Consumer Loan Officer

Reports To

VP of Lending

Position Purpose

Provide information on credit union products and services to current and potential members according to all credit union policies and procedures as well as Federal and State rules and regulations. Prepare, assess, process, and document all required forms and related documentation for consumer and indirect loan products. Approve or deny a variety of consumer and indirect loan applications, with loan authority and within prescribed parameters. Be aware and actively participate in the lending goals and overall business needs, along with balancing loss mitigation. Promote and strategically identify the needs for all our products and services.

Key Responsibilities

Essential Duties and Responsibilities

• Interview members and prospective members and provide information on loan products that best meet their needs. Request and review all required information and documentation to secure a loan.
• Assist members in completing loan applications over the phone and/or electronically.
• Obtain and evaluate credit reports.
• Calculate debt-to-income ratios on loan applicants and calculate how much of a loan applicant’s debt is secured or unsecured.
• Identify eligibility of loan co-applicant or co-signer from their statement and credit rating.
• Notify applicant of loan decision. Correspond with members, applicants, and creditors to resolve questions regarding application information.
• Review exceptions outside of your lending authority with credit manager and/or VP of Lending for approval.
• Analyze tax returns, paystubs, credit history, and collateral to evaluate creditworthiness for complex or high-value loans, including Home Equity loans.
• Work with the VP of Lending and credit manager to mitigate loan loss and provide solutions to complex situations that may arise.
• Ensure adequate understanding of the credit union’s loan procedures and policies

• Cross-sell credit union products, such as GAP, extended warranties and credit life and disability insurance as appropriate.

Internal Communications & Training

• Use consistent lending scripts for member communication to ensure compliance and prevent inconsistencies.
• Ensure all BAI courses that have been assigned are completed for training and compliance.
• Continually use test platforms (i.e. Keystone & Meridian Link) to practice and stay abreast of processes.

Reporting & Compliance

• Maintain and adhere to all polices and procedures within lending.
• Assist all departments as needed for any Regulatory Exams when necessary.
  

Skills & Qualifications

• Strong written and verbal communication skills to effectively communicate with staff and members.
• Strong decision-making skills and attention to detail.

• Managing a high-volume pipeline of applications from origination to close.
• Current NMLS license is required for mortgage-related lending.
• In-depth knowledge of financial analysis, including debt-to-income (DTI) ratios, loan-to-value (LTV), income verification and credit report evaluation.
• The ability to empathize with the needs and concerns of members and staff.
• The ability to remain calm and professional, even when dealing with challenging situations.
• 3-5 years of consumer lending experience, with a record of high-volume loan production.