Consumer Loan Processor

Function

Responsible for the processing of consumer loans, communication with Retail Bankers and ensuring compliance of consumer loan applications in accordance with S&T Bank, regulatory and equity guidelines, and conditional loan approvals. Requires knowledge of consumer lending, applicable banking laws, federal and state regulations, policies, and lending platforms.

• Update and verify accuracy of data input into consumer loan origination software.
• Analyze loan-to value ratio, debt-to-income, credit report, application and examine supporting documentation to identify potential fraud or misrepresentation.
• Ensures all required documentation required is accurate according to the consumer loan approval are attached to the Consumer Lending loan origination software prior to sending to final underwriting and satisfy any processing underwriting conditions.
• Review consumer equity applications to ensure third-party reports have been ordered according to the conditional loan approval and accurately prepare and provide initial and re-disclosure packages within the required 3 business days from application date or changed circumstance prior to final underwriting.
• Reviews application and credit report for documentation by underwriting for mismatches of social security number, date of birth, address, fraud alerts, and OFAC.
• Responsible for the review, verification, and distribution, while ensuring the accuracy and completeness of Title Searches, Tax Certifications, Flood Determinations and Appraisals in accordance with the approval of the consumer loan application by:
  • Analyzing and reviewing the reports and comparing them to each other and the approval to ensure the information coincides with each other. Distributing the reports to the Bankers once received and reviewed.
  • Working with Consumer Lending Underwriters and Retail Bankers on rectifying differences between the required reports and the loan approval conditions to ensure all are equal (i.e., judgments, tax liens, incorrect parcel numbers and/or addresses Borrower’s Legal Name, etc.).
  • Ensures all reports are Included in systemic application file for retention once accuracy has been confirmed.
  • Works with the various Vendors to have information corrected on the reports timely and corresponds with outside counsel as needed to ensure validity of supporting documents.
  • Complete the Flood Insurance Worksheet calculations to ensure the Bank obtains adequate flood insurance coverage.
• Balances and maintain the Appraisal General Ledger daily.
• Monitors departmental email address to assist Retail Bankers with questions about the consumer loan process and provides guidance on what is needed to satisfy conditions of the conditional approval to advance the loan to final underwriting.
• Daily interactions include bank personnel, attorneys, insurance agents, appraisers, abstractors, state and local regulators, other financial institutions, tax collectors and occasional contact with borrowers.
• Ensures documentation is within the application for the credit report for mismatches of social security number, date of birth, address, fraud alerts, and OFAC completion by consumer underwriting.
• Maintains logs and reports to be used by Consumer Loan Operations Management.
• Reporting all errors and findings and recommending ideas and actions to improve processes and procedures.
• Maintains proficiency in the Consumer Lending loan origination software, documentation software, Microsoft Office (Word, Excel, & Outlook), Internet searches, Core Operating System (FIS), imaging system, applicable vendor software along with the upgrades to these programs or replacement software and any other conduit available to process all orders as well as prepare required documentation.
• Acquire and maintain a thorough knowledge of all applicable banking laws / state and federal regulations and the Bank’s Corporate & Lending Policies / Underwriting Manuals to ensure compliance.
• Advances knowledge through further education and/or obtaining certifications and attending training, where appropriate, on regulatory platforms and audit issues or concerns.
• Maintains a positive and productive working…