Description: The National Asian American Coalition (NAAC), one of California’s leading Community Development Financial Institutions, is growing and seeking an experienced community lending underwriter to join our team. NAAC is offering a hybrid schedule where the preferred candidate can work primarily from home (WFH) with occasional visits to our office in Pasadena. NAAC is certified by the U.S. Small Business Administration (SBA) as a small business intermediary and by the Department of Treasury as a Community Development Financial Institution (CDFI). NAAC is offering a competitive salary and benefits package for qualified candidates.
Location: Hybrid WFH. The preferred candidate has the opportunity to work from home (WFH) and our office in Pasadena, California.
Reports To: CDFI Director
Job Type: Full-Time (with benefits post-6-month probationary period)
Salary: $86,125 – $103,050
Job Summary: NAAC is seeking a detail-oriented and experienced underwriter to join the Community Development Financial Institution (CDFI) team to underwrite and process community lending loan products for prospective borrowers from throughout California. The underwriter will evaluate and approve loan applications, ensuring compliance with our lending policies and federal regulations. This role involves analyzing financial documents, assessing creditworthiness, and working closely with loan officers to support small businesses and individual borrowers within our community.
Desired Qualifications and Experience:
· Minimum high school diploma or equivalent, with some college experience preferred.
· 2-3 years of commercial, SBA, or CDFI loan underwriting experience is preferred.
· 2-3 years of experience in credit quality skills, which should include accounting, financial statement spreading, and cash flow analysis experience.
· Advance knowledge of credit policies, procedures, practices, and documentation.
· Strong communication skills in English (reading, writing, and speaking) are required.
· Bilingual skills in Tagalog or Spanish are preferred.
· A demonstration of high integrity and ethical standards is required.
Key Responsibilities:
Loan Application Review and Analysis
o Evaluate loan applications from individuals, businesses, and nonprofits (for NAAC grants).
o Analyze financial statements, credit reports, business plans, and other relevant documents submitted electronically and manually.
o Give a primary assessment of the financial viability and creditworthiness of applicants.
Risk Assessment
o Identify and assess potential risks associated with small-dollar lending (SDL) and small business lending.
o Conduct due diligence to ensure compliance with risk management policies.
o Determine appropriate loan terms, conditions, and covenants with NAAC lines of credit to mitigate risks.
Financial Modeling and Forecasting
o Develop financial models to project the financial performance of SDL and Small Business loan applicants (including SBA Microlending).
o Forecast cash flows, revenue, and expenses to ensure borrowers can meet their financial obligations.
Credit Decision Making
o Make informed recommendations regarding loan approvals or rejections.
o Present findings and recommendations to loan committees or senior management for final decision-making.
o Ensure decisions align with the NAAC's mission and strategic goals.
Loan Structuring
o Structure loans to meet the needs of both the borrower and NAAC Portfolio.
o Negotiate loan terms, including interest rates, repayment schedules, and collateral requirements.
o Ensure loan structures are compliant with regulatory requirements and CDFI and SBA policies.
Documentation and Compliance
o Prepare and review loan documents to ensure accuracy and completeness from marketing and outreach matches.
o Ensure compliance with all applicable laws, regulations, and NAAC lending guidelines.
o Maintain thorough documentation and records of all underwriting activities.
Client Interaction and Support
o Communicate with loan applicants to gather and clarify all necessary details.
o Provide guidance and support to applicants throughout the loan process.
o Assist clients in understanding loan terms and conditions.
Portfolio Management (as Primary where Loan Administrator is Secondary)
o Monitor the performance of the loan portfolio.
o Conduct periodic reviews and reassessments of existing loans.
o Address issues or delinquencies in collaboration with the collections team.
Market and Industry Analysis
o Stay informed about market trends, industry developments, and economic conditions.
o Assess the impact of external factors on borrowers and the CDFI’s loan portfolio.
o Adjust underwriting standards and practices accordingly.
Internal and External Reporting
o Prepare reports on loan activities, portfolio performance, and risk assessments.
o Report to senior management, board members, and regulatory bodies as required.
o Ensure transparency and accountability in underwriting practices.
Policy and Procedure Development
o Contribute to the development and updating of NAAC underwriting policies and procedures.
o Implement best practices and innovative approaches to enhance the underwriting process.
o Ensure policies align with the NAAC's mission and regulatory requirements.
Training and Mentoring
o Provide training and mentorship to junior underwriters and other staff members.
o Share knowledge and expertise to build a strong NAAC underwriting team.
o Promote professional development within the organization.
Equal Opportunity Employer: NAAC is an equal opportunity employer. It is a longstanding policy of NAAC to provide equal employment opportunities to all persons, regardless of their age, race, religion, lack of religious beliefs, color, national origin, gender, political affiliation, marital status, non-disqualifying physical or mental disability, sexual orientation, or on the basis of personal favoritism or familial relationship or other non-merit factors, except where otherwise provided by law.
Job Type: Full-time
Pay: $86,125.00 - $103,050.00 per year
Benefits:
- 401(k) 10% Match
- Dental insurance
- Health insurance
- Life insurance
- Paid time off
- Vision insurance
Schedule:
- 8 hour shift
- Monday to Friday
- No nights
- No weekends
Ability to Commute:
- Pasadena, CA 91105 (Required)
Work Location: Hybrid remote in Pasadena, CA 91105