Home Loan Officer - Chicago

Home Loan Officer

The Home Loan Officer serves as a key point of contact for prospective borrowers, guiding them through the mortgage application process. This role involves conducting comprehensive interviews with applicants to assess their financial needs and goals, clearly explaining available loan programs and eligibility requirements, and gathering all necessary financial documentation. The Home Loan Officer performs an initial analysis of the applicant's financial profile to determine whether minimum qualification standards are met and provides informed recommendations on suitable loan products. This position requires strong interpersonal skills, attention to detail, and a commitment to delivering a positive and compliant borrower experience.

Work Location: This position is available to work hybrid (onsite at the branch 2-3 days weekly) within our Chicago branches (primarily located in: Near North Side / Gold Coast / Wicker Park).

Weekly Schedule:

• Monday - Friday: 8:30am - 5:00pm CT
• Saturday Rotation (approximately every 4 weeks): 9:00am - 1:00pm CT

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:

• Salary:
  • Level I: $24.00 - $30.00+ per hour, dependent on experience
  • Level II: $31.00 - $37.00+ per hour, dependent on experience
  • Senior Level: $38.00 - $46.00+ per hour, dependent on experience
  • In the best interest of serving our members, and as a not for profit organization, MSUFCU positions not eligible for commission or sales incentives. Learn more about our community-driven interest here
• 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:

• Home Loan Officer I:
  • Ensures phone coverage by adhering to the schedule, and remaining available to support members and staff during Credit Union business hours
  • Originates home equity applications after conducting thorough interviews with members to ensure members are informed as to the home equity product and terms that will best fit their needs
  • Assists members with mortgage products and applications with the assistance of an experienced Home Loan Officer
  • Communicates with members on a regular basis as to the status of their loan application and documents member communication in application processing system
  • Communicates with staff and management on a regular basis regarding application issues and/or status of member's loan application
  • Returns e-messages, phone messages and emails from members by the end of the day to ensure clear, concise communication
  • Assists members and peers throughout the loan process to maximize loan closings and achieve origination goals
  • Identifies and sells products and services, provides personalized financial education to enhance member experience, and achieves individual and departmental goals.
  • Resolves member service complaints or errors; expends up to position's authorized dollar amount of up to $150.00 when applicable to place the Credit Union in a better position, or to resolve problem situations with members
  • Makes home equity lending decisions within assigned lending approval limits; or makes recommendations for preapproval or denial for Underwriter review
  • Understands the Credit Union's policies and procedures to ensure compliance and accountability for managing operational risks. Adhere to established internal controls and procedures to safeguard assets, prevent fraud, and maintain the integrity of credit union operations
  • Performs other duties as assigned
• Home Loan Officer II:
  • Originates mortgage and home equity applications after conducting thorough interviews with members to ensure members are informed as to the mortgage products and terms that will best fit their needs
  • Communicates with members on a regular basis as to the status of their loan, while also keeping third parties, including Realtors, up to date with the loan status
  • Attends networking events, meetings, and luncheons with Realtors, Builders, Financial Planner, etc. to build relationships and attract home loan referral business
  • Actively communicates problems, concerns and opportunities to Leads or Management which improves the department and/or Credit Union
  • Acts within assigned lending approval limits to pre-approve applications independent of Underwriting, as appropriate, and makes recommendations for preapproval or denial for Underwriter review
• Senior Home Loan Officer:
  • Mentors new Home Loan Officers
  • Maintains an established network of Realtors, Builders, etc. and attends events such as Association of Realtors, Women's Council of Realtor, Homebuilders events and others as assigned
  • Creates and maintains a vast network of referral sources including Realtors, Builders, members you have worked with previously, etc. who contribute to the Loan Officer's monthly business
  • Resolves member service complaints or errors; expends up to position's authorized dollar amount of up to $300.00 when applicable to place the Credit Union in a better position, or to resolve problem situations with members
  • Acts within assigned lending approval limits to pre-approve applications independent of Underwriting as appropriate, and deny applications independent of Underwriting, as appropriate

Job Requirements:

• Levels I and II:
  • High school diploma or equivalent
  • College-related courses are desirable, real estate and finance coursework preferred
  • Consumer lending background required, home lending experience preferred
  • Knowledge of state and federal lending regulations as follows: Truth-in-Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Fair Housing Act, Flood Disaster Act, Real Estate Settlement Procedures Act, Rights to Financial Privacy Act, Home Mortgage Disclosure Act, Frank Dodd Act, and Regulation Z
  • NMLS number required in accordance with federal regulations
  • Fannie Mae secondary market eligibility required
• Senior Level:
  • Extensive experience in mortgage lending, including decisioning required

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.
• Functional Competencies:
  • Analytical Thinking - Breaks down complex information into smaller parts to make sound decisions.
  • Detail Orientation - Ensures information is complete and accurate. Adheres to processes as outlined. Follows up to ensure quality and completion of work.
  • Initiative - Takes proactive and prompt action to accomplish work goals. Takes action to achieve results beyond requirements.
  • Member Service - Effectively leverages opportunities and generates leads to cross-sell products and services with integrity, supporting member needs while achieving individual, department, and organizational goals
  • Mentorship - Helps others build awareness, confidence and resources necessary to fulfill their potential, regardless of reporting relationship.
  • Organization - Arranges work in a systematic way either on small or large scales.
  • Process Knowledge - Demonstrates knowledge of procedures and department or Credit Union processes and utilizes this knowledge to inform decisions.