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Become A Consumer Loan Underwriter

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Working As A Consumer Loan Underwriter

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $63,430

    Average Salary

What Does A Consumer Loan Underwriter Do At 1St. Financial Bank USA

* compiling and underwriting due diligence for preparation of credit memoranda and for fulfillment of draw requests.
* The success of Builder Finance Inc. is based largely upon its ability to perform accurate, insightful and timely credit underwriting and analysis.
* Work is demanding in terms of requiring high attention to detail and quality, thoughtful work.
* The Loan Underwriter position offers the successful candidate a great opportunity to learn real estate underwriting and to grow responsibilities inside of a growing platform and alongside a collegial but demanding team.
* The Loan Underwriter should expect to work approximately 50 hours per week.
* There will be minimal to no travel.
* Pending success at the position, the Loan Underwriter may begin to interact with clients which will lead to some but not extensive travel.
* Additionally, subject to mutually-agreed upon scheduling, some working hours may be shifted to “off-times”: mornings, evenings, or occasional weekends to provide better customer coverage

What Does A Consumer Loan Underwriter Do At Wells Fargo

* Reviews the feasibility and manages the evaluation of small business commercial real estate construction loans offered by Wells Fargo SBA Lending
* Analyzes construction project budgets, collateral valuation and contractor information
* Timely identification and documentation of adverse & key construction risk
* Manages ongoing portfolio of projects during disbursement period, including periodic review of borrower's financial statements
* Reviews and coordinates documentation between borrower, contractor, certified development companies, construction consultants, mezzanine financing agents and bank loan closing officers
* Manages the customer experience from the time of credit application until project completion has occurred and permanent financing is put in place
* Maintenance of division’s credit policies and compliance requirements
* Makes sound/correct construction underwriting recommendations
* Customer-facing contact
* Being the subject matter expert in the industry
* Mentors or reviews analysis of less experienced underwriters
* Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company.
* They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions

What Does A Consumer Loan Underwriter Do At People's United Bank

* Responsible for tracking all closing packages to ensure receipt in a timely manner.
* Evaluates loan documents for accuracy and completion and to ensure internal policies and procedures and regulatory compliance within established timeframes.
* Interacts with customers and branch staff to complete specific loan advances, modifications, resolve errors or non-compliance issues.
* Set-up and review of residential and consumer loans that have booked to the FIS system; ensures accuracy and reports errors to management for correction and educational purposes.
* Home equity and collection amendments for loan modifications.
* Set up of collateral loans, initial advances for new construction loans and advance credit lines per ECM requests.
* Responsible for monitoring various daily and monthly loan reports to meet department guidelines.
* Assists in various department projects including system upgrades, conversions and interfaces

What Does A Consumer Loan Underwriter Do At Portfolio Analyst Company

* Source loan information from customers and/or brokers.
* Conduct site visits and meet with borrowers Draft credit memos per bank's criteria to reflect a detailed understanding of each credit and its inherent strengths and weaknesses Coordinate work product with other underwriters to ensure an appropriate standard of quality Ensure the work product is in compliance with the bank's loan policy and is completed on a timely basis Assist the CLO and loan servicing with other deliverables as necessary.
* Qualifications 7 years' experience in commercial and C&I underwriting Specific experience underwriting business loans including those involving owner-occupied real estate, term loans and lines of credit (SBA underwriting is a plus) Strong understanding of financial documents and cash flow analysis Strong interpersonal / verbal / written communication skills Superior knowledge of MS Word and Excel (experience in working with nCino Management System is a plus) Skilled in negotiation and structuring loan terms Highly detailed orientated Broker/customer relationships a plus If you have the required experience and are eager to join an entrepreneurial team and a company with strong growth prospects, please send cover letter and

What Does A Consumer Loan Underwriter Do At Directions Credit Union

* Reviews business and commercial loan applications and analyzes credit information such as balance sheets, income statements, cash flow statements, financial statements, tax returns, and credit history to make a general assessment of applicant s creditworthiness
* Works with and advises the Director of Commercial Loan Department on policies and procedures relating to business and commercial underwriting
* Prepares and presents loan opportunities to proper decision makers.
* Makes recommendations
* Assists in processing and servicing business and commercial loans as needed
* Employs Sales and Service skills in loan interviews, conducting appropriate follow up and assisting members in solving problems
* Ensures that lending operations are conducted in accordance with established credit union policies and are legally compliant.
* Ensures that loan requests are properly documented
* Evaluates the condition of collateral/property as needed and assists in performing site visits as needed
* Works with all business loan software and gains knowledge to use it to its fullest extent; cross trains staff as needed
* Resolves complex questions and issues relating to commercial lending
* Able to make and take responsibility for different loan situations
* Attends meetings as required
* Assists in organizing and scanning loan files
* Coordinates and completes special projects as assigned
* Keeps members properly informed of Credit Union loan policies and services
* Ensures that the Credit Union s quality and professional reputation is projected and maintained
* Completes reports and records promptly and accurately

