Financial Services Manager – Credit
Permanent On-site | Oshawa, ON
Description
Responsibilities:
Leading team
- Directs, coaches and supports the lending team and others as assigned. Evaluates performance, offers feedback, and handles all performance issues. Involved in hiring and training and developing all department team members.
Business Development
- Leads sales efforts by proactively contacting members and selling the company products and services based on members stated and unstated needs. Leads and supports other employees at the company in proactive sales calling. Represents the company in business development activities in the community.
- Strengthens partnerships with members by identifying when additional credit union products (including insurance services) are beneficial to the member; solicits new members; fosters business development through service excellence and product knowledge and other networking opportunities.
Credit and lending
- Meets with members to discuss and assist with lending and overall financial needs.
- Underwrites, recommends approval or decline, processes documentation, and approves within limits residential and consumer lending and is responsible for the administration of the same. In addition is responsible for the administration of the commercial portfolio.
- Conducts interviews with members to identify lending needs including but not limited to providing individualized financial counseling or restructuring of business debts to members regarding credit services and deposit products offered through the credit union.
- Conducts credit investigations, security inspections and searches as required; prepares releases of security on paid out loans; interprets loan reports and identify further action required to address problem areas such as pending delinquency.
- Ensures and measures profitability of loans through application of loan rates, service charges and overdue interest.
- Understands and uses knowledge of member’s financial condition to effectively position the value of products and services.
- Actively participates in department, management, and as required, committee meetings and monthly Board of Director meetings.
- Develops and provides the CEO and Board with monthly written reports that reflect statistics of new and closed loans, delinquencies, off balance sheet loans, staff and board loan account tracking, and other reports as required.
- May be required to develop new products and services and initiate the appropriate marketing campaigns to ensure the success of such.
- Works with and supports internal audit functions and prepares management responses to internal audit findings including recommendations for changes in policies and/or procedures.
- Provides efficient and effective risk management by ensuring all loan activities are completed in compliance with relevant legislation, regulations and credit union policies & procedures, including the execution of the loan department document management system.
- Monitors delinquency and working with the CEO, acts appropriately with problem accounts to mitigate potential losses to the Credit Union. Ensures continuing education is performed as required for department employees to maintain relevant knowledge of industry trends and legislative and regulatory requirements. Provides support to the CEO in maintaining appropriate liquidity requirements.
- Provides regular recommendations relating to the updating of the lending policies to ensure adherence to the Credit Union Act, legislation, Financial Services Regulatory Authority of Ontario (FSRA) regulations and to maintain a competitive advantage with flexibility for borrowers while maintaining sound business practices measured by the “prudent person” rule.
Commercial lending
- Working with the Commercial Lender/Consultant, manages loan applications and related documentation for Commercial mortgages, or commercial credit requests, and Commercial annual reviews.
- Assists in the compilation of reports as directed by the CEO.
- Monitoring of the portfolio ensuring compliance to policy and regulatory compliance.
- Responsible for managing all commercial annual reviews including document collection, storage etc. and managing individuals responsible for completing such. Development and changes required of commercial lending policies.
- Other Key Functions:
- Works with or as directed by the CEO on special projects.
Qualifications
Technical Skill Required:
- Successful completion of accredited lending courses and/or experience equivalent.
- Successful completion of supervisory/coaching courses and/or experience equivalent.
- Familiarity of financial planning aspects including creditor insurance options.
- Familiarity with products and services in the financial services industry, within the credit union system and a complete knowledge of all services available at the company.
- Successful completion of basic accounting courses through an approved, accredited, recognized institution/organization.
- Excellent computer skills including but not limited to exceptional Excel skills.
- Excellent communication skills, written and oral (including presentations).
- Proven to be adept to independently learn new software.
- Add: Investments experience and skills.
Performance Requirements:
- Prepare and submit monthly reports regarding various operational issues to the CEO.
- Prepare/review all loan department reports and ensure proper action is initiated to ensure the safeguarding of credit union assets and that the legislative requirements are met.
- Maintain up-to-date knowledge of general economic conditions that may affect the credit union (including competition products, rates and services).
