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- Tasks: Evaluate loan applications and make informed lending decisions to support borrowers' financial needs.
- Company: Join a dynamic lending department focused on growth and success in the lending sector.
- Benefits: Enjoy structured career progression, on-the-job training, and collaborative work culture.
- Why this job: Make a real impact by helping members while developing your skills in finance and risk management.
- Qualifications: One year of experience in loan processing or credit analysis is required; training provided.
- Other info: Opportunity to lead and support other underwriters while ensuring exceptional service.
The predicted salary is between 28800 - 43200 £ per year.
As a Loan Underwriter within our dynamic lending department, you will play a pivotal role in assessing loan applications and making informed lending decisions. Your expertise and judgment will contribute to the growth and success of our lending portfolio while ensuring that borrowers’ financial needs align with the organisation’s risk management strategies. This role offers a structured progression path, allowing you to advance your career within the lending sector.
Responsibilities
- Evaluate loan applications, reviewing bank statements, credit histories, and other relevant information to determine applicants’ creditworthiness and ability to repay loans.
- Analyse applicant financial data and credit scores to assess potential risks, ensuring compliance with lending policies and regulations.
- Make informed lending decisions based on established criteria, balancing members’ needs with prudent risk management practices.
- Provide guidance and support to loan department staff on loan application procedures, credit assessment, and lending policies.
- Collaborate with all other departments of the credit union to ensure a seamless loan application process and adherence to regulatory requirements.
- Maintain accurate and organised records of loan applications, decisions, and correspondence for auditing and reporting purposes.
- Stay up-to-date with industry trends, lending regulations, and best practices to enhance decision-making accuracy and maintain compliance.
- Contribute to the development and enhancement of lending processes and LMCU’s own computer systems and workflows, identifying opportunities for efficiency gains and improved member experiences.
- Conduct periodic reviews of approved loans to monitor performance against expectations and identify any areas for improvement.
Qualifications
- At least one year’s prior experience in loan processing, credit analysis, or a related role. Further on-the-job training will be provided.
- Strong understanding of financial statements, credit reports, and risk assessment.
- Ability to analyse complex financial data and make informed decisions within established guidelines.
- Excellent verbal and written communication skills, including the ability to explain lending decisions to both members and colleagues.
- Thoroughness in reviewing applications, documentation, and financial data.
- Basic knowledge of lending regulations and compliance standards.
- Collaborative attitude with a willingness to work alongside colleagues and provide guidance when needed.
- Ability to adapt to changing lending policies, procedures, and industry trends.
The role is for a Loan Underwriter responsible for overseeing the designated loan band (£3,000 to £25,000). You will provide leadership, training, and support to other underwriters. During staff shortages or slack periods, you may step into fulfilling work across other loan bands and perform other departmental duties, ensuring seamless operations and exceptional service.
Seniority level
Entry level
Employment type
Full-time
Job function
Finance and Sales
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Loan Underwriter employer: London Mutual Credit Union
Contact Detail:
London Mutual Credit Union Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Loan Underwriter
✨Tip Number 1
Familiarize yourself with the specific lending policies and regulations that govern the role of a Loan Underwriter. Understanding these guidelines will not only help you in interviews but also demonstrate your commitment to compliance and risk management.
✨Tip Number 2
Network with professionals in the lending industry, especially those who work as underwriters. Engaging in conversations can provide you with insights into the role and may even lead to referrals or recommendations for job openings.
✨Tip Number 3
Stay updated on current trends in financial analysis and credit assessment. Being knowledgeable about the latest tools and techniques can set you apart from other candidates and show that you are proactive in your professional development.
✨Tip Number 4
Prepare to discuss real-life scenarios during your interview where you had to analyze financial data or make lending decisions. This will showcase your analytical skills and ability to apply your knowledge in practical situations.
We think you need these skills to ace Loan Underwriter
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities of a Loan Underwriter. Familiarize yourself with the key tasks such as evaluating loan applications and assessing creditworthiness.
Tailor Your CV: Highlight your relevant experience in loan processing or credit analysis. Emphasize your understanding of financial statements and risk assessment, as these are crucial for the role.
Craft a Strong Cover Letter: In your cover letter, explain why you are interested in the Loan Underwriter position and how your skills align with the company's needs. Mention your ability to analyze complex financial data and your collaborative attitude.
Proofread Your Application: Ensure that your application is free from errors. A well-written application reflects your attention to detail, which is essential for a Loan Underwriter. Double-check your CV and cover letter for clarity and professionalism.
How to prepare for a job interview at London Mutual Credit Union
✨Showcase Your Analytical Skills
As a Loan Underwriter, your ability to analyze financial data is crucial. Be prepared to discuss specific examples of how you've assessed creditworthiness in the past, including any tools or methodologies you used.
✨Understand Lending Regulations
Familiarize yourself with current lending regulations and compliance standards. During the interview, demonstrate your knowledge by discussing how these regulations impact decision-making and risk assessment.
✨Communicate Clearly
Excellent communication skills are essential for this role. Practice explaining complex financial concepts in simple terms, as you may need to convey lending decisions to both members and colleagues.
✨Emphasize Collaboration
Highlight your collaborative attitude and willingness to work with others. Share examples of how you've successfully partnered with different departments to enhance processes or improve member experiences.