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How To Become A Consumer Loan Underwriter

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Consumer Loan Underwriter jobs

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Consumer Loan Underwriter Career Paths

Consumer Loan Underwriter
Administrative Manager Account Manager Billing Specialist
Accounts Receivable Manager
6 Yearsyrs
Senior Loan Processor Operations Manager Property Manager
Asset Manager
7 Yearsyrs
Mortgage Underwriter Quality Control Operations Manager
Assistant Vice President
7 Yearsyrs
Senior Underwriter Account Executive Sales Manager
Branch Manager
6 Yearsyrs
Lending Services Manager Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Analyst Finance Analyst Business Manager
Business Operations Manager
8 Yearsyrs
Research Analyst Senior Consultant Risk Manager
Chief Risk Officer
11 Yearsyrs
Auditor Accounts Receivable Specialist Credit And Collections Analyst
Credit And Collection Manager
7 Yearsyrs
Administrative Manager Accounts Payable Clerk Credit Analyst
Credit Manager
5 Yearsyrs
Analyst Business Analyst Assistant Vice President
Credit Officer
5 Yearsyrs
Assistant Vice President Office Manager Operations Manager
Division Manager
8 Yearsyrs
Vice President And Manager Sales Consultant Internet Sales Manager
Finance And Insurance Manager
6 Yearsyrs
Auditor Analyst Underwriter
Lending Services Manager
7 Yearsyrs
Quality Assurance Analyst Business Analyst Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Quality Assurance Analyst Quality Assurance Manager Operations Manager
President Of Operations
11 Yearsyrs
Assistant Vice President General Manager Account Executive
Relationship Manager
6 Yearsyrs
Senior Loan Processor Underwriter
Senior Underwriter
8 Yearsyrs
Mortgage Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Senior Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
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Consumer Loan Underwriter Demographics

Gender

  • Female

    58.1%
  • Male

    40.0%
  • Unknown

    1.9%

Ethnicity

  • White

    79.9%
  • Hispanic or Latino

    10.7%
  • Asian

    7.0%
  • Unknown

    1.6%
  • Black or African American

    0.7%
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Languages Spoken

  • Spanish

    55.4%
  • French

    7.2%
  • Russian

    6.0%
  • Mandarin

    3.6%
  • Portuguese

    3.6%
  • Chinese

    3.6%
  • Hindi

    2.4%
  • Hebrew

    2.4%
  • Arabic

    2.4%
  • Turkish

    1.2%
  • Marathi

    1.2%
  • Gujarati

    1.2%
  • Somali

    1.2%
  • Korean

    1.2%
  • Ukrainian

    1.2%
  • Vietnamese

    1.2%
  • Cantonese

    1.2%
  • Albanian

    1.2%
  • Greek

    1.2%
  • Tagalog

    1.2%
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Consumer Loan Underwriter

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Consumer Loan Underwriter Education

Consumer Loan Underwriter

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Top Skills for A Consumer Loan Underwriter

LoanApplicationsFinancialStatementsIncomeAnalysisCreditReportsCreditDecisionsBusinessTaxReturnsDebtRatiosFHAApplicableRatiosUnderwritingGuidelinesConsumerLoanModerateIndividualConsumerCustomerServiceInvestorGuidelinesOverallLoanDocumentsLossFreddieMacFannieMAEAppropriateDecisionsEnsureAccuracy

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Top Consumer Loan Underwriter Skills

  1. Loan Applications
  2. Financial Statements
  3. Income Analysis
You can check out examples of real life uses of top skills on resumes here:
  • Submitted loan applications to the underwriter for verification and recommendations.
  • Performed due diligence on companies seeking credit by interviewing business owners, analyzing historical financial statements and creating financial projections.
  • Complete income analysis and cash flow process on loans to determine affordability of the home.
  • Reviewed and analyzed loan application, HUD-1, paystub, tax returns, credit reports, assets and property appraisals.
  • Analyzed information received from credit bureaus and credit applications to make prudent credit decisions.

Top Consumer Loan Underwriter Employers

Consumer Loan Underwriter Videos

day in the life of a loan processor

Insurance Underwriter Job Description

A Day In The Life of an Underwriter (Comedy) | TheREsource.tv

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