What are the responsibilities and job description for the Loan Specialist (LO) position at Vanderbilt Mortgage?
Position Title: Loan Specialist (LO)
Department: Credit Job Status: Full Time / Salary
Reports to: Credit Manager Amount of Travel: As needed
Vanderbilt Mortgage and Finance, Inc. was established in 1974 and currently services over 150,000 loans. Our strength as an organization is rooted in the quality of our people and products. We are an equal opportunity employer committed to creating a diverse workforce. Furthermore, we are financially strong, with a reputation for leading the industry with unsurpassed products, a broad range of services, and a coast-to-coast presence. We are professionally strong, from entry level to more experienced positions, we are actively recruiting individuals who are passionate, positive, and eager to learn. As a member of our team, we will equip you for success. You will enjoy excellent benefits, opportunities for growth, and an encouraging culture that supports work-life balance.
JOB SUMMARY
The Loan Specialist position plays a vital role in facilitating the lending process by assisting clients with loan applications, ensuring all documentation is complete and accurate, and coordinating with various stakeholders to expedite loan approvals. This position reports to the Credit Manager position and guides clients through the loan application process, provides information about available loan products, and helps clients understand their options. The Loan Specialist position will also be responsible for evaluating loan applications, verifying applicant information, and ensuring compliance with lending regulations and internal policies. This position creates and fosters relationships to build trust and rapport while providing an excellent customer experience. The ideal candidate has great attention to detail, strong communication skills, and ability to work efficiently in a fast-paced environment will be essential for success in this role.
JOB FUNCTIONS
Application Evaluation, Processing, and Underwriting
- Maintains licensing for assigned states.
- Presents or communicates credit terms for the purpose of negotiating prospective credit approvals.
- Analyzes and decisions mortgage loan applications to assess borrower qualifications, creditworthiness, and adherence to lending guidelines.
- Ensures timely and efficient processing of credit applications and communication to individual Home Centers.
- Helps determine appropriate loan products for individual home buyers.
- Evaluates applicant financial information, including income, assets, liabilities, and credit history, to determine loan eligibility and risk level.
- Ensures compliance with lending regulations, internal policies, and industry best practices throughout the loan origination process.
- Maintains organized records of loan applications, correspondence, and related documentation.
- Ensures compliance with documentation requirements and regulatory standards.
- Identifies and mitigates potential risks associated with loan applications, such as fraud, misrepresentation, or inadequate collateral.
Communication and Cross Collaboration
- Ensures proper communication to maintain a level of excellence in the customer experience, verbal and written.
- Communicates effectively with clients, loan officers, underwriters, and other stakeholders to coordinate loan processing and resolve any issues or discrepancies.
- Identifies opportunities for process improvement and efficiency enhancement in loan processing and customer service delivery.
- Communicates underwriting decisions and requirements effectively with loan officers, processors, and other stakeholders. Provide explanations and guidance to resolve any issues or discrepancies.
- Employs negotiation techniques and conflict resolution strategies to navigate challenging situations and achieve mutually beneficial outcomes for all parties involved.
- Demonstrates adaptability and flexibility in adjusting communication styles and approaches to accommodate diverse personalities, preferences, and cultural nuances.
Relationship Management
- Builds and maintains positive relationships with clients, referral partners, and other stakeholders to foster repeat business and referrals.
- Utilizes relationship management skills to address issues and resolve conflicts in a timely and diplomatic manner, maintaining positive relationships and promoting client satisfaction.
- Builds trust and credibility with stakeholders through consistent reliability, transparency, and integrity in all interactions and transactions.
- Engages in networking activities and relationship-building efforts to expand the organization's network, generate leads, and cultivate new business opportunities.
Other duties as assigned
This job description is not an exhaustive list of all the functions that a team member and other duties may be assigned.
QUALIFICATIONS:
- High School diploma or equivalent required, college preferred.
- Must have at least 1-3 years of related experience.
- Ability to travel to supporting Retail Partner locations on average 1-2 times a quarter, or more as needed.
- Basic computer skills with ability to type at least 25 wpm.
- Ability to communicate effectively and efficiently via phone, email, and person to person.
- Capability of gathering facts accurately, analyzing causes, evaluating alternate solutions, and arriving at sound conclusions on action to be taken.
- Ability to manage multiple and/or conflicting responsibilities.
- Great attention to detail and organizational skills.
- Ability to work in a team environment.
PHYSICAL DEMANDS:
- Must be able to remain in a stationary position 75% of the time.
- Will be constantly operating a computer and other office productivity machinery, such as a telephone, calculator, copy machine, and computer printer.
- Will be communicating 90% of the time over the phone.
- Must be able to exchange accurate information at all times.
- Must be able to identify and assess account status and determine appropriate process.
- Will constantly work in a state-of-the-art indoor temperature controlled, sealed window office environment.
BENEFITS:
- Medical and Dental Plan with Prescription Coverage and Vision
- Competitive benefits including 401(K) includes 100% company match of the first 4%
- Paid time off days (PTO), maternity/paternity leave, and holidays
- Community involvement including Volunteer Paid Time Off (VTO)
- Tuition Assistance for your first degree
- Enjoy coming “home” to our brand new, state-of-the-art Home Office equipped with onsite fitness facility with full gym, workout classes, volleyball and basketball courts, ping-pong, disc golf course, and onsite restaurant
- Wellness programs that focus on emotional, social, spiritual, intellectual, environmental, physical, and financial well-being
- Collaborative and energetic work environment
- Professional development and promotional opportunities
- Competitive bonus programs
Here are some more reasons to choose Vanderbilt Mortgage!
- A Berkshire Hathaway Company – an integrity-based organization offering unlimited career growth
- Full-time team members have the flexibility to create their own health, dental, and vision benefits package. Vanderbilt Mortgage and Finance, Inc. provides competitive 401(k) programs, including investment options and company matching for full and part time employees after one year to help our team members achieve their financial goals. Additional benefits include paid parental leave, tuition reimbursement, Employee Assistance Programs, and more.
- Vanderbilt Mortgage and Finance Inc. is a subsidiary of Clayton of which is proud to have earned spots on the following Forbes lists: America’s Best Employers, America’s Best Employers by State, Best Employers for Diversity, Best Employers for Women.
- As part of Vanderbilt Mortgage’s commitment to Opening Doors to a Better Life, VMF is now providing paid time for Team Members to volunteer to causes that are meaningful to them through the Clayton Impact program.
- At VMF, we encourage holistic wellness with physical, nutritional, social, financial, spiritual, and occupational programs available online or in-person for team members.
- Our newly renovated Home Office campus offers an onsite restaurant, onsite fitness facility with full gym, in-person and virtual workout classes, yoga/barre studio, volleyball, and basketball courts, walking paths, and a disc golf course.
Vanderbilt Mortgage and Finance Inc. is committed to a diverse and inclusive workplace. Vanderbilt Mortgage and Finance, Inc. is an equal opportunity employer and does not discriminate on the basis of race, national origin, gender, gender identity, sexual orientation, protected veteran status, disability, age, or other legally protected status.
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