Loan Officer

POSITION TITLE: Loan Officer

DEPARTMENT: Lending

CLASSIFICATION: Non-Exempt 

APPROVED BY: CEO

WAGE GRADE: 9

WAGE RANGE: $23.92 - $29.90

POSITION PURPOSE

Responsible for receiving, reviewing, and processing applications for consumer loans and credit cards while delivering an exceptional member experience. Meets with applicants to explain credit policies in a clear and supportive way, answer questions, and gather any additional information or documentation needed. Reviews loan applications and submits them to underwriting for final review and decision. Presents loan requests above established lending limits for approval as outlined in loan policy. Ensures members and prospective members are served promptly, professionally, and with genuine care. Actively promotes Credit Union products and services to help members achieve their financial goals.

ESSENTIAL FUNCTIONS AND BASIC DUTIES

Assumes responsibility for effectively receiving, reviewing, and processing loan applications.  

• Interviews, takes applications, gathers information, and processes preliminary documentation on loan requests.
• Monitors our Loan Origination System’s Consumer Lender queue for online application submissions and processes as needed.
• Evaluates and verifies loan applications and credit criteria. Computes debt ratios. Verifies employment and income. Determines value of collateral. Submits requests to underwriting for final review and notifies applicants of loan decisions. Requests additional information if required. 
• Coordinates and processes loan closings. Ensures each loan is promptly and properly prepared, documented, decisioned, processed, and disbursed.
• Calculates terms, finance charges, and insurance on loans for proper disclosure on promissory notes.
• Assists in servicing loans by processing such items as payoff, refinances, address changes, payment extensions, collateral releases, and payment due date changes upon request.
• Assumes responsibility for filing collateral titles and UCC’s and prompt follow-up on those still pending. Verifies insurance coverage when required. 
• Sells debt protection, GAP, extended warranty and any other appropriate ancillary products.  
• Performs duties of area personnel as required.
• Ensures lending operations are conducted in accordance with established Credit Union policies and are legally compliant. Ensures loan requests are properly documented.
• Maintains a 12-month average error rate below 20%.

Assumes responsibility for establishing and maintaining effective and professional business relationships with members.

• Meets with members virtually via phone and video call to assist with loan requests. 
• Resolves members' requests and questions promptly and courteously. Provides blue book values.
• Provides great phone service by creating a positive, professional, and helpful experience for every member.
• Keeps members properly informed of Credit Union loan policies and services.
• Ensures the Credit Union’s professional reputation is projected and maintained.
• Counsels members when appropriate regarding money management and financial matters.

Assumes responsibility for establishing and maintaining effective coordination and communication with Credit Union personnel and with management.

• Assists Credit Union personnel as needed. Assists other Loan Officers.
• Assists in training and cross training loan support personnel.
• Completes reports and records promptly and accurately. Types loans and all supporting documents as required
• Attends meetings as required.
• Keeps Management informed of area activities and of any significant problems.

Assumes responsibility for related duties as required or assigned.

• Actively and professionally cross sells Credit Union products and services.  
• Stays informed regarding local and national economic conditions and legal and regulatory changes.
• Ensures proper maintenance, cleanliness, and security of work area, desks, equipment, etc.
• Comply with the U.S. Patriot Act and the Credit Union’s Bank Secrecy and OFAC Policies and Procedures.
• Comply with the Gramm-Leach Bliley Act and the Credit Union’s Information Security program, maintaining the privacy and security of information, systems, and locations. 

PERFORMANCE MEASUREMENTS

• Lending functions are effectively performed in accordance with established Credit Union policies and with legal and regulatory requirements.
• Lending goals set by management are met
• Good business relations exist with members. Programs and services are properly and thoroughly explained and members' needs accurately assessed. Members' problems are courteously and promptly resolved. Confidentiality is consistently demonstrated in regard to member and Credit Union information.
• Required reports are accurate and timely.
• Good working relationships exist with area personnel and with management. Area personnel are assisted as needed.
• Credit applications and related financial data are closely and effectively analyzed and evaluated.

EDUCATION/CERTIFICATION: High school graduate with required loan training and certification.

REQUIRED KNOWLEDGE: 

• Knowledge of Credit Union loan services, policies, and procedures.
• Understanding of related legal and regulatory standards, and required loan documentation.
• Knowledge of consumer and residential lending practices.

EXPERIENCE REQUIRED: 

• Previous lending experience or experience with full-service financial institution helpful.
• Minimum one year related experience.

SKILLS/ABILITIES:  

• Excellent interviewing, communication, and public relations skills.
• Professional appearance and attitude.
• Strong analytical and financial skills.
• Ability to operate related computer applications, and other business equipment including 
• calculators, typewriter, printer, telephone.
• Good typing skills.

PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

TALKING: Especially where one must frequently convey detailed or important instructions or ideas accurately or quickly.

AVERAGE HEARING: Able to hear average or normal conversations and receive ordinary information.

REPETITIVE MOTION: Movements frequently and regularly required using the wrists, hands, and/or fingers.

AVERAGE VISUAL ABILITIES: Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.

PHYSICAL STRENGTH: Sedentary work; sitting most of the time. Exerts up to 50 lbs. of force occasionally. (Almost all office jobs.)

WORKING CONDITIONS

NONE: No hazardous or significantly unpleasant conditions (such as in a typical office).

MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

REASONING ABILITY: Ability to apply common sense understanding to deal with a variety of variables under only limited standardization.

•  Able to interpret various instructions.

MATHEMATICS ABILITY: Ability to compute interest rate discounts, interest, profit, and loss, debt to income ratio, proportion, and percentage.

•  Able to perform very simple algebra.

LANGUAGE ABILITY: Ability to read a variety of books, magazines, instruction manuals.

•  Ability to prepare memos, reports, and essays using proper punctuation, spelling, andgrammar.
•  Ability to communicate distinctly with appropriate pauses and emphasis, correct pronunciation (or sign equivalent), and variation in word order using present, perfect, and future tenses.

INTENT AND FUNCTION OF JOB DESCRIPTIONS

Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff, and termination decisions. Well constructed job descriptions are an integral part of any effective compensation system.  

All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.  

In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.

Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.