU family.