Downeast Credit Union is a member-owned financial cooperative created in 1941 to provide additional value and financial options to its membership. We partner with our members and tailor our products and services to meet their specific individual needs. Our credit union is much different than a bank, with our sole purpose being to continually improve the financial well-being of all members collectively – not just a few stockholders. Our credit union promotes a “People helping People” philosophy and culture; a culture where we serve people, not profit.
We are searching for an Subprime Auto Lending Underwriter. The chosen candidate will work in one of our 9 locations or work remotely. This candidate must reside in the State of Maine.
Summary
The Subprime Auto Lending Underwriter is responsible for underwriting, credit risk management, and portfolio growth.
Underwriter will evaluate, structure, and approve consumer auto loan applications for borrowers with sub-prime credit profiles across both the direct and indirect auto lending channels. This role balances member service, responsible lending practices, and portfolio growth by identifying lending opportunities that fall outside traditional credit standards while maintaining sound risk management.
Key Responsibilities
- Evaluate and underwrite loan applications submitted through dealership/Indirect lending partner and our direct channels.
- Review credit reports, income documentation, debt-to-income ratios, payment history, and collateral value.
- Structure loan terms including loan amount, term, rate, appropriate collateral and stipulations based on risk profile.
- Apply sound credit judgment to balance member service with responsible risk management.
- Clearly document underwriting decisions and rationale within the loan system.
- Perform Applicant Interviews when necessary, based on risk profile
- Assist lending staff in structuring loan options for members who may not qualify under traditional lending guidelines.
- Provide guidance to lending staff when evaluating complex or sub-prime credit situations.
- Support lending staff in identifying solutions that help members improve their financial position.
- Apply appropriate stipulations to ensure loan quality and proper documentation.
- Maintain strong working relationships with indirect lending partners to support loan growth.
- Ensure underwriting decisions comply with internal policies, regulatory requirements, and fair lending guidelines.
- Maintain consistency in underwriting decisions across both lending channels.
- Monitor loan performance trends within the sub-prime portfolio.
- Escalate high-risk or exception requests when appropriate.
Education & Experience
- 5 + years of consumer lending, underwriting, or credit analysis experience preferred.
- 2-4 specifically in subprime lending
- Experience with indirect auto lending and dealer relationships is a requirement.
Skills & Competencies
- Strong credit analysis and underwriting skills.
- Knowledge of consumer lending regulations and compliance standards.
- Ability to interpret credit reports, income documentation, and collateral valuations.
- Strong decision-making and problem-solving abilities.
- Excellent communication and relationship management skills.
- Ability to work in a fast-paced lending environment while managing multiple loan decisions.
- Strong fraud detection and prevention skills, including the ability to identify red flags, inconsistencies, and potential misrepresentation in credit applications.
Key Performance Indicators
- Underwriting turnaround time
- Portfolio performance, charge-offs and delinquency trends
- Responsible loan growth in the sub-prime segment
- Maintain a look to book ratio of 10% or higher
- Average yield, structure quality, and loan profitability metrics.
Benefits Include:
- Personal Paid Time Off up to 5 weeks
- 11 Paid Holidays Per Year
- Paid 3-Day Weekends in months without a federal holiday falling on a Monday or Friday
- Paid Birthday Off
- 5% 401k Contribution Match
- 90% Paid Health Insurance Premiums
- 100% Paid Dental Insurance Premiums
- 100% Paid Life & Disability Insurance Premiums
- Paid Training, Education, and Certifications
- Health Club Reimbursement
- Loan Discounts
Elective Employee Paid Benefits
- Colonial Life Accident, Critical Care, Cancer & Life Insurance
- Colonial Life Income Protection
- Anthem Vision
- Patriot Auto Insurance
- Patriot Life Insurance
Downeast provides a strong base salary paired with a comprehensive incentive plan that recognizes and rewards performance.
Job Type: Full-time
Pay: From $90,000.00 per year
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Employee discount
- Health insurance
- Paid time off
- Vision insurance
Work Location: Hybrid remote in Calais, ME 04619
