Vice President Consumer Lending

Tower Federal Credit Union•Laurel, MD

22h•$178,683 - $223,354•Onsite

About The Position

The Vice President, Consumer Lending, is responsible for managing and directing Tower Federal Credit Union’s (TFCU) Consumer Lending Department, which includes Central Loan Underwriting, Processing and Funding, Electronic Lending, Indirect Lending, Outbound Marketing, Loan System Administration, and the sale and administration of Loan Insurance & Warranty products. The Vice President ensures the effective and compliant delivery of consumer loans to members through various channels and assures that internal controls are in place to protect assets from loss. This role chairs the Collections and Loss Mitigation Work-out Committee to ensure compliance with and resolution of NAFCU examination and related audit findings and standards. The Vice President recommends and implements changes to TFCU’s underwriting guidelines, ensuring compliance with all TFCU guidelines, policies, and procedures. Responsibilities extend to collaboratively assessing the effectiveness and relevance of various consumer loan delivery platforms (Internet, mail, branches, Call Center, indirect relationships) and ensuring the attainment of annual and quarterly consumer lending growth/retention goals. The incumbent ensures electronic services and website applications function properly, with efficient, accurate, and secure internal and external support. This position oversees the daily operation of Tower’s indirect lending programs and the administration of consumer loan underwriting guidelines and procedures. Direct reports include the Manager Central Underwriting, Manager Central Processing and Electronic Lending, QA/Compliance Manager, and the Project Analyst. The Vice President is responsible for the development and implementation of new consumer loan products and delivery channels, and for developing and managing lending projects. Oversight of Tower’s risk-based pricing, including systems, daily operation, and maintaining risk and profitability through monitoring and reporting to Senior Management, is also a key responsibility. The incumbent is responsible for the sale of consumer loans in the secondary market, focusing on indirect auto loans, which involves establishing secondary conduits, promoting loan pools, interacting with buyers, and completing sales. Establishing and maintaining relationships with key lending partner vendors (credit providers, system providers, insurance providers, Car Buying Service) is crucial. The incumbent is responsible as a Team Leader/Member for specific functional legal/regulatory compliance, providing an annual attestation regarding the effectiveness of applicable compliance-related policies and procedures.

Requirements

BACHELOR’S DEGREE IN BUSINESS ADMINISTRATION, FINANCE, OR A RELATED FIELD.
TEN YEARS PROGRESSIVELY RESPONSIBLE CONSUMER LENDING RELATED EXPERIENCE.
FIVE TO SEVEN YEARS MANAGEMENT EXPERIENCE.
PREVIOUS SUCCESSFUL EXPERIENCE IN A SALES AND/OR RELATIONSHIP MANAGEMENT ROLE RESPONSIBLE FOR GOAL ATTAINMENT.
PREVIOUS SUCCESSFUL EXPERIENCE IN AN INDIRECT LENDING MANAGEMENT ROLE.
A MINIMUM OF THREE YEARS OF PROJECT FORMATION AND IMPLEMENTATION EXPERIENCE.
A MINIMUM OF THREE YEARS OF LOAN UNDERWRITING EXPERIENCE.
Ability to work with mathematical concepts that apply to profitability, trend analysis, variance analysis, and correlation.
Ability to create and format word processing and spreadsheet documents, including graphs
Ability to operate Microsoft office applications with demonstrated advanced Excel capabilities.
Ability to understand and analyze financial, technical and operational data and develop reasonable conclusions/recommendations based on analysis.
Ability to apply basic accounting rules and procedures.
Ability to operate PC in an Internet environment and to assist others with such operations
Ability to become proficient in the front and back end operations and administration of core software vendor, Internet, electronic services, lending and telephone technologies and service delivery platforms.
Current knowledge of principles, procedures, methods and techniques for risk based pricing.
Current knowledge of principles, procedures, methods and techniques in consumer lending industry to include underwriting, automated credit scores, risk management, credit bureaus and indirect lending networks.
Current knowledge of development of indirect lending relationships.
Ability to read, analyze, and interpret business periodicals, professional journals, technical procedures, statistical reports, legal contracts, government regulations and emerging issues to support department decision making and operations.
Ability to write proposals, reports, business correspondence, and procedure manuals (technical and operational) for a diverse audience.
Ability to provide explanation or instruction on operational and technical issues in one-on-one situations either in person over the phone or via the Internet.
Demonstrated ability to motivate staff, maintain and reinforce morale and build a collaborative work team environment.
Ability to lead a diverse project team, manage multiple project tasks concurrently and effectively coordinate and control cross-functional implementation plans.
Ability to establish, negotiate and maintain productive relationships with multiple third party vendors.
Ability to make persuasive presentations on controversial or complex topics to employee groups, Senior Management, and the Board of Directors.
Ability to identify cause and affect relationships to evaluate risks versus potential return.
Ability to promptly resolve member/staff issues and problems related to all consumer loan delivery channels and delivery systems.
Ability to successfully conduct research into project related issues and products and formulate practical recommendations.
Ability to understand problems, the impact to the entire credit union, assess problem solving alternatives and implement completion.
Ability to allocate and manage resources effectively, within budget parameters.
Ability to develop action plans and organize workload to accommodate competing deadlines and projects.
Ability to assess project goals, understand its impact to various operating environment and implement projects in a timely, efficient and successful manner.
Ability to work effectively under stress and to arrive at work routinely and promptly.
Ability to motivate and influence others to take action.
Ability to interact professionally with outside vendors, auditors and regulators.
Ability to interact effectively and establish collaborative working relationships with staff, colleagues and managers.
Ability to effectively represent TFCU to members and with industry groups.
Ability to facilitate group discussion and gain consensus.
Has knowledge of and adheres to credit union policies and procedures and all regulations related to the Bank Secrecy Act, the USA PATRIOT Act and OFAC.

