Consumer Loan Officer (Specialist level)

Description

Job Summary:
This role plays a pivotal part in advising, reviewing, and evaluating members' lending needs for auto, personal, credit card, and home equity lines of credit.

Essential Job Duties:

General loan responsibilities:

• Evaluate loan applications and documentation by confirming creditworthiness.
• Improve loan applications and documentation by informing the applicant of additional requirements.
• Complete loan contracts by explaining provisions to the applicant; obtaining signatures and notarizations; collecting fees.
• Help members by answering questions, responding to requests.
• Maintain confidence by keeping loan information confidential.
• Ensure compliance with all regulatory requirements and internal policies.
• Manage the loan process from application to disbursement and beyond, including regular follow-up with members to assess their financial status.
• Educate and advise members on such matters as appropriate financial planning, policies, and rates.
• Provide comprehensive memo notes for the underwriter's review that contain relevant information to assist in loan decision-making.
• Perform other duties as assigned by management.

Consumer loan responsibilities:

• Input information into the consumer loan operating system.
• Manage the loan process from application to disbursement and beyond, including regular follow-up with members to assess their financial status.
• Evaluate credit worthiness and utilize credit reports to verify accuracy of the loan application.
• Verify and inspect collateral offered.
• Calculate loan payments, determine loan to value (LTV) and ascertain loan payoffs to other financial institutions.
• Process and review loan applications that are initiated through an indirect (third party) partner.

HELOC loan responsibilities:

• Evaluate and process applications for Home Equity Lines of Credit (HELOC) in accordance with company policies and regulatory guidelines.
• Determine appropriate credit limits and terms for HELOC products based on borrowers' financial status and equity in their homes.
• Provide guidance and information to applicants about HELOC products, including interest rates, repayment terms, and the application process.
• Work closely with underwriters and loan processors to ensure timely and accurate processing of HELOC applications.

Requirements

Required Skills/Abilities:

• Excellent interpersonal and negotiation skills.
• Excellent organizational skills and attention to detail.
• Strong proficiency with Microsoft Office applications. Familiar and comfortable with information technology, particularly digital means of communication.
• Strong organizational skills in managing multiple initiatives.   
• Strong analytical and problem-solving skills.  
• Proficiency in assessing creditworthiness and understanding credit scoring systems
• Proven ability to meet and exceed sales targets
• Bilingual abilities may be preferred, depending on the market served

Knowledge:

• Strong knowledge of consumer loan products, regulations, and market trends
• Strong knowledge of compliance with federal and state lending regulations (e.g., Equal Credit Opportunity Act, Fair Lending, Truth in Lending Act)
• Current registration with the Nationwide Mortgage Licensing System (NMLS) or ability to become registered upon employment

Education and Experience:

• Minimum two years’ experience in consumer lending or directly related experience
• Minimum high school diploma/GED or more than two years of related experience 

Physical Requirements:

• Prolonged periods of sitting at a desk and working on a computer.
• Must be able to lift 5 pounds at times.