Home Equity Underwriter

Banknewport - Middletown, RI

Full-time - Mid Level

Middletown, RI

Credit Intermediation and Related Activities

About the position

The Home Equity Underwriter at BankNewport is responsible for underwriting home equity loans and lines of credit, ensuring compliance with state and federal regulations while adhering to established bank guidelines. This role requires the underwriter to make timely and accurate decisions on loan applications, collaborating closely with the home lending team and retail bankers. The underwriter must possess a strong understanding of credit worthiness, reviewing credit reports, income, and financial statements to arrive at independent credit decisions. In addition to underwriting loan applications, the underwriter will provide guidance on complex loan scenarios, restructure loans, and suggest counteroffers when appropriate. They will also recommend approvals or declines on loans that exceed their lending authority to the Vice President or Senior Vice President of the department. The position demands exceptional verbal and written communication skills to effectively interact with both internal and external customers, as well as the ability to prepare necessary correspondence. The underwriter must stay updated on current practices in loan underwriting and maintain knowledge of federal and state laws and regulations related to consumer rights, nondiscrimination, fair credit reporting, and other relevant guidelines. They will also ensure the accuracy of information reported under the Home Mortgage Disclosure Act (HMDA) and respond to compliance reviews in a timely manner. The role may require cross-training in residential lending and assisting during high-volume periods, with a standard expectation of a 40-hour work week, though flexibility for early arrivals, late departures, or weekend hours may be necessary.

Responsibilities

• Underwrites equity loan applications within scope of authority.
• Makes sound judgments on credit worthiness by reviewing credit reports, income, and financial statements.
• Maintains knowledge of secondary market underwriting guidelines.
• Provides guidance on complex loan scenarios and suggests counteroffers when appropriate.
• Recommends approvals/declines on loans above lending authority to the VP or SVP of the department.
• Interprets policies and guidelines for equity specialists and retail bankers requiring guidance.
• Communicates effectively with internal and external customers and prepares necessary correspondence.
• Analyzes and interprets complex loan scenarios to make appropriate credit recommendations.
• Monitors updates of current practices in loan underwriting.
• Keeps abreast of federal and state laws and regulations pertaining to consumer rights, nondiscrimination, and fair credit reporting.
• Ensures accuracy of information reported under HMDA requirements.
• Provides department support in manager's absence.
• Works in a fast-paced environment and meets established turn-times.

Requirements

• Associates Degree or equivalent in specialized coursework with a background in lending.
• Three to five years of related experience in home equity lending and processing preferred.
• Demonstrated knowledge of equity lending policies, procedures, and products.
• Knowledge of secondary market guidelines is essential.
• Organized, detail-oriented with excellent interpersonal, communication, and computer skills.
• Experience with automated systems and proficiency with the system is essential.
• Ability to analyze and evaluate complex income calculations.

Nice-to-haves

• Experience in residential lending and ability to cross-train in this area.
• Desire to work in a fast-paced production environment.