Loan Officer

Overview

POSITION

PURPOSE:

Responsible for receiving, reviewing, and processing inbound applications for consumer loans submitted over the phone or online. Discuss with applicants our credit policies and obtain additional loan information and documentation as necessary. Assembles and evaluates loan applications and approves those that meet initial lending criteria and are within approved lending limits, if applicable. Presents loan requests above lending limit for approval.

Ensures that members and prospective members are promptly and professionally served. Provides general Credit Union information and cross-sells loan products and other services.

• Assumes responsibility for effectively receiving, reviewing, and processing loan applications.
• Interviews by phone, takes applications, gathers information, and processes preliminary documentation on loan requests. Processes loans submitted online or via mobile devices. Calls the member if more information is required to process the application to completion.
• Evaluates and verifies loan applications and credit criteria. Computes debt ratios and reviews liabilities. Verifies employment and income. Determines value of collateral. Approves loans within limits of authority, if applicable, and notifies applicants of loan decisions. Requests additional information if required.
• Follows up with applicants in a timely manner to ensure needs are met.
• Coordinates and processes closings. Ensures that each loan is promptly and properly prepared, documented, attached, processed, approved, and disbursed.
• Calculates terms, finance charges, and additional products (Gap, Warranty, DC) on loans for proper disclosure on promissory notes.
• Assists in servicing loans by processing items such as payoff, refinances, address changes, collateral releases, and payment due date changes.
• Establishes and maintains effective and professional business relationships with members; assists area personnel as needed.
• Ensures lending operations are conducted in accordance with established Credit Union policies and are legally compliant. Ensures loan requests are properly documented.
• Assists in training and cross-training loan support personnel; completes reports and records promptly and accurately. Audits loans and supporting documents as required.
• Attends meetings as required and keeps Management informed of area activities and significant problems.
• Actively and professionally cross-sells Credit Union services; stays informed regarding local and national economic conditions and legal/regulatory changes.
• Assists other Loan Officers and the Consumer Loan Department as needed and fosters professional service to members and prospective members.

• Lending functions are performed in accordance with Credit Union policies and legal/regulatory requirements.
• Good business relations exist with members; programs and services are explained; members' needs are assessed; problems are resolved promptly.
• Required reports are accurate and timely.
• Good working relationships exist with area personnel and management; support is provided as needed.
• Credit applications and related financial data are analyzed and evaluated closely.
• Personal delinquency write-off numbers align with objectives, if applicable.
• Maintains a regular and predictable schedule.

Education/Certification: High school graduate with required loan training and certification.

Required Knowledge: Knowledge of Credit Union loan services, policies, and procedures; understanding of related legal and regulatory standards and required loan documentation; knowledge of consumer lending practices.

Experience Required: Previous related experience helpful.

Skills/Abilities: Excellent interviewing, communication, and public relations skills; professional appearance and attitude; strong analytical and financial skills. Ability to operate related computer applications and other business equipment; good typing skills.

Physical Activities: TALKING, AVERAGE HEARING, REPETITIVE MOTION, AVERAGE VISUAL ABILITIES, PHYSICAL STRENGTH (Sedentary work; up to 10 lbs; office setting).

Working Conditions: NONE:
No hazardous or significantly unpleasant conditions (typical office).

Mental Activities and Requirements: REASONING ABILITY; interpret instructions; MATHEMATICS ABILITY; LANGUAGE ABILITY to read, prepare memos, and communicate clearly.

Job descriptions assist organizations in ensuring fair hiring, appraisal, and related decisions. They outline essential duties and minimal standards required to perform positions successfully. They may be supplemented by additional duties as assigned. In accordance with the Americans with Disabilities Act, modifications may be made to accommodate individuals, provided health and safety are not compromised or impose undue hardship. Job descriptions are not employment contracts;

the organization is an at-will employer.