Consumer Loan Processor
PenFed is hiring a Consumer Loan Processor in our Alexandria Service Center in Alexandria, VA. The primary purpose of this job is to act as the primary liaison between members, internal stakeholders, and 3rd party vendors as it pertains to the consumer loan origination and servicing. The Consumer Loan Processor communicates with members and 3rd parties, solicits and reviews documentation, processes requests for modifications & adjustments to loan applications, loan funding, and loans in servicing all while ensuring quality decision making and adhering to departmental standards for accuracy, turnaround time, and communication.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.
Responsible for communication via e-mail, phone, fax, and postal mail between members, consumer underwriters, management, 3rd party partners, and internal stakeholders throughout the consumer loan origination process. Maintain a working knowledge of product-level requirements, loan limits, and other details for Auto Loans (direct and indirect), Credit Cards, and Personal Loans & Lines of Credit, Motorcycle Loans, and RV/Boat loans.
Monitor various loan queues to ensure applications are expedited through the consumer loan origination process.
Analyze and review documentation related to consumer loan applications with an emphasis on accuracy, legitimacy, and completeness of required documentation.
Create and maintain reports for the Consumer Underwriting department related to month-end reporting, processing activities, insurance and other related functions.
Responsible for the consumer loan funding function, including preparation and review of loan packets for accuracy and completeness, and disbursal of loan proceeds.
Process all post-disbursal modifications to loans in servicing, including adjustments to rate, amount, and term, as well as insurance & extended warranty modifications.
Maintain a working knowledge of current loan fraud trends, leveraging internal tools and resources to review applications for potential fraud.
Assist IT department with user acceptance and other systems testing.
Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance including bank secrecy and anti-money laundering laws appropriate to the position.
Utilize in-depth knowledge of consumer loan origination systems and departmental procedures to promote and recommend opportunities for improvements to increase efficiency, streamline processes, or contain costs/losses.
Review policies, procedures, and guidelines and makes recommendations for improvement.
Associate’s Degree in a related field is preferred.
Minimum of one (1) year of experience in financial services, preferably in a processing or customer service position, is preferred.
Good analytical and problem solving skills preferred
Knowledge of consumer loan origination practices highly preferred.
Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 1.6 million members and over $23 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, Okinawa, and Portugal. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
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 management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all 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.