Loan and Compliance Officer

Marshalltown Area Chamber of Commerce; Marshalltown (IA); On-site; USD 70,000 - 100,000; Full time

Job summary

The Marshalltown Area Chamber of Commerce is seeking a Compliance/Loan Officer to develop, implement, and monitor the loan compliance program in a banking context. You will advise the board and senior management on regulatory risk and guide controls to mitigate risk, while serving as the primary consumer loan officer and backing Mortgage/Commercial lending as needed.

Responsibilities include monitoring lending compliance, CRA activities, training staff, and maintaining regulatory reporting for

Qualifications

• Bachelor’s degree in accounting/finance/business or related field.
• A minimum of five years of progressively responsible experience in a financial institution is required.

Responsibilities

• Oversees the bank’s loan compliance program and related policies.
• Analyzes new laws and regulations affecting lending practices.
• Advises Board and management on regulatory risk and controls.
• Serves as the bank’s primary Consumer Loan Officer and supports Mortgage/Commercial Officers.
• Maintains CRA files and coordinates CRA activities and reporting.
• Trains staff on regulatory compliance and keeps policies up to date.
• Manages loan portfolio reviews and compliance monitoring reports for leadership.

Education

Bachelor’s degree in accounting/finance/business or related field

Five years of progressively responsible experience in a financial institution

Job description

Location: 205 W. Main Street, Marshalltown, IA 5158

Job Description/Summary:

Develops, implements and monitors loan aspects of the Bank’s compliance program to ensure compliance with federal and state banking laws and regulations, and monitors the bank’s lending program to ensure that the bank’s lending goals and objectives are being met. Plans, organizes, and controls the Bank’s loan compliance activities including, but not limited to, CECL and Fair Lending. Advises the Board of Directors, senior management and bank personnel of emerging loan compliance issues and consults and guides the bank in the establishment of controls to mitigate risk. Serves as the bank’s primary consumer loan officer and as the customer service backup to the Mortgage Loan Officer and the Commercial Loan Officer as needed. Assists with loan portfolio maintenance and loan collection activities as needed.

List of Job Duties:

Coordinates and oversees the bank’s loan compliance program.

• Analyzes new and pending laws and regulations which directly affect the bank’s lending practices and maintains copies of appropriate regulations and interpretations.
• Develops or revises appropriate policies, procedures, contracts and agreements to ensure compliance.
• Ensures that internal policies and procedures are prepared, reviewed, and updated as necessary.
• Together with the Deposit Compliance Officer, oversees regulatory compliance examinations and prepares audit response following examinations.

Develops and coordinates loan compliance efforts, serving as backup for Deposit Compliance

• Assists management with the maintenance and institution of policies and procedures.
• Researches regulatory reference materials and obtains advice from regulatory agency staff, legal counsel and professional compliance associates.
• Researches and responds to compliance-related questions from loan staff.
• Maintains a working knowledge of Deposit Compliance in order to serve as backup to the Deposit Compliance Officer.

Develops and maintains a compliance monitoring control program.

• Selects samples and reviews loan documentation and lending procedures.
• Prepares checklist and summary reports.
• Reviews forms, brochures, notices, and advertising materials for compliance with applicable rules.
• Ensures required lobby notices related to lending are current and displayed.
• Files written report of compliance violations and recommended action to the CEO.

Promotes, maintains and documents Community Reinvestment (CRA) activity.

• Maintains CRA file and documents activity.
• Provides training and information for employees.
• Prepares and analyzes geographical requirements.

Trains employees in regulatory compliance related to lending.

• Ensures that new employees are appropriately trained and that on-going training is provided for all employees.
• Distributes compliance information as laws change.

Serves as the bank’s primary Consumer Loan Officer.

• Interviews applicants to develop information regarding customers’ business needs, desires, and repayment abilities to determine risk level.
• Gathers and evaluates information needed to make a credit decision and communicates the decision to the customer.
• Closes approved loans using proper documentation.

Provides customer service backup to the Mortgage Loan Officer and the Commercial Loan Officer as needed.

• Meets with customers, as needed, in the absence of the Mortgage Loan Officer or Commercial Loan Officer, providing the usual services of a lender, turning the loan back to the responsibility of the originating lender.

Provides portfolio maintenance and collections assistance as required.

• Monitors customer financial condition and repayment progress on assigned accounts.
• Monitors and follows up on loan maturities and renewals on assigned accounts.
• Makes periodic calls on loan customers to evaluate management, inspect collateral and detect signs of potential financial problems.
• Monitors the condition of the bank’s other real estate owned properties, and makes recommendations for necessary follow up.
• Assists loan staff with more complex problem loans.

Submits quarterly compliance performance reports to Board of Directors and prepares and submits a variety of required reports, as directed.

• Maintains annual compliance calendar based on the level of risk exposure to the bank.
• Submits a variety of required reports, both self-directed and at the direction of other bank officers.

Required Experience and/or Knowledge, Skills and Abilities:

• 1. Bachelor’s degree in accounting/finance/business or related field or comparable work experience.
• 2. A minimum of five years of progressively responsible experience in a financial institution is required.