Webster First Federal Credit Union
Indirect Funding Specialist
Webster First Federal Credit Union, Worcester, Massachusetts, us, 01609
Overview
Job Title:
Indirect Funding Specialist Department:
Consumer Lending Reports To:
Assistant Vice President, Consumer Lending About Webster First Federal Credit Union Established in 1928 and driven by a goal to make life more comfortable for our community, Webster First Federal Credit Union has grown to an over one-billion-dollar financial institution, serving over 90,000 members across our banking and lending services. Our mission is to leverage who we are as a credit union to empower our members to live their best financial lives. We focus on members, not profits, and our values of strength, exceptional service, and “New England authenticity” are at the heart of everything we do. We are committed to empowering a diverse and inclusive workforce that reflects the community we serve.
Summary The Indirect Funding Specialist plays a key role in the end-to-end processing of indirect consumer loans. This position is primarily responsible for the accurate and timely booking, funding, and coordination with dealership partners. In addition to loan processing duties, the specialist provides operational support to ensure the smooth functioning of daily activities within the Loan Servicing team and the Consumer Lending Department.
Essential Duties And Responsibilities
Receive, review, and process indirect loan packages with a focus on accuracy and efficiency.
Conduct detailed quality control checks on loan documentation to ensure compliance with internal standards and regulatory requirements.
Perform all loans funding transactions, including disbursements and related accounting functions.
Initiate ACH payments to dealers and reconcile with the Accounting department as needed.
Serve as a point of contact for indirect dealers and vendor partners, building and maintaining positive working relationships.
Assist with dealer management activities, including onboarding, support, and performance monitoring.
Provide exceptional service to members and internal stakeholders, addressing inquiries and offering routine loan assistance.
Accurately quote loan payoff amounts to members, dealers (including trade-ins), and insurance companies.
Process loan payoffs, pull and release vehicle titles, and complete all title-related documentation, including UCC-1 filings, lien release affidavits, and letters of guarantee.
Manage and track vehicle titles using the Vin-TEK system, ensuring timely title processing and release.
Support collateral protection insurance (CPI) processes, including adding and removing coverage, issuing refunds, recalculating payments, and notifying members.
Process Skip-A-Pay requests and track related loan modifications.
Monitor credit reports to support cross-selling and lending opportunities.
Prepare delinquency files and forward relevant documentation to the Collections department.
Generate monthly reports, such as Minnesota Life Insurance submissions, and process insurance claims, payments, and debt cancellation benefits.
Perform various administrative and support tasks, including document scanning, filing, and sorting incoming mail.
Assist in training and onboarding new staff members as needed.
Ensure compliance with all credit union policies, procedures, and applicable regulations.
Perform other duties as assigned to support department and organizational goals.
Promotes overall BSA compliance by adhering to all BSA and OFAC regulations specific to the job function and assisting the Credit Union’s BSA department as necessary with any departmental function specific items.
Actively promotes the security and privacy of member and employee information through adherence to information security and physical security policies, procedures, and governing regulations; annual training will cover Information Security topics, BSA, GLBA, and related regulations as applicable to the position.
Qualifications/Requirements
Strong ability to read, understand, and interpret written and verbal instructions.
Skilled in clearly presenting information and effectively responding to questions from management, automobile dealers, and credit union members.
Proficient in performing basic mathematical calculations using whole numbers, fractions, and decimals.
Demonstrated analytical thinking with the ability to identify issues, gather relevant data, evaluate facts, and draw logical conclusions.
Education/Training Experience
High school diploma required; Associate degree or higher preferred.
Minimum of one year of experience in credit union or banking environments, specifically in loan origination and underwriting.
Prior experience in customer service and sales is highly valued.
Physical Demands & Work Environment This role primarily takes place in a professional office environment and involves sedentary work at a desk or workstation, using a computer and engaging in phone or video conversations. The noise level is generally moderate. Reasonable accommodations will be provided as needed.
Pay Range Salary Band 2
$20–$28 / hour
Note:
This range reflects the full salary band for positions at this level. Individual compensation is determined based on experience, skills, and internal equity.
