Primary Function
Provide information on Credit Union (CU) products and services according to all CU policies and procedures and Federal and State rules and regulations. Responsible for interviewing and evaluating applicants for routine loans and processing loan applications. Gather background information and analyze loan applicants’ credit history. Approve or deny loan applications based on analysis. Operate with moderate credit authority.
Duties and Responsibilities
- Gather background information on loan applicants by interviewing loan applicants and obtaining credit bureau reports.
- Assist members with the loan application process to ensure completeness of information.
- Pull credit reports for all accounts, verify debts, and estimate monthly payments for any outstanding debts not listed and add them to debts on application.
- Calculate debt-to-income ratios on loan applicants.
- Calculate how much of a loan applicant’s debt is secured or unsecured.
- Complete loan applications over the phone and/or electronically.
- Determine collateral needs and payment plans for members applying for loans.
- Determine eligibility of loan co-maker from co-maker’s statement and credit rating.
- Approve or deny loan applications. All denials go through the Credit Committee.
- When a loan is denied, explain reasons for denial in a professional, courteous manner. Send a letter to the member explaining the reason for denial. Work with members to provide recommendations or alternative options for other possible ways to secure a loan in future.
- Verify the accuracy of loan amounts and repayment terms on approved loan applications.
- Implement new loan products and services in accordance with management direction.
- Cross-sell lending and other CU products.
- Prepare End of the Month (EOM) Credit Committee Reports.
- Prepare monthly reports of new and denied loans.
- Prepare reports of risk-based lending performance.
- Maintain records for Special Committee, Board Loan approvals, and Credit Committee meetings and prepare monthly annual reports of meetings.
- Track the receipt of titles and/or liens for collateral loans.
- Handle weekly paperwork to place NODA liens for refinance titles or any title transfers. Check and file new titles for new loans.
- Post wire transfers and release of Electronic Fund Transfers (EFT’s)
- Pull payment reports daily to make sure automatic payments/transfers are completed.
- Handle all GAP claims. Submit paperwork for CUNA.
- Maintain the CU Skip-A-Pay program.
- Assist and support Branch Manager with the CPI program.
- Assist with telephone calls as needed.
- Provide assistance and backup in all areas of the CU when needed.
- Other tasks and duties as assigned by management.