Security Based Lending Underwriter

Job Title : Security Based Lending Underwriter

Job Duration : 3 months contract

Job Location : Remote full-time opportunity- Eastern time zone preferred

Laptop provided

Temporary with opportunity for extension but no plans for conversion

Work Schedule

Can choose start time at 7 : 30am or 8am, no later than 8am. Off at 4 : 30PM.

• Reason the position is open : there has been an increase of loan applications, the team needs someone to help alleviate the workload
• Understanding "Securities-Based Lending"
• Definition of Security : A security, in financial context, is a certificate or other financial instrument that has monetary value and can be traded Securities are generally classified as either equity securities, such as stocks, or debt securities, such as bonds and debentures.
• Definition of Securities-Based Lending : the practice of making loans using securities as collateral. SBL provides ready access to capital that can be used for almost any purpose such as buying real estate, purchasing personal property, or investing in a business.
• Example) Sally Smith wants to buy a new house; however, she needs to get a loan from the bank in order to buy the house. Sally goes to the bank to get the loan, but before the bank can issue her a loan, the bank needs something of monetary value from Sally to use as collateral (if for some reason Sally can't pay back her loan). Sally offers the bank her 30 shares of Amazon stock, which the bank accepts as collateral.
• Financial Advisors have clients who have securities in their accounts. Some clients request loans on these securities. This person would be involved with the processing of these types of loans. This will include, but is not limited to :
• Customer fills out a loan application and sends it into Client, an analyst assigns application to another loan analyst. The assigned analyst will then review the application, pull credit, verify customer identity (Address, DOB, name, Social), creates files for each client loan, and pull client documents out of said folders, as needed.
• Will also enter security loan into an excel report
• The duties of the SBL Underwriter are slightly different compared to a Mortgage Underwriter. With Mortgage Underwriting, the loan institution will always screen the customers' financials; however, for the SBL Underwriter - since the loan is based off the securities in the clients account, screening the customers' financials may not always be necessary.
• After the customer fills out a loan application and sends it to Client's SBL department, the application will get assigned to a Loan Analyst (role described above). The assigned analyst will then review the application, pull credit, verify customer identity (Address, DOB, Name, Social, etc.). They will then create a file and maintain a client folder for each loan. Once the analyst completely reviews the application, it will go to the Underwriter. The Underwriter will then review everything that the Loan Analyst documented pertaining to the application (i.e. credit history, customer identity, etc.). The underwriter will then sign-off on the loan application.

Skills : Must haves

Nice-to-Have Skills

Qualified candidates will have :

Education :

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