Director, Indirect Lending Operations

Location
Tysons Corner , Virginia
Posted
Aug 14, 2017
Closes
Aug 26, 2017
Ref
5863
Function
Executive, Director
Hours
Full Time
 

PenFed is hiring a Director, Indirect Lending Operations in our headquarters office located in McLean, VA. The primary purpose of this role is to manage the PenFed Indirect Lending program operations. The responsibilities include ensuring compliance of all company policies and procedures, as well as all state and federal regulations. This role is also responsible for improving the performance, productivity, efficiency and profitability of departmental and organizational operations through the provision of effective methods and strategies. He/ she will also align appropriate resources, and collaboratively establish the development of credit union products, services, and policies and procedures. This position will develop balanced growth strategies and work with members of senior management to implement growth strategies and policies/processes improvements in order to optimize compliance, portfolio performance, and profitability.

 

Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.

    Manage internal and external audits Monitor adherence to rules, regulations, policies and procedures. Work with Lending Services and review indirect automobile portfolio performance by (i.e. dealership, product, rate, LTV, credit score) Review financial statements and data. Utilize financial data to improve profitability. Prepare and control operational budgets. Plan effective strategies for the financial well-being of the  company Improve processes and policies in support of organizational goals. Formulate and implement departmental and organizational policies and procedures to maximize output. Assist in the development of strategic plans for operational activity. Implement and manage operational plans. Manage the administrative functions related to the indirect lending process (i.e. revisions to policies and procedures, enhancement of automation rate, program changes) Work with Legal and IT regarding Retail Sales Contract for each state (i.e. specific state law and programming required within internal systems to support state specific law) Manage and monitor the process for establishing new dealers (Collecting required information dealership, working with internal third-party risk team, presentation to relative committees, updating the appropriate systems) Perform annual reviews for dealership (franchised and independent) and/or timeframes established by internal committees. Provide Management with results of review and recommendations (if applicable) Publish and analyze production reports (i.e. application volume, pull-thru rates, approval rates, funding rates, profitability by dealership) and provide results to management with recommendations (if applicable) Perform periodic reviews for turnaround time (i.e. credit decision, quality control review, funding, response to dealer) Benchmark industry marketplace for rates, terms, LTV to ensure competitiveness using third party data Work with 3rd party partners, PenFed Operations and IT to enhance the processing efficiency Provide recommendations to increase automation rate for credit decision (approve/decline) Working closely with the Indirect Business Sales area and provide data on dealerships for field calls Assist in the development of the business plan (i.e. volume levels, profitability, and workforce). Make use of statistical metrics and models that provide insight to identify new geographic locations to expand the indirect lending program. Remain informed of new ideas and developments through publications, membership in professional organizations and contact with other financial institutions. Review competitive market practices and makes recommendations concerning adjustments to programs in related areas. Collaborate with finance, treasury, compliance, legal, technology, branch, marketing partners to support loan product growth. Partner with Human Resources on training.
 

Education and Experience

Equivalent combination of education and experience is considered.

    Bachelor’s degree in business administration, management or related field required. Minimum of ten (10) years’ of indirect experience in a financial services organization is required. Experience with indirect automobile lending is required. Industry relevant production experience Knowledge and experience in organizational effectiveness and operations management Knowledge of business and management principles and practices Knowledge of financial and accounting principles and practices Knowledge of human resource principles and practices Knowledge of project management principles and practices
 

Supervisory Responsibility

    This position will supervise employees.
 

Licenses and Certifications

    There are no additional certifications required.
 

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

 

Travel

Ability to travel 30% to various worksites and being on-call required.

 

About Us

 

Founded in 1935, and still growing, we began as the War Department Federal Credit Union.  Today, PenFed is one of the country’s strongest and most stable financial institutions with over 1.5 million members and over $21 billion in assets.  We serve members in all 50 states and the District of Columbia, as well as on military bases in Guam, Puerto Rico and Okinawa. 

Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.

We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.

Equal Employment Opportunity

 

PenFed will maintain and observe personnel policies which will prohibit discrimination or harassment against a person because of race, color, creed, age, sex, gender, religion, national origin, ancestry, genetic information, military or veteran status or obligation, the presence of a physical and/or mental disability and all other statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment.  PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.

PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 703-838-1568.