Training on credit union's risk management policies and procedures
5
Understanding of the United States federal and state legal and regulatory requirements
6
Review of credit union's loan and credit products
7
Training on loan application process
8
Loan File Documentation Training
9
Underwriting Guidelines Training
10
Briefing on loans pricing and structuring
11
Understanding of credit and financial statement analysis
12
Understanding mortgage loan underwriting if applicable
13
Training on using credit scoring models
14
Understanding of loan approval and rejection procedures
15
Compliance and fraud detection training
16
Approval: Compliance Manager
17
Scenario based role play training
18
Understanding of negotiation techniques
19
Shadowing a colleague for practical experience
20
Review and feedback on performance
Welcome and team introduction
In this task, the new Credit Union Underwriting Specialist will be welcomed to the team and introduced to their colleagues. The goal is to create a friendly and supportive work environment. How can you contribute to making the new team member feel comfortable and valued? What impact will a warm welcome have on their overall onboarding experience?
Underwriting systems and software overview
This task provides an overview of the underwriting systems and software used by the Credit Union. The goal is to familiarize the new Underwriting Specialist with the tools they will be using on a daily basis. What impact will a thorough understanding of these systems and software have on their ability to perform their job effectively?
Introduction to Credit Union's loan portfolio
In this task, the new Underwriting Specialist will be introduced to the Credit Union's loan portfolio. The goal is to provide an understanding of the types of loans the Credit Union offers and the target audience for each loan. This knowledge will help the Underwriting Specialist make informed decisions when reviewing loan applications. How will an understanding of the loan portfolio impact the Underwriting Specialist's ability to assess loan applications?
Training on credit union's risk management policies and procedures
This task provides training on the Credit Union's risk management policies and procedures. The goal is to ensure the new Underwriting Specialist understands the processes in place to mitigate risk. By following these policies and procedures, the Underwriting Specialist can make informed and responsible decisions. How will a thorough understanding of risk management policies and procedures impact the Underwriting Specialist's ability to assess loan applications?
1
Loan approval process
2
Credit score criteria
3
Loan pricing guidelines
4
Fraud detection measures
5
Compliance requirements
1
They help mitigate potential losses
2
They ensure responsible lending practices
3
They guarantee loan approval
4
They are not necessary for underwriting
Understanding of the United States federal and state legal and regulatory requirements
This task focuses on providing the new Underwriting Specialist with an understanding of the legal and regulatory requirements specific to the United States. The goal is to ensure compliance with laws and regulations when reviewing loan applications. How will understanding these requirements impact the Underwriting Specialist's ability to make informed decisions?
1
Compliance with Truth in Lending Act (TILA)
2
Knowledge of state-specific lending laws
3
Understanding of Fair Credit Reporting Act (FCRA)
4
Compliance with Equal Credit Opportunity Act (ECOA)
5
Understanding of Home Mortgage Disclosure Act (HMDA)
Review of credit union's loan and credit products
This task involves reviewing the various loan and credit products offered by the Credit Union. The goal is to familiarize the new Underwriting Specialist with the features and characteristics of each product. This knowledge will be valuable when assessing loan applications. How will understanding the loan and credit products impact the Underwriting Specialist's ability to assess loan applications?
Training on loan application process
In this task, the new Underwriting Specialist will receive training on the loan application process. The goal is to ensure the Underwriting Specialist understands the steps involved in applying for a loan. This knowledge will help them assess loan applications and identify any missing or incomplete information. How will understanding the loan application process impact the Underwriting Specialist's ability to review applications effectively?
Loan File Documentation Training
This task provides training on the documentation required for loan files. The goal is to ensure the Underwriting Specialist understands the importance of accurate and complete documentation. With this knowledge, they can assess loan applications based on the information provided. How will understanding loan file documentation impact the Underwriting Specialist's ability to make informed decisions?
1
Loan application
2
Income verification
3
Asset verification
4
Credit report
5
Appraisal report
Underwriting Guidelines Training
This task focuses on training the new Underwriting Specialist on the Credit Union's underwriting guidelines. The goal is to ensure the Underwriting Specialist understands the criteria used to evaluate loan applications. With this knowledge, they can make accurate and consistent underwriting decisions. How will understanding the underwriting guidelines impact the Underwriting Specialist's ability to assess loan applications?
