Community Reinvestment Act (CRA) Loan Officer

About the role

The Community Reinvestment Act Loan Officer represents Dedham Savings as & Community Reinvestment Act Loan Officer in the Dedham Savings and South Shore Bank Community Reinvestment Act Assessment Area, focusing on assisting the Bank in meeting its CRA and Fair Lending goals.

Responsibilities

• Originate quality mortgage loans secured by 1-4 family properties with a focus on LMI and minority borrowers, according to the Bank’s loan policies and procedures.
• Meet and reach out to local realtors, housing authorities, and non-profit homebuyer counseling organizations to establish relationships and referral sources for mortgage loans.
• Conduct regular meetings with realtors and housing authorities on-site, at open houses, and first-time homebuyer seminars and events to assist the Bank in identifying new CRA products.
• Regular use of social media platforms as a means of obtaining loan referrals.
• Regularly seek opportunities to meet with new housing agencies and non-profit agencies to discuss first-time homebuyer programs.
• Develop referral sources to meet production targets for Low-to-Moderate Income (LMI) and minority lending goals.
• Attend and participate in CRA working groups and other meetings held as required by management.
• Coordinate efforts with Compliance Department to represent the Bank in CRA initiatives, such as First-time homebuyer seminars and webinars, which help achieve our CRA goals.
• Assist with lead generation for small business, commercial real estate, and community development loans in the assessment area.
• Interview applicants to obtain and analyze required mortgage application information, including income, assets, investments, debt, credit history, prior bankruptcies, judgments, and liens, as well as characteristics of the property and similar information.
• Identify customers’ needs in conjunction with their financial situation and evaluate these needs with available financial products.
• Recommend the financial products that best meet the customer's specific needs; advise the customer about the risks and benefits of the loan alternatives, including the options and advantages involved; recommend terms and conditions of mortgage loans.
• Follow the existing loan pipeline to ensure conformity with terms.
• Ensure documentation is completed under regulatory compliance.
• Communicate with the customer on an ongoing basis to ensure they remain informed and aware throughout the process.
• Communicate with attorneys, appraisers, and other vendors to ensure a timely and efficient process, creating an exceptional customer experience.
• Collaborate with management to develop and maintain strong, mutually beneficial business relationships.
• After successful registration with the National Mortgage Licensing System (NMLS) and issuance of a valid NMLS ID, maintain active registration status with proper annual renewal, in compliance with the S.A.F.E. Act.
• Maintain extensive knowledge of the Bank’s policies and procedures; maintain strong knowledge of real estate lending practices and related areas.
• Complete all internal Bank training as assigned and required.
• Adhere to the Bank’s privacy and data security policies including but not limited to safeguarding of sensitive information and complying with relevant regulations to protect non-public information.
• Exhibit the ability and desire to embrace and enhance the Bank culture.

Qualifications

• To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.
• Education and/or Experience: Associate’s degree or its equivalent through specialized coursework and training. Five – ten years of sales experience within a lending environment. Strong sales ability. Good working knowledge of residential lending. Excellent communication and organizational skills.
• Skills: Basic knowledge of the banking and financial services industry including federal laws and regulations. Willingness to gain new knowledge and technical skills. Intermediate typing skills to meet the production needs of the position. Intermediate math skills: the ability to calculate interest, commissions, proportions, and percentages; balance accounts; add, subtract, multiply, and divide into all units of measure, using whole numbers, common fractions, and decimals; locate routine mathematical errors; compute rate, ratio, and percent, including the drafting and interpretation of bar graphs. Exceptional verbal, written, and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct others, train personnel, read, analyze, and interpret documents and professional journals, understand procedures, write reports, correspondence, and procedures, speak clearly to customers and employees.

Benefits

Dedham Savings offers a competitive benefits package including Medical, Dental, Vision, Flexible Spending, Tuition Reimbursement, Childcare Subsidy Reimbursement, Retirement, Life Insurance, and many other benefits. The pay range for this position is $50,000.00 base salary per year plus commission, and is the lowest to highest salary Dedham Savings in good faith believe we would pay for this role at the time of this posting. The Bank may ultimately pay more or less than the posted range, and the range may be modified in the future. An employee’s pay position within the salary range will be based on several factors including, but not limited to, relevant education, qualifications, experience, sales or revenue-based metrics, and business or organizational needs and affordability.

EEO Statement

Dedham Savings is committed to providing equal opportunity for all employees and applicants without regard to race, color, religion, gender, sexual orientation, age, marital status, national origin, physical or mental disability, veteran or disability status, gender identity, or expression, citizenship, genetic information, ancestral origin, military status, pregnancy, childbirth, and or conditions relating to pregnancy or any other related medical conditions or any other status protected by Federal, State or local laws.

Pay Range Disclosure

The pay range for this position is $50,000.00 base salary per year plus commission, and is the lowest to highest salary Dedham Savings in good faith believe we would pay for this role at the time of this posting. The Bank may ultimately pay more or less than the posted range, and the range may be modified in the future. An employee’s pay position within the salary range will be based on several factors including, but not limited to, relevant education, qualifications, experience, sales or revenue-based metrics, and business or organizational needs and affordability.