Sr Commercial Credit Underwriter
First Fed, Edmonds, WA, United States
Position Purpose
The Commercial Underwriter underwrites commercial business and real estate loan requests. The underwriter analyzes financial information, borrower and guarantor business and credit history, tenant leases, property condition reports and appraisals, market trends, and conditions and recommends loan actions. The underwriter analyzes commercial loan applications and renewals and determines credit worthiness and appropriate grading for consideration of the initial loan request and annual risk grading. The underwriter assists the sales staff to maximize the cross‑sales effort as the loan request is being processed. The underwriter prepares loans for legal documentation and monitors the closing process. The underwriter follows up to ensure timely renewals, reporting requirements, and compliance with First Fed Bank policies and regulatory guidelines. Essential Functions
Perform credit analysis and underwrite commercial loan applications received by Relationship Managers to determine eligibility of request, ensuring compliance with First Federal Lending policies and regulatory guidelines. Review and evaluate credit data provided by commercial loan requests and analyze annual financial data and sources of financial information to determine profitability and qualification of loan. Perform all key ratios to determine borrower/project strength and compliance with First Federal commercial credit policies and procedures. Analyze loan collateral including property condition reports and overall strength of the borrower/applicant. Recommend the addition of collateral, guarantors, or alternative loan terms or underwriting enhancements as necessary. Recommend terms, conditions, and covenants of the Business Loan Agreement for each loan. Prepare the loan presentation document to support and evaluate the loan request, determine credit quality for loan grading purposes, make recommendations, and identify potential risks associated with the proposed credit. Discuss any adverse credit issues with the Credit Administrator. Define loan documentation requirements for transactions and review existing loan documentation for validity. Ensure all due diligence and background evaluation is complete and thorough before credit approval is granted. In coordination with the Relationship Managers prepare the narrative portion of the Credit Memo. Ensure that all loan files presented to the Loan Committee have been properly reviewed and prepared and are pre‑approved prior to presentation by the Credit Administrator and/or the Chief Credit Officer. Verify that all conditions of approval are met and approve/decline any exceptions to the conditions of approval prior to signing/closing. Review new loan documentation prior to signing/closing for accuracy and validity, in relation to each loan. Perform credit analysis and underwrite existing commercial loan relationships. Perform financial analysis of existing borrowers to provide an overall assessment of debt service potential, business financial viability and strength of guarantors for credit support. Analyze the quality of collateral as to value and credit support for current or requested credit transactions. Define perfection requirements for collateral. Define appropriate structure and pricing for requested transactions/relationships, including workouts and troubled debt restructures. Ensure that all existing credit files are well organized and updated with current financials and other documentation required in the business loan agreement. Participate in Credit Committee discussions of presentations as requested by the Credit Administrator and the Chief Credit Officer. Participate in the Special Assets Committee for Commercial Loans. Coordinate with the Relationship Manager and/or their support staff to ensure the required financial information is collected from borrowers and prepared in proper format. Ensure that Risk Rating Worksheets are prepared accurately and timely. Review all property inspections prepared by the Relationship Managers. Perform annual risk assessments on existing credits in accordance with defined policy and schedule. Work with the relationship manager of account to obtain current financial information on borrower and any guarantors. Document results of analysis using a defined format, highlighting areas of developing concern for discussion with Credit Administrator, Chief Credit Officer, and the Relationship Manager. Prepare final risk rating document, including the assessment of the risk grade to be assigned to credit/relationship. Maintain current working knowledge of the commercial lending industry and independently research and analyze company and industry data. Participate in training to enhance financial analysis skills. Maintain business, collateral, real estate, and industry knowledge through education and reading material. Ensure compliance with Bank Secrecy Act (BSA) regulations and other federal and state regulations pertinent to this position. Complete annual BSA training in a timely manner in accordance with BSA regulations and internal policies and procedures. Maintain regular and predictable attendance. Perform related duties and responsibilities as required. Qualifications & Requirements
Undergraduate degree in Finance, Business Administration, Accounting, or related work experience. Commercial Credit Underwriter I – typically requires accounting and financial analysis skills, Bachelor’s Degree, and 1–2 years of relevant banking experience. Commercial Credit Underwriter II – typically requires accounting and financial analysis skills, Bachelor’s Degree, and 3–4 years of relevant banking experience. Senior Commercial Credit Underwriter – typically requires demonstrated accounting and financial analysis skills, Bachelor’s Degree, and 5 or more years of relevant banking experience; may serve as a subject‑matter expert and provide work direction to others. Established knowledge of financial accounting theory and logic, loan structuring, commercial products and services. Proven ability to interpret and discuss analytical data and make credit recommendations to Senior Management and/or Risk Management on strategic issues or initiatives. High level of accuracy, organization, and attention to detail. Excellent credit analysis, accounting and mathematical skills. Ability to handle pressure and remain adaptable in a fast‑paced, changing work environment. Ability to complete a high volume of work efficiently and with accuracy. Ability to assume responsibility and accountability for decision‑making required. Demonstrated ability to work effectively and independently, as well as in teams and interact effectively with all levels of bank personnel and outside contacts. Ability to deal with the public—both in person and by telephone—in a personal and professional manner. Excellent organizational skills with an efficient work demeanor that allows involvement in multiple areas. Excellent verbal and written communication skills. Ability to utilize personal computers and Windows‑driven programs, especially Microsoft Office suite applications (Word and Excel). Ability to develop and maintain a working knowledge of First Federal policies, procedures, and systems. Physical Requirements
The work requires the ability to operate office machines and equipment, such as personal computers, printers, copying machines, and telephones. The work requires the ability to communicate clearly with customers, coworkers, and others in person and on telephones. Work activities involve combinations of sitting/standing for extended periods. Pay Range & Benefits
The pay range for the Senior Commercial Credit Underwriter position is $86,431.49 – $146,933.53. The typical hiring range is $86,431.49 – $99,180.13. The incentive plan is the Partnership Incentive plan, paid out quarterly with a 7.5% target payout. Employees will be eligible for a benefits package that includes medical, dental, and vision insurance; paid time off; retirement plans (401(k) with company match and Employee Stock Ownership Plan); gym membership reimbursement; discounts on our banking products; and more. Equal Opportunity Employer Statement
As a community bank, we are committed to hiring the very best talent and welcome applicants from all backgrounds. Qualified applicants will receive consideration without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. First Fed invites all qualified interested applicants to apply for our career opportunities. We are required to notify all applicants of their rights pursuant to federal employment laws.
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The Commercial Underwriter underwrites commercial business and real estate loan requests. The underwriter analyzes financial information, borrower and guarantor business and credit history, tenant leases, property condition reports and appraisals, market trends, and conditions and recommends loan actions. The underwriter analyzes commercial loan applications and renewals and determines credit worthiness and appropriate grading for consideration of the initial loan request and annual risk grading. The underwriter assists the sales staff to maximize the cross‑sales effort as the loan request is being processed. The underwriter prepares loans for legal documentation and monitors the closing process. The underwriter follows up to ensure timely renewals, reporting requirements, and compliance with First Fed Bank policies and regulatory guidelines. Essential Functions
Perform credit analysis and underwrite commercial loan applications received by Relationship Managers to determine eligibility of request, ensuring compliance with First Federal Lending policies and regulatory guidelines. Review and evaluate credit data provided by commercial loan requests and analyze annual financial data and sources of financial information to determine profitability and qualification of loan. Perform all key ratios to determine borrower/project strength and compliance with First Federal commercial credit policies and procedures. Analyze loan collateral including property condition reports and overall strength of the borrower/applicant. Recommend the addition of collateral, guarantors, or alternative loan terms or underwriting enhancements as necessary. Recommend terms, conditions, and covenants of the Business Loan Agreement for each loan. Prepare the loan presentation document to support and evaluate the loan request, determine credit quality for loan grading purposes, make recommendations, and identify potential risks associated with the proposed credit. Discuss any adverse credit issues with the Credit Administrator. Define loan documentation requirements for transactions and review existing loan documentation for validity. Ensure all due diligence and background evaluation is complete and thorough before credit approval is granted. In coordination with the Relationship Managers prepare the narrative portion of the Credit Memo. Ensure that all loan files presented to the Loan Committee have been properly reviewed and prepared and are pre‑approved prior to presentation by the Credit Administrator and/or the Chief Credit Officer. Verify that all conditions of approval are met and approve/decline any exceptions to the conditions of approval prior to signing/closing. Review new loan documentation prior to signing/closing for accuracy and validity, in relation to each loan. Perform credit analysis and underwrite existing commercial loan relationships. Perform financial analysis of existing borrowers to provide an overall assessment of debt service potential, business financial viability and strength of guarantors for credit support. Analyze the quality of collateral as to value and credit support for current or requested credit transactions. Define perfection requirements for collateral. Define appropriate structure and pricing for requested transactions/relationships, including workouts and troubled debt restructures. Ensure that all existing credit files are well organized and updated with current financials and other documentation required in the business loan agreement. Participate in Credit Committee discussions of presentations as requested by the Credit Administrator and the Chief Credit Officer. Participate in the Special Assets Committee for Commercial Loans. Coordinate with the Relationship Manager and/or their support staff to ensure the required financial information is collected from borrowers and prepared in proper format. Ensure that Risk Rating Worksheets are prepared accurately and timely. Review all property inspections prepared by the Relationship Managers. Perform annual risk assessments on existing credits in accordance with defined policy and schedule. Work with the relationship manager of account to obtain current financial information on borrower and any guarantors. Document results of analysis using a defined format, highlighting areas of developing concern for discussion with Credit Administrator, Chief Credit Officer, and the Relationship Manager. Prepare final risk rating document, including the assessment of the risk grade to be assigned to credit/relationship. Maintain current working knowledge of the commercial lending industry and independently research and analyze company and industry data. Participate in training to enhance financial analysis skills. Maintain business, collateral, real estate, and industry knowledge through education and reading material. Ensure compliance with Bank Secrecy Act (BSA) regulations and other federal and state regulations pertinent to this position. Complete annual BSA training in a timely manner in accordance with BSA regulations and internal policies and procedures. Maintain regular and predictable attendance. Perform related duties and responsibilities as required. Qualifications & Requirements
Undergraduate degree in Finance, Business Administration, Accounting, or related work experience. Commercial Credit Underwriter I – typically requires accounting and financial analysis skills, Bachelor’s Degree, and 1–2 years of relevant banking experience. Commercial Credit Underwriter II – typically requires accounting and financial analysis skills, Bachelor’s Degree, and 3–4 years of relevant banking experience. Senior Commercial Credit Underwriter – typically requires demonstrated accounting and financial analysis skills, Bachelor’s Degree, and 5 or more years of relevant banking experience; may serve as a subject‑matter expert and provide work direction to others. Established knowledge of financial accounting theory and logic, loan structuring, commercial products and services. Proven ability to interpret and discuss analytical data and make credit recommendations to Senior Management and/or Risk Management on strategic issues or initiatives. High level of accuracy, organization, and attention to detail. Excellent credit analysis, accounting and mathematical skills. Ability to handle pressure and remain adaptable in a fast‑paced, changing work environment. Ability to complete a high volume of work efficiently and with accuracy. Ability to assume responsibility and accountability for decision‑making required. Demonstrated ability to work effectively and independently, as well as in teams and interact effectively with all levels of bank personnel and outside contacts. Ability to deal with the public—both in person and by telephone—in a personal and professional manner. Excellent organizational skills with an efficient work demeanor that allows involvement in multiple areas. Excellent verbal and written communication skills. Ability to utilize personal computers and Windows‑driven programs, especially Microsoft Office suite applications (Word and Excel). Ability to develop and maintain a working knowledge of First Federal policies, procedures, and systems. Physical Requirements
The work requires the ability to operate office machines and equipment, such as personal computers, printers, copying machines, and telephones. The work requires the ability to communicate clearly with customers, coworkers, and others in person and on telephones. Work activities involve combinations of sitting/standing for extended periods. Pay Range & Benefits
The pay range for the Senior Commercial Credit Underwriter position is $86,431.49 – $146,933.53. The typical hiring range is $86,431.49 – $99,180.13. The incentive plan is the Partnership Incentive plan, paid out quarterly with a 7.5% target payout. Employees will be eligible for a benefits package that includes medical, dental, and vision insurance; paid time off; retirement plans (401(k) with company match and Employee Stock Ownership Plan); gym membership reimbursement; discounts on our banking products; and more. Equal Opportunity Employer Statement
As a community bank, we are committed to hiring the very best talent and welcome applicants from all backgrounds. Qualified applicants will receive consideration without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. First Fed invites all qualified interested applicants to apply for our career opportunities. We are required to notify all applicants of their rights pursuant to federal employment laws.
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