Job Responsibilities of Credit Officer/ Chief Underwriting Officer

Chief Underwriting Officer or Credit Officer is known to assume a senior leadership role in a debt settlement company or an insurance company or any lending agency. He would be responsible for designing, implementing and managing the organization’s credit review as well as underwriting process. He would be responsible for building and even managing an expert team. He would help create an energetic and exciting workplace to get the most from the ever changing and truly dynamic consumer finance scenario. He should be a highly talented and motivated individual to carry out the job responsibilities. His role as a senior leader demands developing, implementing and overseeing the consumer account life-cycle entirely.

Chief Competencies of a Credit Officer/ CUO

A CUO should be a truly motivated team player. He should have a solid background and sound knowledge in consumer lending including cash advance, credit scoring, and underwriting. The CUO should be a self-initiator who is equally adept at working as a team member and independently. He needs to maintain strong interpersonal skills and a positive client focus. He should be conversant with all underwriting and credit practices, concepts and procedures. He needs to handle multiple initiatives all together simultaneously. The CUO is responsible for directing and overseeing the operation of the complete underwriting function that includes chalking out all underwriting as well as business strategies, ensuring profitable growth, financial stability and supporting risk management. He should be capable of:

  •  Managing a team of loan officers and underwriting officers.
  • Creating and delivering a company’s credit approval process
  • Creating an organization’s origination process and ensuring that all allied functions are working correctly
  • Overseeing day-to-day underwriting or credit management decisions
  • Ensuring regulatory compliance with both state and federal regulations
  • Thriving within an entrepreneurial set-up or organization
  • Planning as well as directing all concerned underwriting procedures
  • Taking of department’s budgeting and forecasting.
  • Participating in a company’s Enterprise Risk Management endeavors.

Educational Qualifications and Experience

The candidate must possess at least a Bachelor’s Degree in Finance, or Business or Management or other related field. He should possess a wide experience in the field of underwriting as well as product development. He should have a reasonable administrative training and experience.

Organizational Role

The Chief Underwriting Officer is known to serve as a prominent member of an organization’s executive management. He is known to provide the vision, strategy, policy, and decision setting. The organization would be dependent on his enterprise, creativity and industry view. He would be chiefly responsible for brainstorming organizational goals. He would be responsible for coming up with long-term business and underwriting strategies for the organization.

He would be responsible for implementing the industry’s best practices as well as internal controls for all kinds of underwriting operations for supporting enterprise risk management. He needs to determine insurance product mix for the company. He needs to determine the target markets for the organization. He is responsible chiefly for coming up with the marketing and distribution policies and strategies for the organization. He is supposed to report directly to the CEO/ President. He is responsible for reporting activities to the Board of Directors on a regular basis.

Physical Demands of the Job

The physical demands imply the physical abilities that are required to successfully perform the vital functions related to this job. A candidate is needed to frequently walk around from one end of the office building to another. He would require sitting or standing for long stretches from time to time to fulfill his duties.

Author Bio: Stella Roberts is an attorney specializing in debt and financial cases, in a top private firm. When she isn't buried under tons of paperwork and case research, she enjoys writing blog articles on a variety of legal topics, ranging from cash advance to public injury lawsuits and their various aspects.

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