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GENERAL DESCRIPTION OF POSITION
Loan Processor will be responsible for reviewing incoming loan applications, verifying the legitimacy of documentation, underwriting, and evaluating regulatory risk in correlation with Federal laws, State Laws, and NCUA regulations. Loan Processor will apply lending policy to evaluate consumer loan requests and render quality loan decisions. This position will be associated with ensuring that processing limits requested are in line with the consumer application and product type. Loan Processor will also analyze all aspects of the consumer application, calculating financial risk, and initiating closings/fundings. The role will include collaboration within the Lending Department as well as with Branch Operations and eServices staff related to lending products and services to achieve excellent member service.
ESSENTIAL DUTIES AND RESPONSIBILITIES
· Review and underwrite consumer applications with an emphasis on credit reports, collateral documentation/valuation, legal documents, consumer note and disclosures to meet policies and federal state regulations to render a decision.
· Review supporting documents for completeness and accuracy.
· Assist in fraud prevention detection by reviewing loan applications for potential red flags.
· Analyze loan requests making recommendations for approval, denial, or counteroffer.
· Proactively seek alternate lending opportunities when needed for each loan applicant.
· Make loan decisions within lending authority limits and at times use discretionary judgment for credit decisions when needed consult with AVP of Lending/CFO.
· Handle loans of highest complexity, value, and risk with extra caution, consulting with the AVP of Lending/CFO.
· Perform closing and funding requirements in adherence with credit union, state, and federal regulations.
· Maintain working knowledge of clerical functions and quality control review throughout the process of lending.
· Liaison with Personal Bankers and Loan Administrator/Coordinator to perform essential duties related to consumer loan applications like question resolution and informing of credit decisions in a timely manner.
· Communicate effectively with Personal Bankers, Assistant Branch Managers, Branch Managers, Loan Administrator, and AVP of Lending to meet deadlines and provide excellent member service.
· Respond to and resolve all loan inquiries in a timely manner and facilitate assistance from other staff.
· Handle phone overflow according to volume.
· Maintain pipeline management and productivity based on loan volume.
· Monitor and perform the functions associated with any adjustments to rates.
· Maintain and complete Lending Department reports and statistical analysis as requested.
· Perform all training assigned in the timelines provided for compliance and prospective performance goals.
· Provide feedback to management on the products and procedures to improve the credit union.
· Maintain a working knowledge of the computer systems and loan software used by the Lending Department and Credit Union.
· Perform other functions as required by the Loan Administrator, AVP of Lending, or CFO to ensure organizational success.
KNOWLEDGE REQUIREMENTS
Knowledge of Loan Policy and lending operations
Knowledge of loan products and services
Knowledge of Credit Union operations, principals, and practices
Knowledge of web-based technology and computers
Knowledge of MS Office applications, Credit Union core processing system, loan software applications.
Knowledge of collections procedures and policy
Knowledge of loan regulations and compliance
Apply Now!
Job Type: Full-time
Benefits:
Schedule:
Ability to Relocate:
Work Location: In person
Full Time
$41k-51k (estimate)
03/23/2024
05/15/2024
riegelfcu.org
Flemington, NJ
<25
The job skills required for Loan Processor include Underwriting, Communicates Effectively, Credit Reports, Computer Systems, Products and Services, Consumer Loans, etc. Having related job skills and expertise will give you an advantage when applying to be a Loan Processor. That makes you unique and can impact how much salary you can get paid. Below are job openings related to skills required by Loan Processor. Select any job title you are interested in and start to search job requirements.
The following is the career advancement route for Loan Processor positions, which can be used as a reference in future career path planning. As a Loan Processor, it can be promoted into senior positions as a Loan Processor III that are expected to handle more key tasks, people in this role will get a higher salary paid than an ordinary Loan Processor. You can explore the career advancement for a Loan Processor below and select your interested title to get hiring information.
If you are interested in becoming a Loan Processor, you need to understand the job requirements and the detailed related responsibilities. Of course, a good educational background and an applicable major will also help in job hunting. Below are some tips on how to become a Loan Processor for your reference.
Step 1: Understand the job description and responsibilities of an Accountant.
Quotes from people on Loan Processor job description and responsibilities
A loan processor reviews loan applications before sending them to the underwriter for approval.
01/11/2022: Springfield, IL
A loan processor will constantly work with computers and other electronic devices.
02/23/2022: Harlingen, TX
Loan officers evaluate, authorize, or recommend approval of loan applications.
01/09/2022: Orange, CA
Loan processors have to request additional documentation that may not be readily available for an applicant, like bank statements from several months ago or past years’ tax documents.
01/08/2022: Memphis, TN
Not only do loan processors collect and organize all of the loan documents, but they also order and organize various third-party requirements.
03/12/2022: Grand Forks, ND
Step 2: Knowing the best tips for becoming an Accountant can help you explore the needs of the position and prepare for the job-related knowledge well ahead of time.
Career tips from people on Loan Processor jobs
Analyze applicant's financial status, credit, and property evaluation to determine the feasibility of granting the loan.
03/14/2022: Burlington, VT
Analyze potential loan markets to develop prospects for future loans.
01/23/2022: Cincinnati, OH
Approve the loan within specified time limits.
03/06/2022: Helena, MT
Communicate With Current and Potential Customers.
03/07/2022: Pensacola, FL
The most common types of unsecured loan are credit cards, student loans, and personal loans.
02/27/2022: Reading, PA
Step 3: View the best colleges and universities for Loan Processor.