Indirect Loan Processor

Overview:

Working at Arkansas Federal Credit Union

 

 

 

GENERAL DESCRIPTION OF POSITION

In this position, one must possess the ability to obtain the necessary information to process consumer loans and home equity loans to members through the Lending Platform and complete appropriate supporting documentation. This person is also responsible for preparing all required documents for loan closing and delivering them to the appropriate branch staff. All loans will be subsequently examined for accuracy and completeness.

Responsibilities:
1.    Remain current on all Lending Regulations as they pertain to consumer and real estate loans.

2.    Responsible for verification of all CIP/Red Flag regulations dealing with the opening of new memberships.

3.    The Loan Processor is responsible for determining if the loan meets all established criteria identified in the loan review process to fund and book the loan by the specified daily deadline. If the loan does not meet the required criteria the processor is to identify and communicate the exceptions to SR Management for review.

4.    Responsible for the review of all Indirect loan documentation to verify that each loan fits into the guidelines set forth by the Indirect Lending Policy. The loan review includes but is not limited to the following: manual calculation of Debt to Income (DTI), Loan to Value (LTV), Payment to Income (PTI), calculating the Buy Rate, determining if the loan interest rate is accurate based on risk based rate sheet, verifying loan APR tolerance.

5.    Indirect Loan Processor has decision making authority to determine that the Dealer will not be paid and loan will not be booked until all missing documentation has been received and the loan package is complete.

6.    Responsible for data entry into the TCI Loan Origination System to validate all contract information and dealer reserves/fees. Fund approved loans allowing dealers to be paid.

7.    Manually open new accounts and book loans in the DNA core system in the event that the middleware is nonfunctional.

8.    Complete data entry in the assigned middleware(Arkansas Federal Credit Union loan software) and perform necessary field maintenance by verifying and updating appropriate indirect consumer loan information in the core system for proper completion of approved loans.

9.    Ensure loan information is entered correctly before booking of loans (Indirect and Direct Consumer).

10.  The Indirect Loan Processor will have decision making authority (as it relates to determining if the loan meets all required federal regulations and policy/procedure requirements) to determine if the loan can be set up for loan closing.

11.  Provide general information on loan policies, payoffs, interest rates, repayment terms, acceptable collateral, etc., to other employees in person or by phone.

12.  Establish and maintain effective working relationships with other departments and individuals within the credit union. Safeguard member and organizational information by maintaining total confidentiality. Maintain a professional working environment.

13.  Must have knowledge of title laws and documents required to obtain titles, to secure collateral, and perfect liens.(Consumer) Responsible for verifying/filing direct liens on all loans within the 30 day requirement..

14.  Communicate on a daily basis with dealers and members, internal and external members regarding contract errors and/or missing loan documentation.

15.  Must contact indirect members to verify loan information (i.e. vehicle data, address information, and provided references).

16.  Remain current on all new account regulations and procedures pertaining to the opening of new accounts.

17.  Responsible for balancing their daily funded loans against the daily funding report.

18.  Provide workable recommendations and solutions to loan problems and difficult situations explain them to staff and members, if necessary.

19.  Ability to effectively and efficiently manage continuously changing priorities.

20.  Understand the Credit Union history, philosophy, organization, bylaws, and operational procedures.

21.  Responsible for maintaining a working knowledge of all Direct (Consumer and Real Estate) loan processes, in the event that assistance is necessary.

22.  Arrange documents in proper work order for scanning.

23.  Responsible for mailing new account kits to members.

24.  Perform any other related duties as required or assigned.

Qualifications:
To perform this job successfully, an individual must be able to perform each essential duty mentioned satisfactorily.  The requirements listed below are representative of the knowledge, skill, and/or ability required.

 

EDUCATION AND EXPERIENCE

High school or GED, plus specialized schooling and/or on the job education in a specific skill area; e.g. data processing, clerical/administrative, equipment operation, etc, plus 12 to 18 months related experience and/or training, or equivalent combination of education and experience.

EEO Statement:
Arkansas Federal Credit Union is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, gender, gender identity, sexual orientation, age, status as a protected veteran, among other things, or status as a qualified individual with disability.

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