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MIT Federal Credit Union Career Opportunities

Job Openings: Consumer Loan Processor

Announcement Number:Job Number: 19993
Announcement Date:January 3, 2022
Location of Position:Operations Center, 70 Westview St Lexington, MA
Salary:TBD
Days:Monday - Friday
Hours:9:00a.m – 5:00p.m. (hybrid option)

Duties:

POSITION SUMMARY STATEMENT

The Consumer Loan Processor is responsible for preparing consumer applications for underwriting submission, closing, and funding. This role requires regular member contact to obtain necessary loan documents, confirm accuracy of loan application, process loan requests, and expedite loan closing.

PRIMARY DUTIES AND RESPONSIBILITIES:

  • Process consumer applications according to MIT FCU policies and procedures.
  • Collect appropriate documents to include credit reports, income, assets and other pertinent information to loan applicant’s evaluation.
  • Work with members to complete loan applications, obtain necessary documents, educate members on rates, plans, and answer any inquiries from members to be able to fund and close loan.
  • Monitor and follow up with members on outstanding applications in loan pipeline.
  • Performs data entry of member information, closing documents on our Loan Origination System.
  • Review loan package to ensure all documents are enclosed, complete and accurate prior to loan closing.
  • Book all consumer, HE, and student loans on Core XP System and send member’s disbursements to applicable creditors.
  • Maintain knowledge of compliance laws and regulations applicable to Consumer including the Equal Credit Opportunity Act (ECOA), Regulation Z (Truth in Lending, Good Faith Estimates, and other state and federal laws which may be applicable
  • Assists Consumer Loan Underwriter in processing consumer loans
  • Complete various special projects and reports to include pulling student loan files, input missing information data associated with loans, pull files for audits, etc.

OTHER DUTIES AND RESPONSIBILITIES

  • Keep daily tracking reports regarding all consumer loan delivery channels.
  • Prepare Statement of Denial Notices and withdrawal letters for loan applications.
  • Complete Quality Control on consumer packages prior to delivery to Loan Underwriter
  • Provide backup and assist Consumer Loan Underwriters in high volume times and in absence of personnel
  • Comply with all policies and procedures of MIT and MIT Federal Credit Union
  • Complete required BSA/AML training. Demonstrate working knowledge of BSA/AML policies and procedures and implement as necessary in daily activities
  • Comply with all ethical/legal standards and state and Federal laws and take action when violations occur anywhere in the credit union.
  • Utilize opportunities to present to and/or refer current/potential members to our products & services
  • Other duties needed or required
  • Assist w/ Student Loan Report and update membership for loan qualification.
  • Look for opportunities to cross-sell other MIT products to our members through follow-ups, and member interactions.

Requirements:

SKILLS/QUALIFICATIONS

  • Very good organizational skills
  • Professional, well-developed communication skills
  • Strong data entry skills with aptitude for working with numbers
  • Strong working knowledge of personal computers to include experience with Microsoft Word & Excel
  • Flexibility and ability to handle multiple tasks
  • Works well with others and independently
  • Shows initiative, resourcefulness, and dependability

EDUCATION/EXPERIENCE REQUIREMENTS

  • Minimum one (1) year experience in banking or credit union industry required.
  • Minimum of one (1) year consumer processing experience preferred
  • High School Diploma or equivalent required. Associates Degree or some college coursework preferred
  • Working knowledge of Meridianlink Loan Origination System preferred

SUPERVISION RECEIVED

  • Receives direct supervision from Consumer Lending Supervisor
  • Receives functional supervision from the Loan Underwriters in meeting loan delivery deadlines
  • Receives indirect supervision from the Senior Vice President, Lending and Consumer Lending Manager

SUPERVISION EXERCISED

None

Misc Comments:

Note: the items contained in this job description are not exhaustive. They may be supplemented as necessary at any time.


How to Apply

To apply for a position with the credit union, please visit the MIT job search site and enter the "Job Number" in the Job ID field.

  • Click "Apply Now" and follow the instructions provided.

All applications must go through the MIT HR system. 


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