Loan servicing specialist job description

Commercial Loan Servicing Specialist (Hybrid)

Location
Headquarters-Troy, MI

Job Summary
The Commercial Loan Operations Specialist's main function is a combination of several of the following: booking commercial loan facilities to the core accounting system, managing a book of participation loans, processing transactions, balancing general ledgers, funding loans, account maintenance, paying invoices related to loan bookings, internal and external customer service, Swap servicing with third party vendor, reviewing daily reports and maintenance of spreadsheets. This list may not be all inclusive. All of these functions, individually or in concert, create efficiencies, increased service levels to internal and external customers plus ensure proper accounting of commercial loans on the Bank's books.

Job Responsibilities:
35% - Participation Loan Booking and Monitoring: Owning a group of participation loans, which includes daily, weekly, monthly updates for rate changes, advances and payments. Must ensure that we stay in balance with lead bank and the monetary transactions and rate changes are done timely to avoid any unnecessary past due or out of balance situations. Must be able to calculate interest by hand and communicate clearly both orally and in writing. Requires wires to be created and/or verified in very large dollar amounts.

25% - Transaction Processing/Daily Report Review - Post transactions including payments, pay downs, payoffs, advances, and adjustments to accounting system. Requires a complete and thorough understanding of loan system in order to post properly. The daily report review uncovers system errors that would not otherwise be caught.

15% - Updating Borrowing Base Availability, Cross Training, Loan Maintenance and Updating Various Spreadsheets: When notified of borrowing base changes, must make changes to Core system within the day to ensure availability of funds for customers. Updates various spreadsheets to ensure proper recording of different types of loans, exposure, etc. Cross trains to understand the basics of other participation loans and transaction processing and other department functions. Make maintenance changes to core system as requested by internal staff

15% - Loan Booking - Requires a thorough knowledge and understanding of commercial loan documentation and the accounting system to which they are booked. Must be extremely organized in thoughts and procedures. Is responsible for timely and accurate input and the ability to question when any documentation is outside the norm. Must be able to book new, renewed, extended loans as well as Letters of Credit, Swap and ACH exposures.

10% - General Ledger balancing/Swap servicing and invoices - All transactions flow through two general ledgers that must be balanced daily. There are hundreds of entries and all must be accounted for and organized. Swap servicing includes monthly manual rate changes and 2-3 times a month reconciling with the third party vendor, as well as new Swap monetary activity.

Job Requirements:

5+ years in commercial loan operations or commercial servicing; 7+ preferred HS Diploma, GED or Foreign EquivalentMust have considerable exposure to commercial loan documentation Demonstrated ability to understand and interpret commercial loan documentation Previous experience in booking commercial loans and participation loan processing Good analytical and problem solving skills Excellent verbal and written communication skills Willingness to work in a team environment Intermediate understanding of MS ExcelAutomated Financial Systems (AFS) experience preferred

Internal Use Only: Job Band H-Hourly

At Community West Bank, we put deposits to work locally, making loans to businesses, families and non-profit organizations. We are the largest publicly traded and only community bank headquartered and serving California's Central and South Coast area of Ventura, Santa Barbara and San Luis Obispo counties, with full-service branches in Goleta, Oxnard, Paso Robles, San Luis Obispo, Santa Barbara, Santa Maria, and Ventura. We were named one of the Central Coast Best Places to Work by the Pacific Coast Business Times, and we love working here and think you may too!
JOB OVERVIEW/PURPOSE
At Community West Bank, we put deposits to work locally, making loans to businesses, families and non-profit organizations. We are the largest publicly traded and only community bank headquartered and serving California's Central and South Coast areas of Ventura, Santa Barbara and San Luis Obispo counties, with full-service branches in Goleta, Oxnard, Paso Robles, San Luis Obispo, Santa Barbara, Santa Maria, and Ventura. We were recently named one of the Central Coast Best Places to Work by the Pacific Coast Business Times, and we love working here and think you may too!
The Loan Servicing Specialist / Sr. Loan Servicing Specialist performs a wide range of standard to complex servicing functions under minimal supervision, including but not limited to assisting with the centralized credit operations function to ensure smooth daily operations and maintenance of Commercial, Manufactured Housing and SBA loan portfolios. This position maintains consistent workflow, handles general to complex client inquiries and engages in problem solving of client issues. Performs a variety of loan servicing and documentation functions. Other responsibilities include but are not limited to staff training, procedure writing, audit preparation, and department projects as needed. This position performs all essential duties in compliance with regulatory requirements as well as Bank policies and procedures.
Essential Functions
* Board mortgage loans, core bank loans, manufactured housing loans, and modifications when required
* Process payments on manufactured housing loans, core bank loans and SBA loans
* Process and review core loan documentation as needed
* Prepare loan disbursements for construction loans
* Monitor AG/B&I Loans Quarterly-service fee tracking, and charge offs and recoveries report
* Track and monitor insurance requirements to include force-placed insurance. Call customers regarding coverage prior to force placing insurance
* Read and interpret Daily and Monthly Tickler Reports in processing updates to the Navigator system; preparing correspondence to Borrowers and in documenting the loan file accordingly
* Monitor the receipt of Title Policies, Deeds of Trusts, UCC Filings, UCC Searches, and the receipt of financial reporting requirements when required
* Read and interpret loan documents, borrower's certifications, loan authorization, loan agreement, credit memorandums, modifications and promissory notes
* Investor/Participation processing, including payments, remittances, reporting, and payoffs
* General Ledger accounting and certifications
* Process title changes for Mobile Home Loans, and tax/insurance impounds and related reporting escrow insurance payments
* Research and analyze problems when a loan becomes out of compliance with approved conditions
* Prepare demand statements and paid off packages
* Monthly FRB Reporting
* Assist borrowers with telephone and written inquiries
* Collateral custody and maintenance
* Prepare client correspondence, including drafting letters, memos, filing, handling correspondence, and creating reports
* Meets response and resolution times as defined in service level agreements and/or service requests, and follows established processes to meet service level commitments
* Cross trains in additional functions of the department
* Completes all required regulatory training as assigned within deadlines established including BSA, Bank Security and any other training as assigned, within required timeframes and on an annual basis
* Other duties and/or projects as assigned by supervisor
Community West Bank is an EEO/AA/Disability/Vets Employer. Reasonable Accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.



