Indirect Funding Coordinator

Socket.dev; Norwich (CT); On-site; USD 60,000 - 90,000; Full time

Job summary

Socket.dev in Norwich, CT is seeking an Indirect Funding Coordinator to oversee the funding of indirect auto loans through dealer networks. You will ensure accuracy and compliance with credit union policies while acting as a subject matter expert for complex funding matters.

You will collaborate with the Team Lead of Indirect Lending to improve processes, develop SOPs, and train staff on funding policies, maintaining strong relationships with dealers and ensuring timely disbursements.

Qualifications

• Bachelor's degree; 2–3 years related experience.
• Ability to read, analyze, and interpret regulations.
• Ability to write reports and procedures.
• Strong communication with managers, clients, and customers.

Responsibilities

• Oversee daily funding operations of the indirect lending program.
• Review loan packages for completeness and compliance.
• Collaborate to develop SOPs and training materials.
• Provide mentorship and training on indirect funding policies and best practices.
• Process and oversee dealer reserve calculations, reserve payments, and reserve chargebacks.
• Develop and maintain strong professional relationships with existing dealers in the indirect lending program.
• Correspond with dealers to obtain contracts and supporting documentation to minimize delays.

Skills

Attention to detail

Organizational skills

Multitasking

Education

Bachelor's degree

Job description

Description

Job Title: Indirect Funding Coordinator

Department: Indirect Lending

Reports To: Team Lead, Indirect Lending

FLSA Status: Non-Exempt

Location: Onsite- 350 Salem Turnpike

SUMMARY

The Indirect Funding Coordinator is responsible for overseeing the accurate, compliant, and timely funding of indirect auto loans through dealer networks. This role ensures adherence to credit union policies and procedures while serving as a subject matter expert for complex funding transactions and dealer-related funding matters.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Responsible for overseeing the daily funding operations of Indirect lending program, ensuring timely, accurate, and compliant loan disbursements.
• Reviews loan packages to verify completeness, accuracy, and compliance, and determine the necessary steps required to complete processing and funding in a timely manner.
• Collaborate with the Team Lead of Indirect to identify, develop, and implement process improvements, standard operating procedures, and training materials to improve efficiency, accuracy, and team performance.
• Provide guidance, mentorship, and training team members on indirect funding policies, procedures, and best practices, promoting consistent application of procedures, regulatory compliance, and ongoing professional development within the team.
• Process and oversee dealer reserve calculations, reserve payments, and reserve chargebacks, ensuring accurate execution of dealer reserve and loan disbursements.
• Develop and maintain strong professional relationships with existing dealers participating in the indirect lending program.
• Correspond with dealers to obtain all necessary contracts and supporting documentation to minimize funding delays and ensure loans are funded efficiently and accurately.
• The position requires strong attention to detail, organizational skills, and the ability to manage multiple priorities simultaneously in order to maintain expected service levels and funding turn-times.
• Responsible for preparing, maintaining, and distributing reports related to daily indirect loan funding activity.
• Monitor team workload and resource allocation to ensure department objectives, service levels, and funding deadlines are consistently met.
• Continually engage with Loan Operations regarding indirect quality control concerns, proactively identifying trends, addressing quality control issues, and implementing appropriate resolutions or corrective actions.
• Ensure adherence to all applicable regulatory requirements including, Fair Lending, Bank Secrecy Act (BSA), Office of Foreign Assets Control (OFAC), and any other applicable federal, state, or regulatory requirements.
• Maintain compliance with all Credit Union policies, procedures, and regulatory guidelines.
• Perform additional duties and responsibilities as assigned by management to support the overall success of the indirect lending program.

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.

Requirements

EDUCATION and/or EXPERIENCE

• Bachelor's degree (B. A.) from four-year college or university, two to three years related experience and/or training; or equivalent combination of education and experience.
• Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations.
• Ability to write reports, business correspondence, and procedure manuals.
• Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
• Ability to analyze Federal tax returns.
• Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.
• Basic understanding of NCUA and other applicable operating regulations, and various changes in laws.

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 accommodation 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; use hands to finger, handle, or feel; and talk or hear. The employee is occasionally required to stand, walk, and reach with hands and arms. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus.

WORK ENVIRONMENT

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. The noise level in the work environment is usually moderate.