Loan Underwriter Job Description
Loan underwriter
provides guidance to staff with interpreting and understanding loan documents, investor requirements, bank procedures and policies, directing an appropriate course of action.
Loan Underwriter Duties & Responsibilities
To write an effective loan underwriter job description, begin by listing detailed duties, responsibilities and expectations. We have included loan underwriter job description templates that you can modify and use.
Sample responsibilities for this position include:
Basic understanding of Compliance and Regulatory requirements
Approve loans within credit authority and in accordance with credit policy and credit culture
Assists the Team Lead Loan Underwriter with the more complex credits
Responsible for spreading financial statements based on information provided in the loan package
Effectively communicate loan decision to loan originator
Identify and review all necessary due diligence items
This position requires effective, concise communication with the bankers via phone and email
The candidate should possess a sense of urgency and a professional demeanor
The candidate should be able to handle multiple loan requests effectively and prioritize their work flow
Performance success will be measured on total loan requests decisioned, diligent execution of the underwriting process, risk rating accuracy, approved to booked ratio and turnaround time
Loan Underwriter Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Loan Underwriter
List any licenses or certifications required by the position: DE, SAR, FHA, LAPP
Education for Loan Underwriter
Typically a job would require a certain level of education.
Employers hiring for the loan underwriter job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Collage Degree in Finance, Accounting, Business, Education, Economics, Business/Administration, Communication, Management, Associates, Real Estate
Skills for Loan Underwriter
Desired skills for loan underwriter include:
Internal policies and procedures
Loan product guidelines
Regulatory requirements
Investor and departmental lending policies for underwriting of conventional loan requests
Regulatory
Bank secrecy act
Branch security and safety requirements and other regulations
Current underwriting guidelines
DU/LP/AUS
FHA Connection and Total Scorecard
Desired experience for loan underwriter includes:
Responsible for maintaining favorable field relations with Business and Community Bankers, Business and Community Banking Sales Managers and Executives and Regional Presidents
May perform some supervisory responsibilities including counseling/training for Business and Community Bankers
Four years business lending experience
Sound credit decisioning skills and loan structuring knowledge
PC proficiency with experience in Microsoft Excel
Previous sub-prime/non-prime experience preferred
Loan Underwriter Examples
1
Loan Underwriter Job Description
Job Description Example
Our growing company is looking to fill the role of loan underwriter. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for loan underwriter
- Loan documents - ordering and review
- Preparation of the Loan Closing Settlement Statement
- Preparation of loan closing checklist
- Assists Underwriters with the more complex credits
- Prepare written summary of loan terms and conditions and a written narrative explaining business background, outlining risk factors and justifying assigned risk rating, ensuring conformity with bank credit policy and procedures and with applicable banking regulations along with a SBA eligibility worksheet
- Accompany Corporate Banker on customer calls when feasible
- Work with the closing department to facilitate the closing of loan requests and handle credit-related issues as needed
- Basic credit review skills assisted by DU
- Determine qualifying base income for salaried applicants
- Review basic income documentation such as pay stubs, W-2’s, Verbal Verifications, Written Verifications, 2106 Expenses and Tax Transcripts
Qualifications for loan underwriter
- One year of underwriting or credit review
- Knowledge of agency and investor guidelines and regulations
- Knowledge of sales contracts, applications and loan appraisals
- Minimum of five (5) years' current experience (or very recent) as a Loan Processor/Analyst in Commercial Real Estate AND Construction, performing the responsibilities, listed above
- Minimum of 1 year customer service experience strongly preferred
- Knowledge of the auto finance industry preferred
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Loan Underwriter Job Description
Job Description Example
Our company is growing rapidly and is looking for a loan underwriter. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loan underwriter
- Recognize a complete application
- Review a Single Family Dwelling appraisal and determine if value is supported
- Review basic asset statements and determine required investment
- Ability to disposition a loan file
- Ability to read and understand product profiles and guidelines
- Analyze, interpret and underwrite complex multifamily real estate transactions in compliance with respective agency guidelines (Freddie Mac)
- Fully understand the procedural aspect of underwriting Agency Loans from application to delivery and can accurately detail this to stakeholders within the deal team
- Able to manage analyst\sr
- Interpret Agency product sheets
- Review and provide written analysis of financial statements, tax returns and cash flow statements of Borrowers and Guarantors
Qualifications for loan underwriter
- Evaluate all documents and condition loan accordingly
- Thorough knowledge of cash flow analysis, ratio analysis, and projections commercial loan structuring and documentation
- At least 2 years of experience processing mortgage documents
- 1+ year experience in underwriting using automated underwriting systems to include FNMA’s Desktop Underwriter (DU) and FHLMC’s Loan Prospector (LP)
