Consumer Loan Processor performs administrative tasks for loan processing. Collects and prepares necessary information required by each loan type and purpose to process and complete loan files. Being a Consumer Loan Processor verifies all documentation for accuracy and completeness. Tracks and monitors due dates. Additionally, Consumer Loan Processor ensures all documents are prepared and finalized in compliance with regulatory policies and procedures. Inputs and maintains all required transaction and processing records according to procedures. Responds to inquiries. Prepares required regulatory reporting. Requires a high school diploma or equivalent. Typically reports to a supervisor. The Consumer Loan Processor works under moderate supervision. Gaining or has attained full proficiency in a specific area of discipline. To be a Consumer Loan Processor typically requires 1-3 years of related experience. (Copyright 2024 Salary.com)
Role:
The Consumer Loan Processor is responsible for assisting and supporting the consumer loans sales team in the origination of consumer and indirect loans. Support Consumer Lending Department by processing loans, from post-approval to post-funding, adhering to the credit union's lending policies and procedures. Organization, attention to detail, and an ability to meet deadlines in a fast-paced environment are crucial for success in this position. Attendance is an essential function of performing the duties of this job.
Essential Functions & Responsibilities:
25% - Identifies missing, incomplete, or invalid information on assigned loan applications in our LOS and works with Consumer Loan Officers, Dealers, and/or applicants to correct the issues. Prepares consumer loan documents for closing. Funds loans after receiving a signed loan agreement. If applicable, prepares new account documents and opens new account at the time of funding.
20% - Quality control directs consumer loan files for completeness, accuracy, and compliance standards. Prepares completed loan files for audit and scans completed loan packets into document storage system as requested.
15% - Processes title work by placing liens, releasing liens, and obtaining third-party lien releases if applicable.
15% - Makes and receives calls for members, dealers, and internal staff for various lending support items and performs maintenance on loans as requested and required. Processes daily, weekly, and monthly reports.
10% - Completes follow-up items as needed post-approval. Communicates directly with the borrower or third parties to collect documents, such as: income verification, identification documents, loan payoff quotes, copies of titles, and vehicle POAs. Provides borrowers with pre-approval letters.
5% - File claims for ancillary products such as GAP, warranty, payment protection, and collateral protection insurance. Process letter of guarantees for third-party insurance companies on total losses.
5% - Pay sight drafts and follow up with dealers and members on outstanding drafts.
5% - Performs other job related duties as assigned.