Part Time Consumer Loan Underwriter

SUMMARY

The Consumer Loan Underwriter is responsible for providing information on credit union products and services to current and potential members according to all credit union policies and procedures and Federal and State rules and regulations. Prepare, assess, process, and document all required forms and related documentation for consumer loan products. Approve or deny a variety of consumer loan applications, with considerable loan authority. Promote credit union products and services.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Interview loan applicants and provide information on loan products and alternative products that best meet the member’s needs. Request and review all required information and documentation to secure a loan.
• Assist member in completing loan applications over the phone and/or electronically.
• Obtain and evaluate credit reports.
• Calculate debt-to-income ratios on loan applicants and calculate how much of a loan applicant’s debt is secured or unsecured.
• Recommend and outline terms of loan. Inform prospective borrowers of loan commitments.
• Identify collateral needs and payment plans for members applying for loans.
• Identify eligibility of loan co-maker from co-maker’s statement and credit rating.
• Notify applicant of loan conclusion. Correspond with members, applicants, and creditors to resolve questions regarding application information.
• Develop and maintain interest-rate structure that is consistent with credit union policies and is competitive with current market.
• Review developing laws and regulations as they apply to installment-loan security agreements.
• May manage delinquent account files for the credit union.
• Handle loans of highest complexity, value, and risk.
• May be required to train/assist more junior consumer loan officers with questions, challenges, etc.
• Review loan applications and supporting documentation submitted by borrowers to ensure completeness and accuracy.
• Ensure compliance with internal policies, underwriting guidelines, and regulatory requirements throughout the pre-funding process. This includes adherence to laws such as the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), and Equal Credit Opportunity Act (ECOA).
• Identify any outstanding conditions or documentation required for loan approval and communicate these requirements to loan officers, processors, or borrowers.
• Conduct quality assurance checks to ensure the accuracy and consistency of pre-funding activities, documentation, and decision-making processes.
• Stay informed about changes in lending regulations, underwriting guidelines, and industry best practices.
• Identify and mitigate risks associated with pre-funding activities, such as fraud, misrepresentation, or non-compliance with lending requirements.
• Review real estate portfolio for ARM’s and adjust interest rates as needed prior to interest rate adjustment period.
• Pre and post quality control review on all loans
• CPI audit and review of missing titles
• Conduct post-closing audits to ensure compliance with regulatory requirements, internal policies, and loan underwriting guidelines.
• Set up new loan accounts in the organization's loan servicing system or software.
• Other duties and responsibilities as assigned by the CU.