Consumer Loan Officer

CommonWealth One Federal Credit Union
Alexandria, VA
Jan 22, 2022
Jan 29, 2022
Full Time
COMMONWEALTH ONE _ FEDERAL CREDIT UNION JOB DESCRIPTION_TITLE: Consumer Loan Officer DEPARTMENT: Lending SUPERVISOR: Lending Manager SALARY GRADE: 8 STATUS: Non-Exempt SUPERVISES: None Position Summary The Consumer Loan Officer analyzes, evaluates, and approves member loan requests in accordance with established lending policies and approval limits, procedures, and guidelines. TheConsumer Loan Officer communicates with members to obtain additional loan documentation and/or explain loan decisions, credit policies, products, and pricing. Presents loan requests above the lending limit to the Consumer Lending Manager, Chief Operations Officer and/or the LoanCommittee for review.Responsibilities: Answer member inquiries regarding loans or other credit union services. Communicate with applicants to explain credit policies, products, and pricing, and to obtain additional loan documentation.Interview, originate loan applications, and grant decisions on the full range of consumer loans within the approved lending authority. Evaluate loan applications and credit criteria to make decisions as to granting requests or referring to Loan Committee.Carefully review and focus on all the information presented in the application, paying close attention to the member's ability to repay the loan, existing assets, and liabilities. Analyze the credit report and identify red flags and discrepancies.Research applications with fraud warnings and potential fraud, using information from third-party systems or reports.Determine appropriate pricing on loan requests and be able to discuss approval matrix with members when necessary. Counsel members on credit history, loan pricing, and income and debt ratios.Discuss and inform members of loan decisions or counter-offers as well as loans denied.Provide members with correspondence regarding preapprovals and/or adverse actions.Actively listen to members' needs, accurately identify, and convert those needs into sales opportunities. Cross-sell the full range of Lender Protection solutions to include credit life, credit disability, GAP, and Warranty Products. Communicate the features and benefits of credit union products and services to members.Disburse loans with proper authentication and documentation.Test LOS updates to the core processor to detect errors and programming problems and report findings to management.Ensure compliance with all applicable federal regulations, including the Security and OFAC,Bank Secrecy Act, Fair Lending, and the SAFE Act.Perform other duties as assigned.Performance Expectations Tasks are complete in accordance with established policies and procedures.Records, reports, and related documents are accurate, current, and submitted on time.Files are accurate and up-to-date.Ensures that work performed is within compliance and completed according to COFCU policies and procedures, and with all applicable regulatory standards.Good communication and professional working relationships exist with all Credit Union departments, members, and vendors.The supervisor is appropriately informed of lending activities.The credit union's professional reputation is maintained and conveyed.Job Description: Consumer Loan Officer 2Demonstrate COFCU Core Values. Support COFCU mission.Position Requirements: Education & Experience Two-year college degree preferred.Two to five years of Consumer Loan Underwriting experience.Knowledge Knowledge of laws and regulations concerning Fair Lending.Knowledge of consumer lending and real estate policies and procedures.Knowledge of credit union policies and procedures preferred.Skills and Abilities Strong written, verbal, and interpersonal communication skills.Strong organizational skills. Ability to meet deadlines and handle multiple priorities.Strong attention to detail.Proficient with Microsoft Office software, banking and lending platforms, and standard office equipment. MeridianLink experience preferred.Other Pertinent Information Regular and satisfactory attendance requiredMust be bondable and maintain an acceptable personal credit historySummary of Physical Demands: While performing the responsibilities of the job, the employee is required to convey detailed or important instructions and ideas accurately, audibly, and quickly; hear average or normal conversations and receive ordinary information; use hands to perform such tasks a computer typing, file maintenance, using telephones, ten-key adding machines and related office equipment; regular and frequent movement requiring the use of hands, wrists, arms, fingers; visual acuity required to prepare, read, and inspect documents and interpret information on a PC screen. This is primarily sedentary office work with occasional physical activity requiring the lifting of small boxes/files.NOTICE: This Job Description is not intended to be, nor should it be construed as, a contract for employment. CommonWealth One Federal Credit Union makes no guarantee of permanent employment. This Job Description is to be used as a guideline to give you an understanding of what the Credit Union has defined this position to be and is not a complete statement of all duties and responsibilities in the position. Management may make changes to this JobDescription from time to time as viewed necessary.CommonWealth One Federal Credit Union is willing to accommodate disabilities to the extent a financial services organization can do so without affecting financial control or member service.CommonWealth One Federal Credit Union is an Equal Opportunity Employer.This job description is not a complete statement of all duties and responsibilities comprising your position. _ It contains only the facts necessary to evaluate your position. _2022Job Type: Full-timePay: $53,045.00 - $79,568.00 per yearBenefits:401(k)401(k) matchingDental insuranceEmployee assistance programFlexible spending accountHealth insuranceLife insurancePaid time offReferral programRetirement planTuition reimbursementVision insurancePhysical Setting:OfficeSchedule:8 hour shiftMonday to FridayEducation:Associate (Preferred)Experience:Fair Housing regulations: 1 year (Preferred)Loan origination: 1 year (Preferred)Sales: 1 year (Preferred)Work Location: One location