Requisition ID: req41607

Job Title: Loan Officer, Center for Economic Opportunity.

Sector: Economic Recovery & Livelihood

Employment Category: Regular

Employment Type: Full-Time

Compensation: USD 54,500.00 - 73,000.00 Salary

Location: New York, NY HQ USA
Job Description

***THIS ROLE IS ELIGIBLE TO BE FULLY REMOTE***

Job Overview:

IRC’s Center for Economic Opportunity (CEO) is a subsidiary of the International Rescue Committee and a non-profit financial institution that offers accessible, small-dollar consumer and microenterprise loans primarily to refugees, immigrants and other traditionally financially-excluded communities. CEO makes its loans through partnerships with trusted community-based organizations that offer financial education and other asset-building services.

The Loan Officer is a remote position that can be located anywhere in the US. The Loan Officer will directly report to CEO’s Sr. Microlending Coordinator and support the underwriting and closing function of a high volume of consumer and small business loan applications, including due diligence for risk mitigation and program compliance purposes. The position will also research and analyze market needs and credit risk of new product opportunities to drive impact and further CE’s mission. The position will collaborate closely with CEO’s loan processors, loan committee, IRC financial coaches, and business counselors, and includes a high level of engagement with CEO’s borrowers.

CEO is rapidly expanding nationally and offers opportunity for career growth. 10% - 15% of each week may be spent gaining experience across any of CEO’s core operational areas – including customer service, project design, curriculum/resource development, grant and donor support, communications, partnerships or monitoring and evaluation.

Responsibilities:

Underwrite Consumer and Business Loans

• Review, analyze, and evaluate loan application documents (financial statements, cash flow projections, tax returns, credit reports, etc.); apply CEO’s underwriting standards in review of both consumer and small business loans; make decision recommendations
• Conduct due diligence throughout underwriting, flag issues of concern, and propose potential solutions for risk mitigation
• Lead the drafting and completion of full credit memos for internal and external loan committee review and approval

• Work closely with prospective borrowers to evaluate their overall financial health, verify credit readiness, determine financing needs, assist them in every stage of the loan application process
• Respond to loan inquiries, review loan requests, and conduct prospecting calls with potential applicants.

Capacity Building

• In close coordination with the Sr. Microlending Coordinator, support continued development of new financial products accessible to and supportive of underserved communities
• Identify and execute strategies for enhancing the efficiency of CEO loan process for applicants, referring financial coaches, business counselors, and CEO underwriters (internal and external) nationally
• Conduct and support collections; research on collection and repossession compliance across the states where CEO operates; legislation where CEO operates; inform policies and communicate directly with the borrowers
• Ensure data quality and compliance with CEO loan policies, and support the lending team with timely submission of program reports
• Represent CEO externally at conferences, partner/stakeholder meetings and other similar venues.
• remain up to date on available resources and community services CEO clients may access
• Provide administrative support and backfill gaps as needed across departments
• Support key initiatives, pilot projects, trainings, research and other capacity-building efforts

Key Working Relationships

Position Reports to: Sr. Microlending Coordinator, IRC’s Center for Economic Opportunity
Collaborates with: CEO’s Operations Manager (Loan Processor), Senior Lending Manager and Microlending Coordinator (Business Counselor); IRC financial coaches and business counselors; IRC National Economic Empowerment staff. As needed, the position may directly supervise interns and volunteers.

Job Requirements:

• Undergraduate degree is required; advanced degree or education in business or finance preferred
• At least 5 years of packaging, underwriting or reviewing experience in small business and consumer loans (auto, personal, education)
• Experience in or knowledge of the Community Development Financial Institutions (CDFI) industry is required.
• Strong financial analysis skills in interpreting and developing financial statements, cash flow projections, basic ratios, and a borrower’s ability to repay
• Previous experience in preparing and reviewing loan documentation from ‘initial inquiry’ to loan closing – experience drafting credit memos, reviewing and presenting financial statements, business plans, loan agreements, working with collateral, and conducting collections are all desired
• Strong speaking and communication skills; able to prepare and present engaging material to large groups, in-person or remotely
• Proficient in Word, Excel, PowerPoint, Google and business accounting software (I.e. QuickBooks or similar)
• Strong computer skills with proficiency in Microsoft Office Suite (Word, Excel, Outlook); advanced Excel proficiency required;
• Prior experience in using Zendesk as CRM system and loan management software is a plus
• Must have exceptional customer service skills and mindset; experience serving diverse clientele required

Working Environment: The position is remote and can be located anywhere in the U.S. limited travel for conference, board or team meetings may be required but will be less than 5% time.

Compensation: Posted pay ranges apply to US-based candidates. Ranges are based on various factors including the labor market, job type, internal equity, and budget. Exact offers are calibrated by work location, individual candidate experience and skills relative to the defined job requirement

COVID-19 Vaccination Requirement: In accordance with IRC’s duty to provide and maintain a workplace that is free of known hazards and our commitment to safeguard the health of our employees, clients, and communities, IRC requires new hires to furnish proof of vaccination against COVID-19 in order to be considered for any in-office or hybrid positions. All IRC US offices require full vaccination to attend any in-office functions (e.g., meetings, trainings).

Commitment to Diversity and Inclusivity: IRC is committed to building a diverse organization and a climate of inclusivity. We strongly encourage applications from candidates who can demonstrate that they can contribute to this goal.

Equal Opportunity Employer: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.

US Benefits: We offer a comprehensive and highly competitive set of benefits. In the US, these include: 10 sick days, 10 US holidays, 20-25 paid time off days depending on role and tenure, medical insurance starting at $120 per month, dental starting at $7 per month, and vision starting at $5 per month, FSA for healthcare and commuter costs, a 403b retirement savings plans with immediately vested matching, disability & life insurance, and an Employee Assistance Program which is available to our staff and their families to support counseling and care in times of crisis and mental health struggles. 

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