Director, Indirect Underwriting & Processing Operations

Overview Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family. PenFed is hiring a Director, Indirect Underwriting & Processing Operations at our San Antonio, Texas; Omaha, Nebraska or Tysons, Virginia location. The primary purpose of this job is to manage the PenFed Indirect Lending Underwriting, Processing, and Quality Control operations. The incumbent ensures the business unit will remain in compliance of all company policies and procedures, as well as all state and federal regulations as well as published guidelines. This role is also responsible for improving the performance, productivity, efficiency and profitability of departmental and organizational operations through the provision of effective methods and strategies. Responsibilities Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned. Leadership/Team Management: Manage a team of underwriters, processors and internal quality control specialists; some of which are direct reports/employees of PenFed while others are employed by partners/vendors. Formulate and implement departmental and organizational changes to staffing, policy and procedures to maximize output and achieve business goals. Partner with Human Resources and department training resources to enhance training within the Indirect Lending Operations group. Maintain a balanced scorecard for the department and staff to be provided on a monthly basis. Strategic Planning: Assist in the development of strategic plans for operational activity as it pertains to underwriting, processing, and funding of automobile loans. Implement and manage operational plans. Partner with Product Team to work with 3rd party vendors, PenFed Operations and IT to enhance the processing efficiency. Partner with Product Team in the development of the business plan (i.e. volume levels, profitability, and workforce pertaining to the underwriting, processing, funding and quality control teams). Partner with Product Team to develop collaborative relationships with the Dealer Relationship Managers. Partner with Product team to establish a sales based culture with the Dealers will managing risk and profitability appropriately. Remain informed of new ideas and developments through publications, membership in professional organizations and contact with other financial institutions. Develop balanced growth strategies and work with members of senior management to implement growth strategies and policies/processes improvements to optimize compliance, portfolio performance, and profitability as they pertain to supporting the product team. Management of Policy, Processes & Audit: Monitor adherence to rules, regulations, policies and procedures. Coordinate with the Product Team to optimize the administrative functions related to the indirect lending process (i.e. revisions to policies and procedures, enhancement of automation rate, program changes). Provide recommendations and effectuate changes to increase automation rate for credit decision (approve/decline). Responsible for completing internal and external audits pertaining to underwriting, processing, and funding of indirect automobile loans. Perform periodic reviews for turnaround time (i.e. credit decision, quality control review, funding, and response to dealer). Performance Monitoring: Work with the Consumer Banking team and review indirect automobile portfolio performance by (i.e. dealership, product, rate, LTV, credit score). Publish and analyze production reports (i.e. application volume, pull-thru rates, approval rates, funding rates, profitability by dealership, quality of underwriting review, and quality of quality control process) and provide results to management with recommendations (if applicable). Perform periodic reviews for turnaround time (i.e. credit decision, quality control review, funding, and response to dealer). Partner with the Product Team to aggregate and provide data on dealer performance to the Field Sales Team. Partner with Consumer Banking team to assist in the oversight and management of third party vendors utilized in the application and origination process. Qualifications Equivalent combination of education and experience is considered. Bachelor’s degree in business administration or management. Minimum of twelve (12) years’ of indirect lending experience in a financial services organization is required. Minimum of five (5) years’ of direct management experience. Industry relevant production experience. Knowledge and experience in organizational effectiveness and operations management. Knowledge of business and management principles and practices. Knowledge of financial and accounting principles and practices. Knowledge of human resource principles and practices. Knowledge of project management principles and practices. Experience with indirect automobile lending is required. Supervisory Responsibility This position will supervise employees. Work Environment While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise. *Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.* Travel Ability to travel to various worksites and be on-call will be required. Special Message Regarding COVID 19 PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with COVID-19, we have modified our hiring, onboarding, training, and deployment protocols in order to comply with applicable current local and state guidance. About Us Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day. We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more. Equal Employment Opportunity PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same. PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240-224-4256.
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