Loan Operations Specialist, HIL

Loan Operations Specialist

The Loan Operations Specialist plays a vital role in assessing loan applications for home improvement project financing. This position is responsible for managing the full loan lifecycle, from application to funding, ensuring timely and accurate processing. Key responsibilities include evaluating loan applications, maintaining regulatory compliance, and facilitating clear communication with applicants and contractors. A strong focus is placed on process optimization and system management to enhance efficiency and support organizational objectives. The role involves detailed analysis of applicants' financial profiles, creditworthiness, and compliance with lending policies. Collaborating closely with applicants, contractors, sales teams, and compliance, the Loan Operations Specialist ensures that loan packages are complete and align with operational guidelines. This position is 100% remote. This position pays an hourly rate of $28.84 to $33.65 per hour, plus the potential for a monthly incentive.

Responsibilities

Oversee the entire loan lifecycle, from application to funding, ensuring the collection, verification, and organization of all necessary documentation such as income statements, property title verification and public records.
Ability to calculate all income source types (e.g. retirement, wage earner, self-employment, etc.)
Evaluate applicant eligibility based on comprehensive analysis of credit bureau reports, property and background check documents.
Review loan applications and provide clear, well-documented decisions by approving, declining, or requesting additional documentation or information, ensuring thorough justification for each determination.
Review project completion status and process funding requests, and other related tasks as assigned.
Analyze loan-to-value (LTV) ratios, debt-to-income (DTI) ratios, and other risk indicators to assess loan viability and identify potential risks.
Proactively recommend strategies to mitigate risks, such as alternative solutions or adjustments to loan terms, ensuring all lending decisions follow company policies and regulatory standards.
Ensure loan files adhere to company policies, internal guidelines, and all relevant federal and state regulations.
Engage with contractors, dealers, and applicants to gather missing information, clarify discrepancies, and verify project status, timelines, and funding requests.
Communicate with internal teams and management about findings, risk factors, and other critical issues that may affect loan decisions or project timelines.
Clearly communicate loan conditions, approval decisions, and necessary follow-up steps to both applicants and internal stakeholders.
Participate in virtual meetings and provide clear, concise explanations of loan decisions, using video conferencing tools (e.g., MS Teams) as necessary.
Build and maintain strong, collaborative relationships with internal teams, stakeholders, and external partners, facilitating a smooth and efficient loan processing experience.
Suggest and implement enhancements to operational procedures and guidelines to improve workflow efficiency, accuracy, and turnaround times.
Stay informed about emerging industry trends, regulatory updates, and best practices to continuously refine processes and ensure the department remains at the forefront of industry standards.
Utilize the loan origination system (LOS), customer relationship management (CRM) tools, and document management platforms to process, track, and manage loan applications effectively.
Monitor and report on system performance, identifying opportunities for further optimization and system improvements.

Qualifications

Bachelor's degree in finance, business, or a related field preferred
2-5 years of experience in loan operations, with a focus on home improvement lending preferred
Familiarity with home improvement financing and contractor/dealer assessment is a plus.
Minimum one year of customer service experience in an inbound/outbound call center environment.
Strong analytical and decision-making abilities.
Excellent communication and interpersonal skills.
Proficiency in underwriting software and financial analysis tools.
Knowledge of applicable regulations (e.g., TILA, RESPA).
Advanced knowledge of MS Office (e.g., Excel, Word, Outlook) and document management systems.

PHYSICAL DEMANDS The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit and use hands to handle, touch or feel objects, tools, or controls. The employee frequently is required to talk and hear. The noise level in the work environment is usually moderate. The employee is occasionally required to stand; walk; reach with hands and arms. The employee is rarely required to stoop, kneel, crouch, or crawl. The employee must regularly lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision, color vision, and the ability to adjust focus.

EEOC Fastlane Lending Solutions is an Equal Employment Opportunity employer. All aspects of consideration for employment and employment with the Company are governed on the basis of merit, competence and qualifications without regard to race, color, religion, sex, national origin, age, disability, veteran status, sexual orientation, or any other category protected by federal, state, or local law.