Sr. Consumer Lending Underwriter

PenFed is hiring a (Hybrid) Senior Consumer Lending Underwriter at our San Patricio Office Center located in Guaynabo, Puerto Rico. The primary purpose of this job is to review and underwrite all consumer loan applications within delegated underwriting authority in accordance with Federal regulation and PenFed Board of Director policies, procedures, and standards. This position is also responsible for mentoring and leading the junior underwriting teams and maintaining a thorough knowledge of all Consumer Lending Processes and Policies.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.   

Credit Analysis

• Complete a thorough analysis of loan applications to extend credit for all Consumer Lending products within delegated lending authority. Products may include Direct Unsecured, Credit Card, Direct Auto, Refinance Auto Partners, and Indirect Auto applications.
• Understand how to read and analyze a credit report to make a sound lending decision based on the applicants’ credit profile.
• Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance including bank secrecy and anti-money laundering laws appropriate to the position.
• Maintain a working knowledge of the analysis and judgmental decision process for various Consumer loan products within designated lending authority.
• Complete a thorough analysis of high-risk loan applications to determine member’s creditworthiness for the desired product.
• Use resources and contacts to investigate potential fraud schemes and red flags.
• Remain up to date with current first party and third-party fraud trends as it pertains to Consumer Lending.
• Maintain a strong working knowledge of current and historical fraud trends and credit abuse tactics.
• Ability to review and approve loan applications from various loan origination systems.
• Ability to review and approve loans applications utilizing various policies, procedures, and desk guides.
• Ability to review complex lending situations and update lending decisions and deal structure for all application types within delegated lending authority.
• Ability to work with various external stakeholders (dealers, members, lead generation partners, etc.) to update offers of credit and discuss credit decisions.
• Possess a strong understanding of the life cycle of a Consumer Lending application through all lending channels (dealership, lead partner, and TTD organic), and the relevant risk factors of all channels.
• As a result of higher lending authority, execute higher risk and more complex underwriting decisions.  Work as an escalation point to junior lenders for questions, concerns, and second reviews.
• Analyze and review documentation related to consumer loan applications with an emphasis on accuracy, legitimacy, and completeness of required documentation.
• Ability to review a funding package and understand the necessary documents required to fund an application.
• Review policies, procedures, and guidelines and makes recommendations for improvement.

Collaboration

• Build and enhance relationships with existing external stakeholders (dealerships, finance managers, leader generation partners, etc.).
• Provide lending decisions to internal and external stakeholders over the phone.
• Work with members, internal PenFed staff, and external partners to provide rationale and explanations for consumer lending decisions.
• Collaborate with other departments and/or institutions to corroborate or collect information related to consumer lending decisions.
• Work closely with Senior Management to provide feedback regarding the development and refinement of the Consumer Lending program, including policies, procedures, work methods, and product enhancements.
• Assist IT department with user acceptance and other systems testing.

Leadership

• Lead peer mentoring and coaching activities to develop junior underwriting team, provides feedback and context for complex underwriting decisions.
• Rigorously evaluate, justify, and execute requests for exceptions to policy within delegated authority; additionally, screens exception requests from junior underwriters to ensure proper justification and processing.
• Interpret policies and guidelines for loan processors and other PenFed employees requiring guidance. Follow up with processors & underwriters when documentation is inaccurate due to processing errors or execution failures. Provides feedback to managers on employee performance.
• Act as an escalation point for other underwriters regarding high-risk and suspicious loan applications, evaluating the request for potential red flags and providing follow-up and research to determine the legitimacy of the loan application.
   

Equivalent combination of education and experience is considered.

• Bachelor’s Degree in a related field is preferred.
• Minimum of four (4) years of experience underwriting consumer loans required, with two (2) or more years of either high-risk and/or auto underwriting required.
• Minimum of six (6) years of experience in Direct or Indirect underwriting is preferred.
• Experience in auto sales, indirect lending, or consumer collections is strongly preferred.
• Experience mentoring/coaching, leading, and developing subordinates required.
• Ability to obtain Senior Lender authority with PenFed by successfully passing an advanced underwriting training course.
• Knowledge of PenFed structure, products, policies, and procedures preferred.
• Experience with AI preferred.

Supervisory Responsibility

This position will not supervise staff.

Licenses and Certifications

Must successfully complete Pentagon Federal Underwriting Training Program.
 

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds. *

Travel

Ability to travel to various worksites and be on-call will be required.

#LI-Hybrid