Department: 
Underwriting

Underwriter

The role of Underwriter analyzes new merchant applications to determine whether an application meets the company’s credit risk policy requirements for acceptance or not.

Reports To:  

Underwriting and Risk Manager

FLSA Status: 

Exempt

Position Summary: The role of Underwriter analyzes new merchant applications to determine whether an application meets the company’s credit risk policy requirements for acceptance or not. You will identify the appropriate approval terms to mitigate risk exposure and you will be actively engaged with the risk management team to identify risk trends for new submissions. The ideal candidate will be a strong team player and ideally have management skills, assisting in the day to day workload of the department and ensuring Service Level Agreements (SLAs) are met. In addition, a successful candidate will have a proven history of implementing fraud and risk process improvements, and a strong knowledge of detecting fraudulent applications. Intimate knowledge of the inherent risks associated with certain business verticals is critical to properly identify the required due-diligence to accept both low and high risk merchant types.

Essential Duties and Responsibilities: To perform this job successfully, an individual must be able to perform the following satisfactorily; other duties may be assigned. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions

  • Review of new merchant accounts in a timely and efficient manner.
  • Work pending lists and handling of multiple accounts assigned to you in the Underwriting pipeline.
  • Interact with both internal and external sales agents and merchants to resolve all pending items needed for a merchant application.
  • Strong understanding of KYC (Know Your Customer) requirements along with new FinCEN ruling on Beneficial Ownership and Customer Due Diligence.
  • Understand and analyze Consumer Credit Reports.
  • Ability to read and analyze Financial Statements.
  • Ability to review and analyze both Business Bank Statements and Merchant Processing Statements with chargeback and refund exposure.
  • Ability to effectively identify fraudulent merchant application submissions through thorough analysis and use of internal and external underwriting tools.
  • Knowledge of various business models and associated risks, including high risk and card not-present merchants.
  • Assist in cross-departmental training and new hires with underwriting best practices and sound credit risk principles.
  • Provide Underwriting reports and KPIs for senior management for the department.
  • Assist in maintaining Underwriting departmental policies and procedures.
  • Work with the Risk Department to help detect and prevent fraudulent activity post approval.
  • Communicate and present findings and translate results into meaningful business recommendations to Upper Management, Risk Management, and across the operational  departments.

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