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 reports to CEO’s Director of Credit Strategy supports the underwriting and closing function of primarily business loan applications, including due diligence for risk mitigation and program compliance purposes and direct, ongoing follow-up with borrowers as needed. The position will also research and analyze market needs and credit risk of new product opportunities to drive impact and further CEO’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.
This position is remote and can be located anywhere in the U.S.
Major Responsibilities:
Underwrite Business & Consumer (Personal & Auto) 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 primarily business loan applications, with a secondary focus on consumer loan underwriting (personal & auto loans)
- Conduct due diligence throughout underwriting, flag issues of concern, and propose potential solutions for risk mitigation
- Provide business technical assistance & guidance to borrowers and referring business counselors (pre & post-loan TA)
- Lead the drafting and completion of full credit memos for internal and external loan committee review and approval
- Work closely with prospective borrowers (& referring partner staff) 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 Director of Credit Strategy, 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; 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
Job Requirements:
- Undergraduate degree is required; advanced degree or education in business or finance preferred
- 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
- At least 3 years of packaging, underwriting or reviewing experience in small business loans (consumer experience a plus)
- 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
- 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***:***
- This is a remote position that can accommodate candidates in any U.S. State. The majority of the workday is at a computer terminal. While remote, the position may require travel to conferences or in-person team meetings, estimated to 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 requirements.
Gender Equality: IRC is committed to narrowing the gender gap in leadership positions. We offer benefits that provide an enabling environment for women to participate in our workforce including parental leave, gender-sensitive security protocols and other supportive benefits and allowances.
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: The IRC offers a comprehensive and highly competitive set of benefits. All US employees are eligible for sick time, a 403b retirement savings plans: up to 4.5% immediately vested matching contribution, plus an 3-7% additional IRC contribution, and an Employee Assistance Program which is available to our staff and their families to support in times of crisis and mental health struggles.
In addition, full-time employees are eligible for 10 US paid holidays, 20-25 paid time off days, disability & life insurance, medical, dental, and vision insurance (employee contribution starting at $135, $7, and $5 per month respectively) and FSA for healthcare, childcare, and commuter costs. Part-time employees are eligible for a proportionate amount of paid time off. These additional benefits apply to employees who work at least 6 months within a 12 month time period.