- Underwrites all types of income, all HELOC and Consumer Loan product types and evaluates risk while insuring the quality of each loan submitted
- Validates the data entry to the appropriate Loan Operating System and evaluate all applicable documentation as required by job function and conditions loan accordingly
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Loan Underwriter Job Description
Job Description Example
Our innovative and growing company is hiring for a loan underwriter. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loan underwriter
- Work directly with origination team/brokers to develop loan structures that will meet client’s financial objectives
- Effectively manage communication between various stakeholders, including internal and external counterparts
- Timely problem recognition and effectively communicating credit issues to manager and senior management
- Manage third-party due diligence including appraisal, engineering, environmental, seismic and credit reports
- Work directly with borrowers to obtain required financial and collateral information resolve underwriting issues
- Apply internal guidelines and investor guidelines to the credit decision process
- Prioritize deals in Workflow queue in order to minimize turnaround time
- Verify accuracy of supporting employment, down payment, appraisal, and financial documentation received
- Correspond with processors to attain outstanding documentation needed to complete requirements as stipulated on the commitment
- Perform loan file review and underwriting to determine compliance with investor guidelines, underwriting philosophy, policy and procedures
Qualifications for loan underwriter
- Identifies loans for exceptions while ensuring proper procedures are followed for approval and documentation
- Coaches and mentors assigned operations staff
- Front line Underwriting with minimum 5 years underwriting experience – depending on less if its actually front end underwriting
- Review loan for completeness and provide decision within SLA
- Validate and verify accuracy of documentation for employment, income, assets, and credit
- Underwrite and approve appraisal to determine soundness of value
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Loan Underwriter Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of loan underwriter. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loan underwriter
- Review, analyze and make final determination on loan submissions using manual underwriting guidelines validating Automate Underwriting recommendations (DU
- Underwrite Jumbo loans, special programs as determined by lending authority set by Underwriting Management
- Work with team to identify potential solutions/alternatives for difficult/denied loan files
- Proactively address underwriting submission deficiencies
- Provide follow-up and resolution for active credit requests from co-workers within 2 business hours
- Strategically uses resources to maximize the window of operation for each lender's particular business schedule
- Advises loan consultants on applications that may still be viable with an alternative lender, but only if original approval terms have changed and are no longer valid
- Cooperates with sales management team to ensure loan consultants are properly trained with common credit issues
- Actively participates as the primary decision maker in the loan decision process for the Business Loan Center for credits of up to two and a half million dollars in credit exposure including new loans
- Ensures adherence to the corporation's credit policy
Qualifications for loan underwriter
- Clearly and accurately condition loan files
- Ability to manually underwrite all type of loan files
- Keen analytical ability, strong auditing skills, good decision-making skills, excellent computer skills, ability to work in a fast paced environment and meet tight deadlines to multi-task
- Underwrites ethical and salable residential mortgage and consumer loans and evaluate risk while insuring the quality of each loan submitted
- Job function and condition
- Evaluates all documents and condition loan accordingly
5
Loan Underwriter Job Description
Job Description Example
Our company is growing rapidly and is hiring for a loan underwriter. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loan underwriter
- Actively participates in phone conversations between the Relationship Manager and customer where appropriate
- Monitor and assess the loan portfolio for performance trends
- Validating files suggested for decline by reviewing and analyzing credit report, title report, income documentation, collateral
- Identify and report trends in decline quality submission
- Other responsibilities and projects as identified by management
- Developing and cultivating relationships with the relevant financial sponsors
- Lead on the execution and underwriting of deals with responsibility for due diligence, financial modelling, structuring and the negotiation of documentation
- The individual will have responsibility for overseeing and monitoring the portfolio of previously closed transactions
- May work with attorneys, the SBA, USDA, and financial or other legal resources to obtain correct and accurate documents to fully protect the financial institution’s interests in the credit relationship
- May participate in customer and prospect calls with the BDO
Qualifications for loan underwriter
- Underwrites ethical and salable residential mortgage and consumer loans and evaluates risk while insuring the quality of each loan submitted
- Evaluates all documents and conditions loan accordingly
- Monitors vendor performance if required, submits monthly report to management
- Bachelor’s degree in Accounting, or Bachelor’s degree in Finance, or Bachelor’s degree in Economics, or Bachelor’s degree in Real Estate or military experience
- Underwrite all types of income, all HELOC and Consumer Loan product types and evaluates risk while insuring the quality of each loan submitted
- Identify loans for exceptions while ensuring proper procedures are followed for approval and documentation