Responsibilities

Directs, manages and controls the operation of the Consumer Lending Department to effectively meet the loan, savings, electronic, transactional, inquiry and account maintenance needs of members through remote delivery channels.
Directs the operation of the department to assure timely and accurate response to member requests for consumer loans through multiple remote delivery channels (phone, Internet, email, mail, fax, voice response, etc).
Resolves operational and member problems that cannot be resolved by the managers.
Prepares and analyzes monthly department reports and oversees the preparation and maintenance of the annual budget for the Department.
Hires, motivates, evaluates, audits and develops department Managers and staff to ensure professional and quality service is provided to members and internal customers and that TFCU consumer loan production, retention and cross-selling goals are met.
Communicates daily with staff to resolve questions or to interpret policy and procedure.
Reviews, updates and informs staff of changes to TFCU policies and procedures, new services and government regulations as they pertain to consumer lending.
Manages the Electronic Lending function to provide administration for electronic service delivery platforms and procedures that allow members to conduct Consumer Loan business with the credit union through the Internet.
Manages the Central Loan Underwriting, Processing and Funding Units to provide administration for Tower’s consumer loan underwriting guidelines, procedures and software platform, serves as primary liaison to the loan review committee.
Manages the daily operation of indirect lending programs and relationships.
Oversees developing and maintaining third party relationships and monitoring performance.
Ensures that Consumer Lending Department is providing support to front end staff to maintain appropriate level of member service.
Acts in role of Team Leader or Team Member on consumer lending related projects.
Contributes to the growth of TFCU by providing research, planning, project management, implementation and maintenance of remote and electronic service delivery systems to meet consumer loan organizational goals and objectives.
Manages ongoing relationships with multiple third party vendors and technology systems providers.
Regularly monitors and evaluates external and internal member satisfaction levels with consumer loan underwriting, processing and funding through all delivery channels.
Implements changes to procedures, products and delivery channels to meet member needs.
Oversees the development and maintenance of department goals and measures, employee career paths and cross sales incentive program.
Prepares monthly, quarterly, annual reports to as needed on risk based pricing activity including loan production and loan performance.
Oversees the administration and update of electronic service delivery platforms and procedures that allow members to conduct consumer loan business through the Internet.
Ensures the ongoing maintenance, testing, troubleshooting, updating and viability of these electronic systems.
Oversees the administration and update of MeridianLink LoansPQ (Tower’s core consumer loan processing system) ensures the ongoing maintenance, testing, troubleshooting, updating and enhancing use of the system.
Collaborates with other Vice President/Managers on the administration and update of call center procedures, the automated call distribution system (ACD), TT24, audix and call recording in regard to consumer loans.
Provides administration for Tower’s consumer loan underwriting guidelines, procedures, MeridianLink system and Summit software platform, oversees the daily operation of our indirect lending platform, the outsourced 24/7 consumer lending program and resolves operational and procedural issues.
Serves in the capacity of one of the Senior Loan Officers of the credit union with oversight responsibilities for ensuring that loans are underwritten fairly, coordinating loan appeals with the Board of Directors, acting as liaison with the Loan Review Committee and processing loan requests of employees (secondary).
Coordinates the member introduction of new remote delivery systems and manages/negotiates account relationships with multiple third party strategic partners and other TFCU departments who support those systems.
Recommends policy updates and develops procedures to ensure daily departmental compliance with government regulations, TFCU policy and procedure, internal audit controls, electronic security procedures and fraud prevention guidelines pertaining to consumer lending, to maximize the security of member transactions and protect assets from loss.
Monitors the service utilization and industry trends in delivering member service electronically or through other remote communication media (voice, Internet, mail, fax, IVR etc.) and develops and maintains short term and long term strategic action plans for Electronic Lending and Loan Underwriting in conjunction with Senior Management.
Provides project management leadership for the implementation of new processes and remote delivery systems or to support new product offerings.
Selects and oversees project team members, coordinating and monitoring project tasks, ensuring key project benchmarks are met, resolving issues and obstacles, communicating status to Senior Management and ensuring that projects are implemented in a timely, effective and efficient manner.
Responsible for developing and implementing consumer loan products and services.
Establishes consumer loan and electronic services promotional activities with the Marketing Department to ensure that achievement of short and long term consumer lending and electronic services growth and cross-selling goals are achieved.
Responsible for developing and executing promotions based on internal and third party consumer and market data mining.
Recommends action items and projects to meet TFCU strategic goals.
Performs other duties and assignments as requested by Senior Vice President Lending, and the President/CEO.
Monitors progress and reports status to Senior Vice President Lending, members of Senior Management and the Board of Directors, as required.
Makes presentations to Vice Presidents, Senior Management and the Board of Directors as needed.
Accepts Team Leader accountabilities or responsibilities, for new and existing legal regulatory compliance activities.
Performs related tasks as assigned.