Consumer loan underwriter job description
Updated March 14, 2024
8 min read
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Example consumer loan underwriter requirements on a job description
Consumer loan underwriter requirements can be divided into technical requirements and required soft skills. The lists below show the most common requirements included in consumer loan underwriter job postings.
Sample consumer loan underwriter requirements
- Bachelor's degree in accounting, finance, or a related field.
- 3+ years' experience in consumer loan underwriting.
- Strong understanding of credit policies and procedures.
- Proficient in loan origination systems.
- Knowledge of banking regulations and compliance.
Sample required consumer loan underwriter soft skills
- Strong attention to detail and accuracy.
- Excellent verbal and written communication.
- Highly organized and efficient.
- Ability to handle multiple projects simultaneously.
- Proactive problem solving abilities.
Consumer loan underwriter job description example 1
Marcus & Millichap consumer loan underwriter job description
Mission Capital Advisors (MCA)
, a fully owned subsidiary of
Marcus & Millichap
(NYSE: MMI), is a leading loan sale advisor and Third-Party Review firm providing residential loan due diligence. Mission Global is seeking contract
Residential Loan Underwriter
to perform in-depth reviews of closed single family mortgage loans for dynamic, high-profile clients. The ideal candidate will have strong knowledge of agency loans, investor flip, and non-QM underwriting. Part-time and full-time contract candidates will be considered. Position is remote or in our office in
Tampa, FL
.
Key Responsibilities:
Attributes/Experience:
Mission Capital is a leading national loan sale advisory, due diligence and capital markets firm providing an integrated platform of secondary market loan portfolio brokerage, valuation, transaction management and data/document curative services for the commercial and residential loan markets. Mission Capital was acquired in 2020 by Marcus & Millichap (NYSE:MMI), a real estate and finance services firm with ~2,000 investment sales and capital markets professionals located in more than 80 offices across the U.S. and Canada. With a market cap of nearly $1.8B and $40B to $50B of closed transactions annually, Marcus & Millichap adds deep capital markets expertise, investment sales, market intelligence, and extensive research to Mission Capital's resources.
Mission Capital Advisors, LLC is an equal opportunity employer and values diversity. All employment is decided on the basis of qualifications, merit, and business need.
Key Responsibilities:
- Review loan file data and documents in accordance with investor and lender guidelines.
- Analyze credit documents, including, but not limited to, mortgage applications, property appraisals, credit history, income documentation, title documents and all other applicable compliance documents to ensure borrower met qualification guidelines.
- Knowledge of TIL, HUD, CD/LE and other legal disclosure documents.
- Maintain confidentiality and security of applicant/borrower information and data at all times.
- Verify data and report findings in our proprietary diligence systems.
Attributes/Experience:
- 2+ years of relevant experience in the mortgage industry, familiarity with best practices for post-close underwriting compliance and quality control on newly originated mortgages required.
- Understanding of residential mortgage FNMA/FHLMC, VA FHA and USDA guidelines, QM/ATR.
- Knowledge of NQM, non-agency and investor specific programs and guideline overlays.
- Proficiency with a variety of computer software applications, including Microsoft Office Suite, particularly Excel.
- High attention to detail in analytical assessments and valuations.
- Ability to handle multiple tasks accurately and productively during time sensitive situations.
- Strong verbal and written communication skills.
- Independent worker with a team player attitude.
- Flexible attitude with the ability to handle change effectively.
- Ability to work well and manage time remotely and to create a self-motivating work environment.
Mission Capital is a leading national loan sale advisory, due diligence and capital markets firm providing an integrated platform of secondary market loan portfolio brokerage, valuation, transaction management and data/document curative services for the commercial and residential loan markets. Mission Capital was acquired in 2020 by Marcus & Millichap (NYSE:MMI), a real estate and finance services firm with ~2,000 investment sales and capital markets professionals located in more than 80 offices across the U.S. and Canada. With a market cap of nearly $1.8B and $40B to $50B of closed transactions annually, Marcus & Millichap adds deep capital markets expertise, investment sales, market intelligence, and extensive research to Mission Capital's resources.
Mission Capital Advisors, LLC is an equal opportunity employer and values diversity. All employment is decided on the basis of qualifications, merit, and business need.
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Consumer loan underwriter job description example 2
Digital Federal Credit Union consumer loan underwriter job description
Schedule: Mon - Fri: 9 AM - 6 PM; Alt. Saturdays with day off during week (40 hours)
Essential Functions:
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Perform various duties associated with processing Direct and Indirect loan applications and dealer packages for funding including pulling credit reports and opening new memberships, as necessary.
Analyze information received to determine loan integrity and perform Quality Control on loan packages prior to booking. Follow guidelines to limit risk exposure to fraud and losses. Review exceptions and escalate when necessary.
