Commercial Loan Underwriter / Loan Closer
About the position
The Commercial Loan Underwriter / Loan Closer is responsible for analyzing loan applicants' credit history and making decisions to approve or deny loan applications based on thorough analysis. This role operates with substantial credit authority and provides information on credit union products and services to members, ensuring compliance with credit union policies and relevant regulations.
Responsibilities
Gather background information on loan applicants and obtain credit bureau reports.
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Analyze credit reports for all accounts, verify debts, and estimate monthly payments for any outstanding debts not listed.
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Calculate debt-to-income ratios on loan applicants and assess the security of their debts.
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Determine collateral needs and payment plans for applicants.
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Evaluate the eligibility of loan co-makers based on their statements and credit ratings.
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Approve or deny loan applications and explain reasons for denial, providing recommendations for future loan options.
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Verify the accuracy of loan amounts and repayment terms on approved applications.
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Implement new loan products and services as directed by management.
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Cross-sell all credit union products and services actively.
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Train new underwriters and provide guidance to less experienced staff.
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Complete ongoing BSA compliance training and ensure regulations are followed.
Requirements
3-5 years of underwriting and processing experience required.
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Prior experience with Fannie Mae and Freddie Mac and/or private mortgage investors is a must.
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College degree preferred or equivalent work experience required.
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Excellent oral communication skills are necessary.
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Good hearing and corrected vision are required.
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Ability to operate necessary office equipment.
Nice-to-haves
Benefits
Health insurance
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Vision insurance
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Life insurance
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Retirement plan
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