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SF Underwriter I

Company: Live Oak Bank
Location: Wilmington
Posted on: November 22, 2021

Job Description:

Title: Specialty Finance Underwriter IReports to: Head of Specialty Finance Underwriting or Underwriting Team ManagerFLSA Status: ExemptDepartment: Specialty Finance UnderwritingAbout UsLive Oak is more than a bank. Live Oak helps people realize their full potential so they can create meaningful impact at work, home or in their communities. As an innovation hub, we fully embrace a bold approach to solving problems and surpassing goals. Daily life at Live Oak centers around a culture of taking care of each other, which has made us one of the most desirable places to work. We've topped the list of American Banker's "Best Banks to Work For" because of our unparalleled dedication to our people. Our commitment to our customers and our culture is intertwined, so we seek those who embody and embrace what it takes to empower the American dream. Learn more at liveoakbank.com.How This Role impacts Live Oak and its PeopleThe Specialty Finance Underwriter will guide the borrower and the team through the loan approval process while managing the credit risk and quality of the loan. An Underwriter serves as the banks first line of defense for the bank's credit risk management and is responsible for collecting and analyzing financial data, completing financial spread analysis, and telling the story of the loan applicant. Additionally, an Underwriter is responsible for managing multiple tasks and responsibilities while still meeting implemented deadlines. Underwriting in Specialty Finance will give you the skills, knowledge and experience to successfully move to any position in the bank or even allow you to make underwriting a career.What You'll Do at Live Oak* Work with Loan Officer to complete the underwriting of the application to include the analysis of applicants' financial status, credit, and property evaluation to determine if loan requests meet the bank's and various lending criteria. Evaluate the sources of repayment on loan requests.* Develop an understanding of bank policies and procedures. Review the loans for credit worthiness.* Completes the customer interview. Makes assessment of the customer and resolves outstanding questions related to the transaction.* Ensures proposed loan is suitable for the applicant's financial situation.* Develops expertise in use of Bank loan systems. Ensures that all documents required for the credit approval of the loan transaction are uploaded to SalesForce.* Responsible for preparing the Credit Memorandum detailing the loan request, completing personal and business financial analysis for credit worthiness, and complying with banking regulatory guidelines and USDA or SBA eligibility, as applicable.* Clearly identifies credit risks and makes a credit recommendation.* Submits the loan request to Underwriting peer or Management for preliminary file review and responsible for making appropriate corrections, until proficiency is demonstrated.* Submits the loan request to Credit Administration to secure approval for the transaction. Works closely and directly with the credit officer, answers questions about the loan and the customer which allows the credit officer to become comfortable with the request.* Prepares, packages and communicates with SBA lending personnel as needed.* After the loan is approved, issues or reviews the commitment letter. When issuing, tracks until it is returned signed and accepted.* Orders third party appraisal(s) on real estate, business valuation(s) and environmental assessment(s) when applicable. Reviews documentation upon completion for compliance with loan conditions.* Develops industry expertise in serving specified market niches.* Ensures a smooth transfer of the customer to the Loan Closing Specialist for the closing and funding of the loan.* Works with the Closer throughout the loan process up though the loan funding, including but not limited to file clean up, review and approval of all Underwriting items, preparation of Change Memos, complying with all Prefunding file review items as needed to ensure a smooth and timely loan closing.* Reviews Loan Agreement for credit aspects. Requests assistance from Underwriting Peer or Management as needed.* Works with the Construction Relationship Manager on Multiple Disbursements loans throughout the loan process until the loan closes, including but not limited to review of documents received, and preparing of Change Memos, as applicable.* Ensures a smooth transfer of the customer to the Loan Servicing team for ongoing monitoring of the loan, including briefing servicing on nonstandard covenants and unique deal specifics. Periodically meets with servicing team to assess portfolio performance against underwriting expectations.* Keeps abreast of economic conditions, changes and trends in customers' businesses, the banking industry and the specific market niches targeted by the bank.How You'll Do It* In accordance with established lending policies and procedures, and under the guidance of the Specialty Finance Underwriting Team Lead develops an understanding in examining, evaluating, and closing commercial extensions of credit with an emphasis on utilizing SBA loan programs.* May request specified information for loan application. Responsible for assembling information required by Live Oak and counsel to properly close loans.* Develop customer relationships through friendly, courteous and responsive service.* Develop understanding of commercial lending, SBA Program rules and procedures. Promote the Bank's services to current and potential customersRequired Experience* Minimum 1-3 years of commercial underwriting experience or equivalent.* Credit analyst/lending experience.* Excellent customer service and interpersonal skills.* Sound judgment.* Detail oriented and high level of ownership in lending process.* PC proficiency.* In-depth knowledge of Bank lending policies, procedures and criteria.* Minimum of a Bachelor's degree in Finance, Accounting, Business, or underwriting or related industry experience.Preferred Experience* SBA credit training* Conventional lendingRequired to Thrive at Live Oak* Dedication - You possess a deep commitment to Live Oak Bank's mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.* Ownership - You take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.* Innovation - You embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.* Teamwork - You foster collaboration, accountability and trust with others and understand that together, we do more.* Respect - You treat everyone with courtesy, politeness and kindness."The above statements are intended to describe the general nature and level of work being performed by the incumbent assigned to this classification. They are not intended to be construed as an exhaustive list of all responsibilities, duties and/or skills required of all personnel so classified."Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at EEO is the LawCommitment to DiversityLive Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.

Keywords: Live Oak Bank, Wilmington , SF Underwriter I, Other , Wilmington, North Carolina

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