Position Summary:
The Loan Processing Specialist will be responsible for efficiently processing consumer loan applications and ensuring compliance with company policies, procedures, and regulatory requirements. The primary goal will be to facilitate the loan origination process by accurately collecting, verifying, and analyzing the necessary documentation required as part of the loan approval and prior to funding the loan requests. Sending appropriate loan documents to obtain member’s signatures, and disbursing the funds based on the stipulations set by the underwriter or policy.
Primary Duties & Responsibilities:
- Contact members to follow up on approved applications to inform them of the decisions and needed supporting documents.
- Verifies that all required documentation has been received; follows up and requests missing information, analyzes the information gathered, reconciles the income, and collateral values to ensure these meet the stated requirements by underwriting.
- Reviews final loan terms with members before sending loan documents for members to sign.
- Once signed loan documents are disbursed received, disburses loan proceeds according to the underwriter’s stipulations and the terms set forth in the loan agreement.
- Back-up for title processing and daily/weekly reporting
- Identify opportunities to streamline loan processing procedures, enhance efficiency, and improve the overall member experience.
- Other duties as assigned.
Position Requirements:
- High School Diploma or some college is preferred.
- One to two years of working in a financial services environment, lending experience is preferred.
- Excellent Communication Skills with both Loan Advisors and members
- Ability to work efficiently under pressure to meet deadlines.
- Strong attention to detail
- Ability to manage a pipeline of 60-70 applications.
Interpersonal Skills
- Strong interpersonal skills required, including maintaining positive relationships and excellent internal and external member service skills.
- Strong desire to achieve goals and hold staff and others accountable for job performance and goals.
Required Compliance Courses
- Responsible for understanding and complying in an accurate and timely manner with all Bank Secrecy Act/Anti-Money Laundering/OFAC requirements that pertain to the position at Labor CU and as directed by management.
- Must be adept in operating standard office equipment, specifically the computer, and must have a working knowledge of Microsoft Office products.
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