Bachelor's degree, or an equivalent combination of education, training and experience. Minimum 1 year of experience in a support department at a financial institution/ 3 years of related experience for the Senior Position Ability to work under pressure, prioritize and meet deadlines. Ability to disseminate information and guidelines clearly to employees and check for understanding. Ability to work independently and collaborate effectively as a team member. Ability to effectively comprehend and interpret Bank policies and procedures in the work environment. Exhibit high degree of professionalism in handling and having access to sensitive information, and protect and maintain that confidential information. Professional in appearance, and in verbal and written communication.
Ability to exercise good judgment in making decisions.
Excellent interpersonal skills to communicate effectively with a wide range of employees and customers. Ability to complete tasks within prescribed time frames.
Proficient with: MS Word, Excel, Outlook, Internet

The Loan Doc & Proc Intmd AssocAyst is a developing professional role which integrates in-depth specialty knowledge with a solid understanding of industry standards and practices; demonstrates good understanding of how the team and area integrate with others in accomplishing the objectives of the subfunction/ job family. Applies analytical thinking and knowledge of data analysis tools and methodologies. Breaks down information in a systematic and communicable manner. Developed communication and diplomacy skills are required in order to exchange potentially complex/sensitive information. Moderate but direct impact through close contact with the businesses' core activities. Quality and timeliness of service provided will affect the effectiveness of own team and other closely related teams.
Responsibilities:

This role will manage preparing and reviewing loan documentation while providing support to a variety of tasks related to the loan process Activities will include independently processing and closing loans within a complex loans operation environment Integrates a solid understanding of industry and business standards and practices of loan documentation processes Deals with most loan-related problems independently and has some latitude to resolve complex issues, where expertise is required to interpret against policies, guidelines or processes Applies judgment when interpreting data, preparing reports, and presents findings to management Makes resolution recommendations based on identified trends and facts Designs and analyzes complex reports often related, but not limited to loan documentation processes to satisfy management requirements and support/control activities Participates in and supports the implementation of projects and process improvement initiatives Interprets data and makes recommendations for the launch of new products/ services and upgraded platforms that loan documentation/processing functions Demonstrates a understanding of the loan documentation processes to identify policy gaps and formulate policies to support the streamlining of related work processes. Minimizes risk to the bank through a solid understanding of procedural requirements - provides solutions to reduce errors, and to adhere to audit and control policies. Servers as a checker for systematic transactions as a last line of defense. Timely escalation and resolution of all inquiries and issues related to loan documentation. Applies a solid understanding of how the team and area integrate with others in accomplishing the objectives of the sub-unit Provides informal guidance and/or on-the-job-training to new team members Works closely with own team and internal stakeholders in order to meet client needs Has direct interaction with external customers to disseminate or explain information Individuals who are emerging as an expert in a specific skill set, business area or product but who remain focused primarily on daily execution Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency.



Qualifications:


2-5 years relevant experience Can work well under pressure and multi-task with a sense of urgency Proactive to escalate issues and drive change on process Deliver results and able to meet tight deadlines Ability to collaborate with team members within and outside of own team



Education:


Bachelor's/University degree or equivalent experience


This job description provides a high-level review of the types of work performed. Other job-related duties may be assigned as required.


Job Family Group:

Operations - Transaction Services


Job Family:

Loan Documentation and Processing


Time Type:

Full time

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Effective November 1, 2021, Citi requires that all successful applicants for positions located in the United States or Puerto Rico be fully vaccinated against COVID-19 as a condition of employment and provide proof of such vaccination prior to commencement of employment.