Director, Auto Loan Servicing (Remote)

PenFed Credit Union
Mclean, VA
Jan 19, 2022
Jan 22, 2022
Full Time
OverviewAre you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members "do better." Joining PenFed is more than being an employee; it's about being a part of the PenFed family.PenFed is hiring a Remote Auto Loan Servicing Director at our McLean, Virginia location. The primary purpose of this position is to manage auto loan servicing post acquisition through the life of the loan. The incumbent will manage portfolio quality, ensuring regulatory compliance, managing collateralization, and supporting securitization requirements. The incumbent will manage auto loan servicing through matrix management of internal and external servicing teams. The position requires good organization skills, ability to remain focused in a fast-paced environment while managing strict deadlines, and the willingness to be an integral part of a lending team.**This position is available remotely within 100 miles of job location**ResponsibilitiesReasonable 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 and monitor the servicing procedures and performance of the processing of payments, rate changes, payment adjustments, statements, etc., of Auto Loan Portfolio.Work cross functionally with accounting, finance, secondary markets to ensure proper reporting, monitoring, compliance and change management.Monitor Collateralization process and report on all elements of the process (securitization, processing speed, state and regional adherence, secondary market preparation, etc.,). Work to implement changes to the process where gaps are found.Create new loan performance tracking for all elements of the portfolio (WAC, NCO, COF, contribution margin, etc.). This should be done for each product at the origination channel and subproduct level.Monitor interest rate and price setting, ensure that rates are being applied according to policy.Monitor insurance programs and evaluate claims process, claimant approval, claims to fund rate amongst APIs to ensure that insurance product offering, and partners are fulfilling contractual requirements and SLA's.Work with Digital Strategy team and Operations to establish product modifications and workflow adjustments to implement changes to the user experience, communications, compliance adherence and portfolio quality.Establish, monitor, and report on customer complaints regarding loan servicing. Create action plans from these summaries to improve user experience, communications, compliance adherence and portfolio quality.Establish, monitor, and report on daily controls to complete buybacks, loan recoveries, charge offs, etc.Monitor loans in preparation of secondary market and securitization process. Ensure the quality of loan tapes that are produced for initial loan sale and that they adhere to all criteria. Ensure the communication of any exclusions or anomalies in the loan tapes.For all participation sales create new reporting and signoff for fund disbursement.Create automated processes for loan audit and member onboarding related to loan origination.Responsible for creating new reporting, monitoring, and review for exceptions regarding daily payment receipts, early payments, principal only payments, reversals, recoveries, etc., Summary reporting to be presented at the executive level weekly on irregularities, anomalies, and errors.Manage the servicing team, directing them on the operations of new reporting, monitoring a review process.Maintains highly trained, skilled, motivated staff sufficient to meet loan demands; ensures service level standards are met or exceeded and the team is delivering quality results.Provides summaries to executives of team activities including discussing industry trends, market impact of competitors, and recommendations to improve lending penetration.Build and continually review/update targeted origination partners; track all prospect contacts, analyze, and report findings.Work with legal and compliance to ensure that all loan servicing contracts for inbound and outsourced servicing are aligned and able to be adhered to.Develop and recommend technical and business flow of servicing solutions for existing and new origination partners and work with cross-functional teams to implement success.Ensure teams maintain new partner relationships by providing support, info, and guidance. Work with servicing team on new originations to ensure loan and portfolio qualityEffectively communicates pertinent changes and accurate lending program information to internal/external business partners.Develop and present client-facing and internal reports outlining servicing portfolio on a monthly, quarterly, and yearly basis.Review competitive market practices, develop competitive strategies, and make recommendations concerning adjustments to programs in related areas.Keep informed of new ideas and developments through publications, membership in professional organizations and contact with other financial institutions.Audit loan portfolio to ensure policy guidelines are followed. Meet with Credit, Training, Funding Manager, and Indirect Underwriters to ensure department is meeting expectations. Representative addresses and resolves any issues, such as, funding, loan quality, LTB, production, chargebacks, and or outstanding liens with applicable Indirect Dealers.Maintains a sound understanding of Credit Union's indirect lending programs. Ensure that related programs, policies, and procedures conform to regulatory agencies and Federal and State regulations, standards, and guidelines, pertaining but not limited to Bank Secrecy Act, Anti-Money Laundering, Bank Bribery Act,NCUA Privacy Regulations, Reg B, Reg Z, Service Members Civil Relief, and FCRA/FACTA. Required to attend initial and ongoing annual Bank Secrecy Act.*This role is responsible for ensuring business continuity. *QualificationsEquivalent combination of education and experience is considered.Bachelor's Degree in Business or a related field is required.Master's Degree in a related field is preferred.Minimum of twelve (12) years of experience in Consumer Banking, or Auto Lending is required.Minimum of five years' experience of leadership position is required.Previous experience with loan servicing, is requiredExperience in the secondary market and/or portfolio securitizations is desired.Experience with collateralization of loan products is required.Supervisory ResponsibilityThis position will not directly supervise employeesLicenses and CertificationsThere are no additional certifications required.Work EnvironmentWhile performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds. *TravelAbility to travel to various worksites and be on-call may be required.Special Message Regarding COVID 19PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with novel coronavirus (COVID-19), we have modified our hiring, onboarding, training, and deployment protocols in order to comply with current local and state guidance around social distancing.About UsEstablished in 1935, PenFed today is one of the country's strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. 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.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 OpportunityPenFed 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 240-224-4256.#LI-TO1