Vice President Consumer Lending

Note: All full-time positions include exceptionally low medical premiums in addition to a whole host of other benefits.

HOURS FOR POSITION: Monday - Thursday 8:30am - 5:30pm, Friday 8:30am-6:30pm, Saturday 8:30am-1:30pm. 

Hiring Range - $178,683 - $223,354

SUMMARY OF POSITION: 

The Vice President, Consumer Lending, is responsible for managing and directing Tower Federal Credit Unions’ (TFCU) Consumer Lending Department which is comprised of the Central Loan Underwriting, Processing and Funding, Electronic Lending, Indirect Lending, Outbound Marketing, Loan System Administration, and sale and administration of Loan Insurance & Warranty products. The Vice President ensures the effective and compliant delivery of consumer loans to members through various delivery channels and assures that internal controls are in place to protect assets from loss. 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, as appropriate, recommends changes to TFCU’s underwriting guidelines and implements changes. This position is also responsible for ensuring compliance with all TFCU guidelines, policies and procedures.

The Vice President’s responsibilities extend to collaboratively assessing the effectiveness and relevance of the various consumer loan delivery platforms to include applications coming into Tower from the Internet, mail, branches, Call Center and indirect relationships. The Vice President, Consumer lending is responsible for ensuring attainment of annual and quarterly consumer lending growth/retention goals of the credit union.

The incumbent ensures that all electronic services and web site applications are working properly and that internal and external support for these delivery channels is being provided in an efficient, accurate and secure manner. This position oversees the daily operation of Tower’s indirect lending programs and the administration of Tower’s consumer loan underwriting guidelines and procedures. Reporting directly to this position are the Manager Central Underwriting, Manager Central Processing and Electronic Lending, QA/Compliance Manager and the Project Analyst.

The Vice President, Consumer Lending is responsible for the development and implementation of new consumer loan products and delivery channels, and for developing and managing lending projects.

The incumbent is responsible for overseeing Tower’s risk based pricing in regard to systems, daily operation, and maintaining risk and profitability by monitoring results and reporting to Senior Management.

The incumbent is responsible for sale of consumer loans in the secondary market with primary focus on indirect auto loans. This includes establishing secondary conduits, promoting loan pools, interacting with prospective buyers during sales cycle and completing sales.

The incumbent is responsible for establishing and maintaining relationship(s) with key lending partner vendors. Including but not limited to credit providers, system providers, insurance providers and Car Buying Service.

The incumbent is responsible as a Team Leader/Member for specific functional legal/regulatory compliance, as outlined and maintained on TowerNet, under the Compliance Home Page.  In the role as Team Leader, the incumbent provides an annual attestation regarding the effectiveness of applicable compliance related policies and procedures for assigned regulations and laws.  In the role of Team Member, accepts responsibilities at the direction of the Team Leader.

PRINCIPAL ACCOUNTABILITIES AND FUNCTIONS: 

1. 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.
2. 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. The position is also responsible for reviewing, updating and informing staff of changes to TFCU policies and procedures, new services and government regulations as they pertain to consumer lending.
3. 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.
4. Manages the daily operation of indirect lending programs and relationships. Oversees developing and maintaining third party relationships and monitoring performance.
5. 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.
6. 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. This includes managing ongoing relationships with multiple third party vendors and technology systems providers.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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).
14. 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.
15. 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.
16. 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.
17. Provides project management leadership for the implementation of new processes and remote delivery systems or to support new product offerings. This includes selecting and overseeing 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 project s are implemented in a timely, effective and efficient manner.
18. 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 and achieved.
19. Responsible for developing and executing promotions based on internal and third party consumer and market data mining.
20. 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. The position makes presentations to Vice Presidents, Senior Management and the Board of Directors as needed.
21. Accepts Team Leader accountabilities or responsibilities, for new and existing legal regulatory compliance activities. This responsibility may include but is not limited to, a range of actions (i.e.: compliance monitoring and reporting, developing materials and communications, serving as liaison to external authorities, providing education to employees, conducting audits participating in training updates, etc.) as determined by the position level or delegated authority from Senior Management. In the role of Team Member, accepts responsibilities at the direction of the Team Leader. As Team Leader, the incumbent provides annual reporting attesting to the effectiveness of assigned compliance related policies and procedures.
22. Performs related tasks as assigned.

 

REQUIRED QUALIFICATIONS

• Bachelor's degree in business administration, finance, or a related field.
• Ten years of progressively responsible consumer lending related experience.
• Minimum of five years of management experience.
• Previous successful experience in an indirect lending management role responsible for goal attainment.
• Previous successful experience in a sales and/or relationship management role.
• A minimum of three years of project formation and implementation experience.
• A minimum of three years of loan underwriting experience.
• Or, an equivalent combination of education and experience.

 

COMPETENCIES

• 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. 

 

WORKING CONDITIONS:

• Ability to sit, stand and walk for extended periods and demonstrate sufficient dexterity and vision to operate a variety of office equipment.
• Ability to lift up to 20 lbs. with or without assistance.
• Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate
• Extended hours and weekends when the need arises.

In addition a starting salary within the range listed above, Tower offers a comprehensive benefits package which includes medical, dental, vision, company-paid life insurance, short-term and long-term disability, and a 401(K) retirement plan with company match. The Company also offers supplemental, employee-paid benefits and an employee assistance program.

Tower offers equal employment opportunity to all applicants and employees and does not discriminate based on age, race, ethnicity, gender, national origin, religion or any other characteristic protected by law.