Consumer Loan Processor

Mayo Employees Federal Credit Union; United States; Remote; USD 30,000 - 32,000; Full time

Benefits offered by this job

Remote work allowed

Job summary

Mayo Employees Federal Credit Union in Rochester, MN is seeking a Consumer Loan Processor to assemble and verify loan documentation, input data, and prepare papers for signatures. This full-time role offers a Monday–Friday schedule with occasional Saturday hours and a starting hourly rate of $22–$23 based on experience.

The position supports loan processing from application through disbursement, with duties including document review, data entry, file maintenance, and ensuring accuracy of

Qualifications

• High school diploma or equivalent and at least 1 year of experience in a financial institution.
• Bondable by MEFCU’s insurance policy.

Responsibilities

• Processes consumer loans and ensures accuracy and completeness: verifies documentation for approved and unapproved loans.
• Ensures loans are properly documented, closed, disbursed, and filed.
• Maintains loan files and supporting documents; purges outdated files.
• Reviews disbursed loan files for necessary paperwork, signatures, and loan details.
• Disburses checks, drafts, and vouchers on approved loans.
• Verifies insurance on collateral and analyzes title issues.

Skills

Attention to detail

Interpersonal communication

Time management

Organizational skills

Education

High school diploma or equivalent

Job description

Description

Mayo Employees Federal Credit Union (MEFCU) is looking for someone with a knack for fine details, a collaborative approach, and a passion for providing top-notch service to join our team as a Consumer Loan Processor!

Department: Consumer Lending

Days of Work: Monday - Friday 8 AM - 5 PM; occasional Saturday morning hours (approx. every 5-6 weeks)

Starting salary range: $22-$23 per hour based on experience

Location: Rochester, MN

FLSA Status: Nonexempt

Schedule: Full time

Hours/Pay Period: 80

Remote Worker: Yes

A Consumer Loan Processor assembles and verifies the accuracy of credit union documentation for various types of consumer loans. They check loan documents for completeness, input data into the appropriate software system and prepare consumer loan papers and disbursements for member signature.

Duties and Responsibilities

Processes consumer loans and ensures accuracy and completeness:

• Accurately and efficiently processes all supporting documentation for approved and/or unapproved loans.
• Ensures that each loan is processed accurately by ensuring loans are properly documented, closed, disbursed, and filed.
• Completes documentation to secure the credit union's interest in loan collateral.
• Reviews all disbursed loan files by checking for necessary paperwork, signatures, notices, and computer information such as interest rates, loan type, collateral, payment, etc.
• Disburses checks, drafts, and vouchers on approved loans.
• Analyzes individual title problems and suggests solutions.
• Verifies insurance on property taken as collateral on loan files.
• Maintains loan files by filing loan folders and supporting documents.
• Purges loan files by destroying out of date or unnecessary loan documents.
• Maintains monthly production records of loans funded by loan officer and type of account.
• Compiles reports and notices for Credit Committee and Board of Director meetings.

Assists members with account maintenance needs:

• Assists members with the servicing of existing account relationships.
• Enters data on members and transactions to ensure accurate record keeping of all individual member account activity.

Requirements

Education and Experience Requirements

A high school diploma or equivalent AND one year of experience working in a financial institution.

All employees must be bondable by MEFCU’s insurance policy. Continued employment is subject to maintaining favorable bondable status per insurance standards.

Knowledge, Skills, and Abilities

Employees in this position are expected to possess and demonstrate the following knowledge, skills, and abilities throughout their employment:

• Knowledge of: credit union philosophy and operations procedures, rules and regulations governing Consumer Credit
• Skill in: keeping current on economic environment factors that may impact lending, interpersonal communication, organization, time management
• Ability to: handle multiple tasks simultaneously and accurately, prioritize, work independently and as part of a team