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Exchange Bank · 4 weeks ago

Residential/Consumer Loan Underwriter

Santa Rosa, CA

Full-time

Onsite

Mid Level

$64K/yr - $96K/yr

4+ years exp

Exchange Bank is seeking a Residential/Consumer Loan Underwriter to make informed credit decisions based on established lending guidelines. The role involves evaluating loan applications, ensuring compliance with regulations, and collaborating with various stakeholders to facilitate loan processes.

BankingFinanceFinancial Services

Responsibilities

Render credit decisions or recommendations based upon approved lending guidelines and lending limits

Maintain current working knowledge of all mortgage and consumer loan products

Ensure strict adherence to all lending compliance guidelines and regulations

Prioritize daily workflow pertaining to loan fundings, rate locks, new loans, etc

Communicate with Loan Processors, Mortgage Loan Consultants, and bank loan officers regarding conditions and loan status

Review initial credit file and issue Conditional Loan Approval Notice to Loan Processor, Loan Consultant, and loan officers

Seek Management approval when loan limit exceeds the underwriter’s authority

Calculate debt/income ratios by analyzing credit reports, personal and business tax returns, employment verifications, paystubs, divorce decrees and related data to determine “Ability to Repay” (ATR) and adherence to bank underwriting guidelines

Calculate Loan to Value ratio to determine adherence to bank underwriting guidelines for appropriate product and loan purpose

Review credit reports, letters of explanation (LOE), bankruptcy filings and any other documentation to assess the applicant’s prior repayment history

Evaluate bank statements, investment statements, assets and liabilities to determine adequacy of cash reserves and financial capacity in relation to loan request

Review collateral related documentation such as appraisals, title reports, sales contracts, environmental reports, flood zone certificates, hazard insurance coverage, inspection reports and other real estate related reports, to assess the merits of the collateral and assign any additional conditions

Write a concise summary memo to support the decision recommendation to approve, decline or counter-offer

Review loan disclosures and documentation to ensure accuracy and compliance with regulations; review rate lock request and issued rate lock confirmation to Loan Processor and Loan Consultant

Prepare final 1008. Issue Funding Conditions Notice to Loan Processor and Loan Consultant

Prepare the Closing Disclosure based on info. provided by the Loan Processor

Clear all applicable conditions of loan

Complete Notice of Action Taken form for declined loans after obtaining second review for decline decision and notify Loan Processor and Loan Consultant

Assist with internal and external audits as needed

Prioritize daily workflow to successfully meet service level agreements: self-assigning new loans by determining capacity for various product types, underwriting new loan requests, requesting necessary documentation needed for approvals, analyzing documentation, reviewing files for conditions related to documentation and funding status

Qualification

Mortgage underwritingConsumer lending regulationsLoan documentation requirementsFinancial statement analysisBank application managementMathematical calculation skillsPC proficiencyFast-paced environment