Book loans to host system and provide timely funding to members and dealer partners. Prepare and disburse thorough and accurate loan closing documents. Follow up on "call backs" and member payoff calls in order to "close" the loan.
Provide timely and accurate information on the Credit Union's loan programs, as well as prompt, courteous, and professional service to members, branch staff, and dealer partners.
Promptly answer calls presented to the Consumer Loan queues and maintain a limited amount of "not ready" time.
Achieve monthly sales goals and referrals by identifying members' needs and by making appropriate referrals to develop the "Primary Financial Institution (PFI)" relationship.
Perform other job-related duties as assigned by Managers(s).
Other Duties:
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.
Job Competencies:
Adaptability
Applied Learning
Communication
Customer/Client Focus
Dependability
Initiative
Interpersonal
Planning/Organizing
Problem Solving
Quality Orientation
Technical Skills
Education and Experience Requirements:
High school diploma or equivalent
1-3 years of related experience preferably in a Financial Institution
Additional Eligibility Requirements:
Previous experience working in a Call Center environment preferred
Ability to read and understand credit bureau reports a plus
Supervisory Responsibility:
This position has no supervisory responsibilities.
Work Environment:
This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopier/scanner, filing cabinets, and fax machines.
Physical Demands:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. This is a largely sedentary role. While performing the duties of this job, the employee is regularly required to stand, talk, hear, and use hands and fingers to handle, feel or operate objects, tools or controls and to reach with hands and arms.
Travel:
No travel is expected for this position.
Service Excellence: The DCU Way:
All employees are expected to provide service excellence the “DCU Way” through teamwork and by providing quality service to internal and external members, incorporating the Guiding Principles of DCU's culture:
People come first
Do the right thing
Make a difference
Bank Secrecy Act (BSA):
All Credit Union employees are required to complete all BSA related training annually and maintain knowledge of current BSA policies, specifically those related to functions performed within the department and identify and report possible suspicious activity.
#LI-HYBRID
We are proud to be an EEO/AA employer M/F/D/V.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)
Essential Functions:
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Perform various duties associated with processing Direct and Indirect loan applications and dealer packages for funding including pulling credit reports and opening new memberships, as necessary.
Analyze information received to determine loan integrity and perform Quality Control on loan packages prior to booking. Follow guidelines to limit risk exposure to fraud and losses. Review exceptions and escalate when necessary.
Book loans to host system and provide timely funding to members and dealer partners. Prepare and disburse thorough and accurate loan closing documents. Follow up on "call backs" and member payoff calls in order to "close" the loan.
Provide timely and accurate information on the Credit Union's loan programs, as well as prompt, courteous, and professional service to members, branch staff, and dealer partners.
Promptly answer calls presented to the Consumer Loan queues and maintain a limited amount of "not ready" time.
Achieve monthly sales goals and referrals by identifying members' needs and by making appropriate referrals to develop the "Primary Financial Institution (PFI)" relationship.
Perform other job-related duties as assigned by Managers(s).
Other Duties:
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.
Job Competencies:
Adaptability
Applied Learning
Communication
Customer/Client Focus
Dependability
Initiative
Interpersonal
Planning/Organizing
Problem Solving
Quality Orientation
Technical Skills
Education and Experience Requirements:
High school diploma or equivalent
1-3 years of related experience preferably in a Financial Institution
Additional Eligibility Requirements:
Previous experience working in a Call Center environment preferred
Ability to read and understand credit bureau reports a plus
Supervisory Responsibility:
This position has no supervisory responsibilities.
Work Environment:
This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopier/scanner, filing cabinets, and fax machines.
Physical Demands:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. This is a largely sedentary role. While performing the duties of this job, the employee is regularly required to stand, talk, hear, and use hands and fingers to handle, feel or operate objects, tools or controls and to reach with hands and arms.
Travel:
No travel is expected for this position.
Service Excellence: The DCU Way:
All employees are expected to provide service excellence the “DCU Way” through teamwork and by providing quality service to internal and external members, incorporating the Guiding Principles of DCU's culture:
People come first
Do the right thing
Make a difference
Bank Secrecy Act (BSA):
All Credit Union employees are required to complete all BSA related training annually and maintain knowledge of current BSA policies, specifically those related to functions performed within the department and identify and report possible suspicious activity.
#LI-HYBRID
We are proud to be an EEO/AA employer M/F/D/V.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)
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Consumer loan underwriter job description example 3
Pinnacle Bancorp Inc consumer loan underwriter job description
Provides consumer loan document preparation, and branch support as part of the Consumer Loan Group.
Responsibilities/Duties
Collects and interprets loan information for preparation of accurate TRID applicable loan documents. Applies bank loan policies to documents to reduce risk to the bank. Types and prepare applicable disclosures, notes, and related documentation in an accurate and efficient manner.
Completes compliance reviews for TRID applicable loans in conjunction with document preparation.
