Loan Underwriter Job at Vaco by Highspring, Troy, OH

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  • Vaco by Highspring
  • Troy, OH

Job Description

Job Description

Loan Underwriter

Job Summary:
The Loan Underwriter is an essential member of the lending team, responsible for evaluating and assessing the creditworthiness of loan applicants. This role plays a critical part in the loan approval process by analyzing financial and non-financial factors to determine whether applicants meet the necessary criteria. Loan underwriters collaborate closely with loan officers, borrowers, and other stakeholders to ensure applications are thoroughly reviewed and that lending decisions align with organizational policies and regulatory requirements.

Key Responsibilities:

  1. Application Review

    • Analyze loan applications and supporting documentation for eligibility and completeness.

    • Review borrowers' credit history, financial statements, income documents, and other relevant information to assess credit risk.

  2. Risk Assessment

    • Evaluate applicants' creditworthiness based on established guidelines.

    • Assess potential risks for each loan and make informed recommendations or decisions.

  3. Financial Analysis

    • Conduct in-depth financial analysis of borrowers' income, expenses, assets, and liabilities to determine repayment ability.

  4. Compliance

    • Ensure loan applications comply with all lending regulations and internal policies.

    • Stay current with regulatory updates and industry best practices.

  5. Documentation & Record-Keeping

    • Maintain accurate, detailed records of loan decisions and related documentation.

    • Prepare and update underwriting reports as needed.

  6. Communication

    • Work with loan officers and other parties to gather additional information or clarify application details.

    • Provide clear explanations and reasoning for loan decisions.

  7. Decision Making

    • Render well-documented approval or denial decisions based on risk assessment and credit analysis.

  8. Team Collaboration

    • Partner with the loan processing team to ensure a smooth, efficient workflow.

    • Coordinate with departments such as credit risk management and legal on complex or special cases.

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