1
Credit score
2
Debt-to-income ratio
3
Employment history
4
Loan-to-value ratio
5
Collateral type
Briefing on loans pricing and structuring
This task provides a briefing on loans pricing and structuring. The goal is to ensure the new Underwriting Specialist understands how loans are priced and structured, including interest rates and repayment terms. This knowledge will help them assess loan applications and determine their viability. How will understanding pricing and structuring impact the Underwriting Specialist's ability to make informed decisions?
Understanding of credit and financial statement analysis
This task focuses on providing the new Underwriting Specialist with an understanding of credit and financial statement analysis. The goal is to ensure the Underwriting Specialist can assess the creditworthiness of loan applicants based on their financial statements. How will understanding credit and financial statement analysis impact the Underwriting Specialist's ability to make informed decisions?
1
Income statement
2
Balance sheet
3
Cash flow statement
4
Statement of retained earnings
5
Statement of changes in equity
Understanding mortgage loan underwriting if applicable
This task focuses on providing the new Underwriting Specialist with an understanding of mortgage loan underwriting. If applicable to the Credit Union, this knowledge will expand the Underwriting Specialist's skills and enable them to assess mortgage loan applications effectively. How will understanding mortgage loan underwriting impact the Underwriting Specialist's ability to make informed decisions?
Training on using credit scoring models
In this task, the new Underwriting Specialist will receive training on using credit scoring models. The goal is to familiarize the Underwriting Specialist with the models used by the Credit Union and ensure they understand how to interpret credit scores. This knowledge will help them assess loan applications and determine creditworthiness. How will understanding credit scoring models impact the Underwriting Specialist's ability to make informed decisions?
1
FICO Score
2
VantageScore
3
Beacon Score
4
TransRisk Score
5
CE Score
Understanding of loan approval and rejection procedures
This task focuses on providing the new Underwriting Specialist with an understanding of the loan approval and rejection procedures. The goal is to ensure the Underwriting Specialist knows the steps involved in approving or rejecting a loan application and can communicate the decision to clients effectively. How will understanding loan approval and rejection procedures impact the Underwriting Specialist's ability to handle loan applications efficiently?
1
Approve the loan
2
Reject the loan
3
Request additional information
4
Send for further review
5
Suspend the application
Compliance and fraud detection training
This task provides training on compliance and fraud detection. The goal is to ensure the new Underwriting Specialist understands the importance of compliance and how to detect and prevent fraud. By following compliance measures and detecting fraud, the Underwriting Specialist can protect the Credit Union from legal and financial risks. How will understanding compliance and fraud detection impact the Underwriting Specialist's ability to make informed decisions?
1
Anti-money laundering (AML) regulations
2
Identity verification procedures
3
Red flags for potential fraud
4
Suspicious activity reporting
5
Internal controls for risk management
Approval: Compliance Manager
Will be submitted for approval:
Training on loan application process
Will be submitted
Loan File Documentation Training
Will be submitted
Underwriting Guidelines Training
Will be submitted
Briefing on loans pricing and structuring
Will be submitted
Understanding of credit and financial statement analysis
Will be submitted
Understanding mortgage loan underwriting if applicable
Will be submitted
Training on using credit scoring models
Will be submitted
Understanding of loan approval and rejection procedures
Will be submitted
Compliance and fraud detection training
Will be submitted
Scenario based role play training
This task involves scenario-based role play training for the new Underwriting Specialist. The goal is to simulate real-life situations they may encounter when reviewing loan applications. Through role play, they can practice making decisions and handling challenging scenarios. How will scenario-based role play training enhance the Underwriting Specialist's decision-making skills?
Understanding of negotiation techniques
This task focuses on providing the new Underwriting Specialist with an understanding of negotiation techniques. How can negotiation skills benefit the Underwriting Specialist in their role? How will understanding negotiation techniques impact their ability to communicate effectively with clients and negotiate loan terms when necessary?
Shadowing a colleague for practical experience
This task involves the new Underwriting Specialist shadowing a colleague who has experience in loan underwriting. The goal is to provide practical, on-the-job training and allow the new Specialist to observe and learn from an experienced professional. How will shadowing a colleague enhance the new Underwriting Specialist's skills and understanding of the role?
Review and feedback on performance
This task involves reviewing the new Underwriting Specialist's performance and providing feedback. The goal is to identify strengths and areas for improvement, and provide guidance to help them excel in their role. How will reviewing and providing feedback on performance contribute to the Underwriting Specialist's growth and development?