Works with Branch Personnel (Loan Officers and Personal Bankers) and the Loan Processing Center to obtain necessary items for underwriting and closing loans while ensuring compliance with applicable laws and regulations.
Assists with development of processes and procedures for the Consumer Loan Support Group. This will require usage of Bank's Consumer Lending Systems (DecisionPro, LaserPro, Suntell, Fusion Originate).
Assists branches with documentation of loan denials and applications that are withdrawn or not accepted by applicants.
Assists with ongoing DecisionPro and Fusion Originate testing.
Assists with the review and approval (including adequate documentation) of any requested consumer loan policy exceptions.
Assists with documenting consumer and business credit card approvals/denials.
Assists with analysis of retail bank market conditions.
Regular and reliable attendance.
Other duties as assigned by management.
Preferred Skills
Proficiency with spreadsheet and database programs (i.e. Excel).
Skills in operating computer terminals and printers.
Ability to communicate effectively with management and co-workers.
Ability to maintain a high level of confidentiality.
Ability to function as a team player.
Preferred Experience
Three to Five years banking experience preferred.
Knowledge of bank policies and procedures.
Knowledge of banking laws and regulations.
Knowledge of loan underwriting and approval procedures.
Knowledge of credit report scoring.
Knowledge of LaserPro document preparation system helpful.
Preferred Education
A college degree or applicable banking experience required.Details
We offer fair and competitive compensation as well as bonus based on an employee's years of service and possible discretionary merit bonuses. Employees also have the opportunity to participate in the Bank incentive programs based on charter/branch guidelines. Other benefits include:
8 paid holidays
17 PTO days each year for the first five years of employment. Employees must also complete the 90-day introductory period prior to accruing PTO.
New employees will receive 12 hours of paid sick time upon their hire date
After five years, 22 PTO days each year
Health, dental, prescription drug card, vision, and voluntary life insurance plans
Health Savings Account with employer contributions
Flexible medical and dependent care spending plans
Parental Leave after one year of full time employment
401K plan after 3 months and start of next quarter with employer contributions and profit sharing
Free checking account and basic printed checks
Free safe deposit box
$15,000 group term life insurance
Long term disability insurance
Employee Assistance Program
Educational Assistance
Responsibilities/Duties
Collects and interprets loan information for preparation of accurate TRID applicable loan documents. Applies bank loan policies to documents to reduce risk to the bank. Types and prepare applicable disclosures, notes, and related documentation in an accurate and efficient manner.
Completes compliance reviews for TRID applicable loans in conjunction with document preparation.
Works with Branch Personnel (Loan Officers and Personal Bankers) and the Loan Processing Center to obtain necessary items for underwriting and closing loans while ensuring compliance with applicable laws and regulations.
Assists with development of processes and procedures for the Consumer Loan Support Group. This will require usage of Bank's Consumer Lending Systems (DecisionPro, LaserPro, Suntell, Fusion Originate).
Assists branches with documentation of loan denials and applications that are withdrawn or not accepted by applicants.
Assists with ongoing DecisionPro and Fusion Originate testing.
Assists with the review and approval (including adequate documentation) of any requested consumer loan policy exceptions.
Assists with documenting consumer and business credit card approvals/denials.
Assists with analysis of retail bank market conditions.
Regular and reliable attendance.
Other duties as assigned by management.
Preferred Skills
Proficiency with spreadsheet and database programs (i.e. Excel).
Skills in operating computer terminals and printers.
Ability to communicate effectively with management and co-workers.
Ability to maintain a high level of confidentiality.
Ability to function as a team player.
Preferred Experience
Three to Five years banking experience preferred.
Knowledge of bank policies and procedures.
Knowledge of banking laws and regulations.
Knowledge of loan underwriting and approval procedures.
Knowledge of credit report scoring.
Knowledge of LaserPro document preparation system helpful.
Preferred Education
A college degree or applicable banking experience required.Details
We offer fair and competitive compensation as well as bonus based on an employee's years of service and possible discretionary merit bonuses. Employees also have the opportunity to participate in the Bank incentive programs based on charter/branch guidelines. Other benefits include:
8 paid holidays
17 PTO days each year for the first five years of employment. Employees must also complete the 90-day introductory period prior to accruing PTO.
New employees will receive 12 hours of paid sick time upon their hire date
After five years, 22 PTO days each year
Health, dental, prescription drug card, vision, and voluntary life insurance plans
Health Savings Account with employer contributions
Flexible medical and dependent care spending plans
Parental Leave after one year of full time employment
401K plan after 3 months and start of next quarter with employer contributions and profit sharing
Free checking account and basic printed checks
Free safe deposit box
$15,000 group term life insurance
Long term disability insurance
Employee Assistance Program
Educational Assistance
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Updated March 14, 2024
Updated March 14, 2024