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Commercial Loan Officer
Commercial Loan OfficerMichigan State University Federal Credit Union • Detroit, MI, United States
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Commercial Loan Officer

Commercial Loan Officer

Michigan State University Federal Credit Union • Detroit, MI, United States
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Description

The Commercial Loan Officer will interview business loan applicants, and explain the different loan products and loan enhancement programs available and their requirements. The Commercial Loan Officer will obtain the pertinent financial information necessary to underwrite the request, and conduct a preliminary analysis to determine if the application meets established minimum criteria. Responsible for coordinating with the processors and analysts for further processing and underwriting of the loan request. The Commercial Loan Officer is responsible for providing a written and verbal loan recommendation to the Business Loan Committee. The Commercial Loan Officer is responsible for the overall management of their business loan portfolio, the dollar amount of which increases with the level of experience and responsibility. The Commercial Loan Officer is ultimately responsible for facilitating the applicant's loan request throughout the various stages of the process : interview, inspection, decision, due diligence, and closing. The Commercial Loan Officer is expected to continue to enhance the relationship with the business members throughout the life of the loan, and for cultivating new loan opportunities.

Work Arrangement : This position is able to work hybrid at our Auburn Hills Regional Office with occasional visits to Congress Street / Downtown Detroit. Typically working 1-2 days onsite and the remainder of the week remotely.

Department Hours : Monday - Friday 8 : 30am-5 : 00pm ET. Attending evening / weekend business development events is required.

An offer of employment with MSU Federal Credit Union and affiliates is contingent upon the agreed work arrangement (onsite / hybrid / remote) and work location. MSU Federal Credit Union may or may not be able to accommodate temporary or permanent changes to work arrangements or allow employment outside the city and / or state of residency in which the new hire resides at the time of offered employment.

Compensation & Benefits :

  • 100% Company-Paid Health, Dental, Vision, Life, and Long-Term Disability Premiums
  • Up to 26 days of PTO within your first year, as well as Volunteer Time Off & 11 Paid Holidays
  • 401(k) with a company match
  • Tuition Reimbursement
  • Up to 12 Weeks of Paid Parental Leave
  • Learn more about our benefits here

Essential Duties and Responsibilities -

Commercial Loan Officer I -

Manage a loan portfolio consisting of a diverse base of business members. Grow the portfolio through a Business Development Plan that will include calling on :

Current Members in person and phone conversations of your assigned portfolio based upon member relationship in proportion to the portfolio;

  • Prospects by obtaining new business or referrals;
  • Actively engaging in community activities;
  • Actively participating in trade shows and other networking events
  • Maintaining knowledge of industry trends, products, and technology to broaden new business opportunities
  • Monitor loan portfolio, to include maintaining current financial statements, adherence to loan covenants / terms, minimizing past due accounts and reporting to senior management potential issues on a proactive basis ensuring all loans are in compliance and properly documented
  • Interviews members for business loans at their place of business or by telephone. Answers member's questions pertaining to their loan during entire process. Work with member to resolve problems and questions relating to their loan application and financial information.
  • Makes personal visits and inspections to properties provided for collateral
  • Negotiates and executes on loan proposals
  • Works with the business services team to oversee the ordering of appraisals, title searches, surveys, credit reports and arrangements for inspections, UCC filings, etc. Evaluates all information gathered and ensures that the underwriting of the loan has begun.
  • Works with Business Credit Analyst to oversee the analysis of loan. Provides additional detail about the borrower and evaluates final written loan presentation.
  • Ensure that sound analysis, lending procedures, and loan conditions and covenants are utilized. Act in compliance with the credit union's Business Lending policy at all times.
  • Ensure that written correspondence with applicant, whether in the form of a commitment letter, proposal or term sheet is in agreement with signed loan approval, and does not expose the Credit Union to additional liability. Correspondence must be reviewed with a more senior lender
  • Attends Business Loan Committee meeting, presents loans for approval, and provides recommendations
  • Approves loans within established lending authority, presents loans exceeding authority to management
  • Provides input and recommendations for lending interest rates to the Business Services Manager and Loan Committee
  • Coordinate collection efforts with the Adjustment department for delinquent business loans
  • Cross-sell other credit union products, as appropriate
  • Attends seminars and / or classes necessary to keep current on regulations and trends affecting economy or specific business sectors
  • Assist in the monitoring the loan operations reception Answers general questions relating to the services offered.
  • Participate in training activities within the department / branches / human resources, as well as training outside the department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws
  • Perform other duties and assist other employees, as assigned

