Job Information
Massachusetts Institute of Technology Consumer Loan Underwriter in Cambridge, Massachusetts
Consumer Loan Underwriter
Job Number: 24357
Functional Area: Credit Union
Department: Credit Union
School Area: Credit Union
Employment Type: Full-time (Hybrid)
Employment Category: Non-Exempt
Visa Sponsorship Available: No
Schedule: Hybrid
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Job Description
CONSUMER LOAN UNDERWRITER, MIT Federal Credit Union (MITFCU), to review and approve consumer loan applications within the limits and guidelines set by the board of directors, ALCO committee. and NCUA rules and regulations. Responsibilities include approving consumer loans; imparting knowledge to member service representatives on lending products, loan origination. and processing requirements; maintaining thorough understanding of the requirements and features of all loan programs offered by MITFCU; responding to questions from members, assisting them in understanding and utilizing MITFCU products and services; regularly updating lending procedures related to loan approval process; following up on approved loan applications in lending queue from origination through booking; assisting in setting up loan closings and collecting financial documentation from members who apply through various lending channels; maintaining working knowledge of compliance laws and regulations, including Equal Credit opportunity Act (ECOA), Truth in Lending Compliance (Regulation Z), and Fair Credit Reporting Act (FCRA); backing up and assisting the consumer loan specialist in high volume times and in the absence of personnel; and performing a variety of other duties.
Job Requirements
REQUIRED: high school diploma or its equivalent; at least two years of experience in the banking or credit union industry; excellent member and internal service, problem-solving, organizational, listening, and verbal and written communication skills; initiative; attention to detail; and ability to form long-term business relationships, work independently and/or collectively with all credit union departments, multitask in a fast-paced environment, and work on a variety of loan databases and complete transactions electronically on loan applications. PREFERRED: associate’s degree; lending experience; and proficiency with MS Office (Word, Excel, and Outlook) and Fiserv DNA. Job #24357-5This position is located in Lexington, MA.8/23/24