Consumer Loan Risk Analyst

1 week ago

Duluth, Minnesota, United States Platinum Federal Credit Union Full time
Job Overview

POSITION: CONSUMER LOAN RISK ANALYST

REPORT TO: VP OF CONSUMER LENDING

OBJECTIVE:
The Consumer Loan Risk Analyst is integral to our organization, tasked with evaluating and scrutinizing completed credit applications to assess the creditworthiness of prospective clients. This role is pivotal in making informed credit extension decisions while ensuring adherence to company policies and industry standards. The Analyst will review financial data, analyze credit histories, and apply risk management strategies to support prudent credit decisions that align with the strategic goals of Platinum Federal Credit Union.

KEY RESPONSIBILITIES:
The following functions are essential to this role. Additional responsibilities may be assigned as necessary:

  • Review completed loan applications submitted by loan interviewers to determine credit extension.
  • Evaluate applicants' financial status, creditworthiness, and collateral to assess the viability of loan approval and communicate decisions to the loan interviewer.
  • Engage with interviewers regularly to clarify application details and explore the member's financial situation to facilitate credit approval.
  • Maintain a balanced approach to risk while adhering to established policy guidelines and regulatory requirements.
  • Assess potential lending opportunities in each case to enhance the member's experience and expand the credit union's lending portfolio.
  • Underwrite all consumer loan products, including but not limited to auto loans, unsecured personal loans, and Home Equity Lines of Credit.
  • Assist in renegotiating loans in accordance with lending guidelines, serving as a resource for complex issues and inquiries; manage escalated communications and provide training to lending personnel.
  • Communicate effectively with Lending staff, Management, and Members regarding approved and declined consumer loans.
  • Adhere to the credit union's efficiency standards in all operations.
  • Ensure compliance with applicable laws and regulations governing consumer and small business lending.
  • Safeguard the privacy and confidentiality of information obtained during the underwriting and lending processes.
  • Maximize portfolio revenue through sound underwriting judgment and risk management practices.
  • Engage in special projects and tasks as required by the department.
  • Exercise discretion and sound judgment in executing essential job functions.

ESSENTIAL FUNCTIONS:
Contribute to achieving the lending objectives of the credit union. Maintain a professional demeanor while assessing the credit needs of members. Exhibit a professional appearance and attitude, along with effective communication skills with both members and staff.

QUALIFICATIONS:
To excel in this role, candidates must meet the following criteria:

  • 1-2 years of experience in banking, credit underwriting, or lending, with knowledge of consumer loan products.
  • Familiarity with credit analysis.
  • Understanding of accounting principles and the ability to interpret both business and personal financial statements and tax returns.
  • Strong customer service background.
  • Proficient in Microsoft Office applications.
  • Effective time management skills to meet the Credit Union's efficiency standards.
  • Ability to prioritize tasks in a dynamic environment.
  • Excellent oral and written communication skills.
  • Strong interpersonal abilities.

EDUCATION AND EXPERIENCE:
A Bachelor's Degree or equivalent, or two or more years of related experience and/or training; or a combination of education and experience.

SKILLS AND ABILITIES:
Ability to read and interpret documents such as credit reports, debt-to-income ratio reports, and policy manuals. Ability to write routine reports and correspondence. Ability to communicate effectively with borrowers and other credit union employees.

MATHEMATICAL ABILITY: An analytical mindset with the ability to perform basic arithmetic operations and interpret financial data.

REASONING ABILITY: Ability to solve practical problems and evaluate various factors in situations where guidelines are available but require individual assessment. Ability to interpret a variety of written instructions, including loan policies and procedural manuals.

Proficient in operating standard office equipment and utilizing current software applications.

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