Associate Underwriter, SBB

Live Oak Banking•Wilmington, NC

14h•$56,540 - $92,520

About The Position

About Us Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream. How This Role Impacts Live Oak and its People The Associate Underwriter, SBB analyzes deals to determine if they are prudent loans for the Bank and the borrower. The Associate Underwriter role impacts the Bank by fulfilling a critical part of the loan process to move deals from proposal to credit approval. In accordance with established lending policies and procedures, and under the guidance of the Underwriting Team Manager develops an understanding in examining, evaluating, and closing commercial extensions of credit. May request specified information for loan application. Develops customer relationships through friendly, courteous, and responsive service. Develops understanding of commercial lending policies and SBA Program rules and procedures. Promotes Bank’s services to current and potential customers. What You’ll Do at Live Oak Works with an experienced 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 SBA’s lending criteria Evaluates the sources of repayment on loan requests and does a competition analysis Develops an understanding of bank policies and procedures as well as SBA standards and SOP's; reviews the loans for SBA eligibility and verifies same Completes the customer interview; makes an assessment of the customer and resolves outstanding questions related to the transaction Develops expertise in use of Bank loan systems. Ensures that all documents required for the credit approval of the loan transaction are uploaded to Bank’s Loan Origination System 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, as applicable 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 Evaluates third party appraisal(s) on real estate, business valuation(s) and environmental assessment(s). Reviews documentation upon completion for compliance with loan conditions Initial focus is on achieving Underwriter Certification, where every deal completed is reviewed by their manager or an Underwriting Review Specialist; once certified, deals go straight to credit administration for review and decisioning Once Certified, the focus shifts to proving ability to maintain a full underwriter pipeline over multiple consecutive quarters As part of maintaining a full pipeline, Associate Underwriters are also expected to become proficient in the Closing process; this means demonstrating proficiency in change memos, working with Closers, and navigating the various issues that arise during the Closing stage Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC

Requirements

Bachelor's degree or equivalent experience

Nice To Haves

Banking experience

Responsibilities

Works with an experienced 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 SBA’s lending criteria
Evaluates the sources of repayment on loan requests and does a competition analysis
Develops an understanding of bank policies and procedures as well as SBA standards and SOP's; reviews the loans for SBA eligibility and verifies same
Completes the customer interview; makes an assessment of the customer and resolves outstanding questions related to the transaction
Develops expertise in use of Bank loan systems.
Ensures that all documents required for the credit approval of the loan transaction are uploaded to Bank’s Loan Origination System
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, as applicable
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
Evaluates third party appraisal(s) on real estate, business valuation(s) and environmental assessment(s).
Reviews documentation upon completion for compliance with loan conditions
Initial focus is on achieving Underwriter Certification, where every deal completed is reviewed by their manager or an Underwriting Review Specialist; once certified, deals go straight to credit administration for review and decisioning
Once Certified, the focus shifts to proving ability to maintain a full underwriter pipeline over multiple consecutive quarters
As part of maintaining a full pipeline, Associate Underwriters are also expected to become proficient in the Closing process; this means demonstrating proficiency in change memos, working with Closers, and navigating the various issues that arise during the Closing stage
Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC