Job Description
Job Description
Nizari Progressive Federal Credit Union
Position: Collateral Administrator
Type: Full-Time
Department: Lending
POSITION PURPOSE
Responsible for establishing and maintaining accurate and timely lien perfections while managing a variety of duties, including but not limited to perfecting liens on all types of collaterals, ensuring the collateral is sufficiently insured with Nizari as the 1st lien holder, and other collateral documents are in place to protect credit union’s interests in accordance with established credit union policies, procedures, and legal, regulatory and state guidelines.
FUNCTION
A. Assumes responsibility for ensuring all collateralized loans are secured and protected.
- Review every auto loan file before closing to ensure that all the collateral and member information, along with Nizari PFCU’s lien information, is accurate so that the title reflects the correct information.
- Ensures Taxes are collected and on hold whenever required.
- Assumes responsibility for filing vehicle titles and does prompt follow-ups on titles that are still pending. Prepare and send title documents accurately and efficiently to the appropriate agency (Electronic Lien Title service provider) to ensure lien perfection on auto loans.
- Ensures vehicle is sufficiently insured and Nizari is listed as the 1st lien holder. Assist in obtaining updated insurance information and updating the State National Insurance portal.
- Ensures that lending operations are conducted in accordance with established Credit Union policies and are legally compliant. Ensures that updates are properly documented.
- Maintain organized records of all title transactions, evidencing the collateral position of the credit union.
- Audit the title inventory of electronic and paper title records; conduct lost title searches; research missing titles and resolve titling and lien perfection issues.
- Generate paid loan reports; prepare and send titles or applicable lien release notifications to members who have completed their contractual obligations.
- Process loan payoff transactions for dealers and insurance companies; prepare and send titles or applicable lien releases to appropriate parties after detailed verification.
- Process GAP claims for members, including communication with the member and agency, and uploading claim documents to the portal.
- Determine if the member has purchased GAP Plus benefits and process the claim if the member meets the eligibility criteria.
- Ensure member funds are applied appropriately based on established guidelines.
- Ensure that all mortgage originals, including Deeds of Trust, Final Title Policies, and Loan Notes, are received from servicing companies in a timely manner. Maintain a comprehensive list of all closed loans, track the receipt of originals, and uphold proper record-keeping practices.
- Ensure all required documents for closed eligible loans are sent to the Federal Home Loan Bank (FHLB) as a pledge for a Line of Credit. Prepare and maintain a detailed list and tracker of all closed loans submitted to FHLB. Address and resolve any queries or issues related to documents received back from the FHLB.
- Assist in keeping the policy and procedure always updated.
B. Assumes responsibility for establishing and maintaining effective and professional business relationships with members, colleagues, and vendors.
C. Assumes responsibility for establishing and maintaining effective coordination and communication with management.
D. Assumes responsibility for related duties as required or assigned.
QUALIFICATIONS AND EXPERIENCE REQUIRED
Education/Certification: Four-year degree in Accounting/Finance preferred
Required Knowledge: Good understanding of Auto loans, requirements of title application, and E-title.
Understanding of related legal and regulatory standards and required loan documentation.
Knowledge of consumer and residential lending practices.
Experience Required: Minimum one-year related experience.