Seniority level Entry level
Employment type Full-time
Job function Finance and Sales Industries: Banking
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Job Title:
Indirect Funding Specialist Department:
Consumer Lending Reports To:
Assistant Vice President, Consumer Lending About Webster First Federal Credit Union Established in 1928 and driven by a goal to make life more comfortable for our community, Webster First Federal Credit Union has grown to an over one-billion-dollar financial institution, serving over 90,000 members across our banking and lending services. Our mission is to leverage who we are as a credit union to empower our members to live their best financial lives. We focus on members, not profits, and our values of strength, exceptional service, and “New England authenticity” are at the heart of everything we do. We are committed to empowering a diverse and inclusive workforce that reflects the community we serve.
Summary The Indirect Funding Specialist plays a key role in the end-to-end processing of indirect consumer loans. This position is primarily responsible for the accurate and timely booking, funding, and coordination with dealership partners. In addition to loan processing duties, the specialist provides operational support to ensure the smooth functioning of daily activities within the Loan Servicing team and the Consumer Lending Department.
Essential Duties And Responsibilities
Receive, review, and process indirect loan packages with a focus on accuracy and efficiency.
Conduct detailed quality control checks on loan documentation to ensure compliance with internal standards and regulatory requirements.
Perform all loans funding transactions, including disbursements and related accounting functions.
Initiate ACH payments to dealers and reconcile with the Accounting department as needed.
Serve as a point of contact for indirect dealers and vendor partners, building and maintaining positive working relationships.
Assist with dealer management activities, including onboarding, support, and performance monitoring.
Provide exceptional service to members and internal stakeholders, addressing inquiries and offering routine loan assistance.
Accurately quote loan payoff amounts to members, dealers (including trade-ins), and insurance companies.
Process loan payoffs, pull and release vehicle titles, and complete all title-related documentation, including UCC-1 filings, lien release affidavits, and letters of guarantee.
Manage and track vehicle titles using the Vin-TEK system, ensuring timely title processing and release.
Support collateral protection insurance (CPI) processes, including adding and removing coverage, issuing refunds, recalculating payments, and notifying members.
Process Skip-A-Pay requests and track related loan modifications.
Monitor credit reports to support cross-selling and lending opportunities.
Prepare delinquency files and forward relevant documentation to the Collections department.
Generate monthly reports, such as Minnesota Life Insurance submissions, and process insurance claims, payments, and debt cancellation benefits.
Perform various administrative and support tasks, including document scanning, filing, and sorting incoming mail.
Assist in training and onboarding new staff members as needed.
Ensure compliance with all credit union policies, procedures, and applicable regulations.
Perform other duties as assigned to support department and organizational goals.
Promotes overall BSA compliance by adhering to all BSA and OFAC regulations specific to the job function and assisting the Credit Union’s BSA department as necessary with any departmental function specific items.
Actively promotes the security and privacy of member and employee information through adherence to information security and physical security policies, procedures, and governing regulations; annual training will cover Information Security topics, BSA, GLBA, and related regulations as applicable to the position.
Qualifications/Requirements
Strong ability to read, understand, and interpret written and verbal instructions.
Skilled in clearly presenting information and effectively responding to questions from management, automobile dealers, and credit union members.
Proficient in performing basic mathematical calculations using whole numbers, fractions, and decimals.
Demonstrated analytical thinking with the ability to identify issues, gather relevant data, evaluate facts, and draw logical conclusions.
Education/Training Experience
High school diploma required; Associate degree or higher preferred.
Minimum of one year of experience in credit union or banking environments, specifically in loan origination and underwriting.
Prior experience in customer service and sales is highly valued.
Physical Demands & Work Environment This role primarily takes place in a professional office environment and involves sedentary work at a desk or workstation, using a computer and engaging in phone or video conversations. The noise level is generally moderate. Reasonable accommodations will be provided as needed.
Pay Range Salary Band 2
$20–$28 / hour
Note:
This range reflects the full salary band for positions at this level. Individual compensation is determined based on experience, skills, and internal equity.
Seniority level Entry level
Employment type Full-time
Job function Finance and Sales Industries: Banking
We’re unlocking community knowledge in a new way. Experts add insights directly into each article, started with the help of AI.
#J-18808-Ljbffr