    • Commercial Loan Officer II -

    All of Level I duties and responsibilities

  • Assists with annual loan policy review and provides input and recommendations for change
  • Assists with updating the Business Loan Underwriting Manual
  • Review of loan commitment letters, proposals, and term sheets drafted by Commercial Loan Officer I
  • Provide support in maintaining business relationships including but not limited to builders, doctors, lawyers, accountants, dentists, key business owners, and real estate vendors to maintain community awareness of Credit Union products and services
  • Manages complex negotiations to resolve issues
  • Assist with managing delinquent or non-performing loans

    • Senior Commercial Loan Officer -

    All of Level I and II duties and responsibilities

  • Develop and maintain an active referral network for identifying potential new business
  • Assists in the training and development of Commercial Loan Officer I and II
  • Assists in the development of business loan products and services that best serve the Credit Union and its members
  • Provides input and recommendations for lending interest rates to the Business Services Manager and Loan Committee
  • Provides periodic reporting to the Business Services Manager in regards to state of the economy and opportunities in specific industries to target for the promotion of business service products
  • Provides input to Business Services Manager regarding the performance and technical knowledge of Commercial Loan Officer I and II
  • Ensures that Business Lending policies, procedures, and practices are in conformity with industry standards and regulatory policies
  • Works with the Senior Business Credit Analyst to ensure that the business loan pipeline service standards are met, including that loan decisions are generally made within a 3 business-week period

    • Job Requirements -

    Commercial Loan Officer I :

    High School Diploma or equivalent required.

  • Combination of the following education and / or experience : Bachelor's Degree in business, finance, or sales related field and / or a minimum of four years of financial institution experience
  • Minimum of two years as a Small Business Lender or commercial lending experience preferred
  • Minimum two years of progressively more responsible experience in numerous business lending functions
  • Minimum two years of commercial underwriting experience / knowledge
  • Good math skills preferred
  • Analytical ability to conduct an analysis of an applicant's credit status
  • Thorough knowledge and understanding of state and federal lending laws as follows : Truth-in- Lending; Equal Credit Opportunity Act; Fair Credit Reporting Act; Fair Debt Collection Practices Act; Rights to Financial Privacy Act; Bank Secrecy Act; Money Laundering Control Amendment Act
  • Excellent member service and interpersonal skills
  • Must have excellent written and verbal (face-to-face and phone) communication skills including professional grammar and demeanor
  • Strong organizational skills with attention to detail
  • Ability to manage multiple tasks and member requests effectively with minimal supervision

    • Commercial Loan Officer II :

    All of Level I knowledge, skills, and abilities

  • Combination of the following education and / or experience : Bachelor's Degree in business, finance or sales related field and / or a minimum of six years of financial institution experience
  • Minimum three years of progressively more responsible experience in numerous business lending functions
  • Completion of Business Lending School or equivalent training

    • Senior Commercial Loan Officer :

    All of level I and II knowledge, skills, and abilities

  • Combination of the following education and / or experience : Bachelor's Degree in business, finance or sales related field and / or Seven or more of financial institution experience
  • Must have demonstrated the ability to lead others
  • Ability to assist in the training of other staff members in the various software programs that are used by the Business Services department

    • Competencies :

  • Core Competencies that must be demonstrated by all Credit Union employees include Communicate, Navigate Change & Evolve, Solve Problems & Make Decisions, Plan, Prioritize, and Achieve, and Collaborate.

    • Physical Demands and Work Environment :

  • May be required to remain in a stationary position for an extended period of time.
  • Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.
  • Occasionally needs to move about inside of office area
  • Exposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposure
  • This position is able to work in hybrid or onsite working arrangements.

    • Disclaimer :

  • Please note this job description is not intended to be construed as an exhaustive list of all functions, responsibilities, skills, and abilities. Additional functions and requirements may be assigned by supervisors as deemed appropriate. This document does not represent a contract of employment, and MSU Federal Credit Union reserves the right to change this position description and / or assign tasks for the employee to perform, as MSUFCU may deem appropriate.
  • MSUFCU is an affirmative-action, equal-opportunity employer.
  • To perform this job successfully, an individual must be able to perform each essential job duty satisfactorily. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform essential job functions.

    • Equal Opportunity Employer / Protected Veterans / Individuals with Disabilities

    This employer is required to notify all applicants of their rights pursuant to federal employment laws.

    For further information, please review the Know Your Rights notice from the Department of Labor.

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