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Consumer & Commercial Loan Operations Specialist

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Posted: 07/16/2023
Banking

Consumer & Commercial Loan Operations Specialist

 

Job Details

Experienced
Headquarters - Marlborough, MA
Full Time
Banking

Description

Position Title: Consumer/Commercial Loan Operations Specialist Status: Full Time
FLSA Status: Non-Exempt Reports To: AVP, Loan Ops Manager
Department: Loan Operations Location: Marlborough
 
SUMMARY: Reporting to the AVP Loan Operations Manager, the Loan Operations Specialist is responsible for a variety of clerical and administrative duties in support of the Residential, Consumer, and Commercial loan portfolio, in accordance with established bank procedures and regulatory policies. Additionally, it is expected that this position will actively participate in initiatives that support the bank’s strategic plan while embracing sales and service culture to maximize their contribution to the Bank’s goals.
  • After successful completion of training and proven abilities, this position is eligible for a hybrid work arrangement with an agreed upon number of days per-month on site.
 
ESSENTIAL DUTIES and RESPONSIBILITIES:                                          
Statements included in this description are intended to reflect in general the duties and responsibilities of this classification and are not to be interpreted as being all inclusive, other duties may be assigned. To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
  • Responsible for the day-to-day monitoring and servicing of the residential, consumer, and commercial loan portfolio while adhering to all compliance regulations and Bank procedures.  
  • Review assigned daily reports against source documents detailing all new consumer loans resolving all discrepancies, ensuring the quality and integrity of information entered in the system is accurate as established in policy and procedures.
  • Responsible for the PMI insurance tracking against source reports to ensure compliance with Bank’s procedures and secondary market guidelines for automatic termination and processing of Borrower-Initiated cancellation requests.
  • Responsible for performing Quality Control on new loan setup for Residential, Consumer, and Commercial loans to ensure data integrity.
  • Performs all necessary maintenance to core system for the newly established escrow accounts related to real estate taxes, Hazard/Flood Insurance and Forced Placement Insurance to ensure escrow records are accurate within the system incompliance with RESPA guidelines.
  • Assist in performing all necessary transactions related to escrow accounts to ensure payment of real estate taxes, PMI, Hazard, and Flood Insurance premiums are paid on time and in accordance to established procedures.
  • Responsible for weekly submission of required documentation to Third-Party vendor for the initial set up of Real Estate Tax Services for Residential and Commercial loan portfolio.  
  • Responsible for ensuring all New Consumer Loans are received within the Loan Operations Department in its correct imaging format to ensure electronic documents are properly imported into the Bank’s Imaging system within Bank’s established requirements.
  • Maintain and monitor assigned logs accurately to monitor department function.
  • Responsible for monitoring and tracking Bank’s Homeowner’s and Auto insurance claims to ensure proper release is adhered to against Bank’s established procedures.  
  • Responsible for monitoring Commercial and Residential mid-term rate change notices against source documents detailing rate changes and next adjustment dates are accurate in accordance with the terms and conditions of the loan.  
  • Perform assigned daily and monthly reconciliations in accordance with established procedures. Prepares and maintains assigned monthly/quarterly reports and general ledgers.
  • Performs Quarterly Quality Control in ensuring Consumer collateral hold codes are accurate against source reports, ensuring the quality and integrity of information entered in the core system is accurate.
  • Handles internal and external customers inquiries, problem research through to resolution.
  • Responsible for processing tickets assigned through the Bank’s Help Desk Ticket system in ensuring timely processing and data input integrity within the bank’s core system.
  • Responsible for the preparation and processing of paid off loans requests from attorneys and customers including the preparation of legal documentation, payoff letters and mortgage discharges and lien releases.
  • Responsible for processing daily lockbox CDM file and review of any posting loan rejects, loan advances, billing and payments related loan maintenance, reversals, and waivers of the Bank’s Core System.
  • Assist internal and external auditors and regulators with their respective engagements.
  • Assesses customers’ needs and recommends additional products and services.
  • Effectively use tools and systems to be able to self-manage, organize, and complete work independently, proactively recognizing potential obstacles resolving them before they become an issue, managing to deadlines, creating action plans when not on track, enabling job functions to happen with minimal oversite and meeting conditions of satisfaction. 
  • Readily volunteer and accept assignments to special tasks established to address specific issues and opportunities within the department or the Bank.
  • Regular and consistent attendance is required to continue the high standard of customer service.
  • In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.
  • Other duties as assigned, performing similar or related work as directed, required, or as situation dictates.
 
LEVEL OF RESPONSIBILITY:
  • Interacts independently with co-workers and members of the community to conduct banking needs; and investigate and resolve loan issues.
  • Work is a mix of non-routine and routine responsibilities that are completed with a moderate amount of supervision and relies on prior directly related experience and specific bank policies.
  • When fully trained, this role is relied upon to provide subject matter content within the organization. 

EQUIPMENT REQUIRED:
  • Smart Phone - To enable the MFA (Multi Factor Authentication) facilitating access to MSB systems.
 
HYBRID ENVIRONMENT:
  • Your remote set-up must provide a dedicated workspace, free from distraction with high-speed, reliable internet is required.

SKILLS:
  • High School Diploma or equivalent
  • Related banking experience preferably in an operational environment.
  • Basic Knowledge of commonly used accounting concepts to calculate loan activities.
  • Ability to multi- task, organize, work independently, accomplish tasks, and meet deadlines despite frequent interruptions in a fast-paced environment while maintaining attention to detail.
  • Good working knowledge of Data Processing systems required (COCC preferred)
  • Knowledge in financial institution operating policies and procedures, banking regulations (state and federal)
  • Knowledge of or ability/willingness to learn Federal and State Regulations, CFPB Mortgage Servicing Rules, RESPA and PMI rules and regulations.
  • Proficient in Microsoft Office Suite products and the Internet
  • Solid understanding and application of and ability to operate standard office equipment.
  • A curious mindset that allows you to constantly learn and challenge the status quo identify areas of improvement and help drive efficiencies.  
 
COMPETENCIES: 
  • Analytical
  • Knowledge and ability to engage in small projects and execution with little supervision.
  • Excellent Communication Skills
  • Research
  • Problem solving skills with the ability to prioritize workday, identify areas of improvement and help drive efficiencies.  
  • Self-Monitoring
  • Responsiveness
  • Accurate attention to detail
  • Sound Judgement
  • Independent
  • Confidentiality, Discretion
  • Excellent Organizational Skills
  • Proficient Prioritization skills
  • Good mathematical problem solving
  • Creative and Resourceful
  • Relationship Builder - Develops and maintains relationships with officers, employees and external contacts and maintains alignment with core values, vision, strategy and goals.
  • Computer Technology Savvy - Utilize technology/systems to improve work processes and use a range of technology to solve problems.
 
LANGUAGE/COGNITIVE SKILLS: 
The person in this position frequently communicates with customers about banking products, their bank accounts & transactions and therefore must be able to exchange accurate information in these cases. They will need to use judgment and discretion in decision making situations, interpret and follow all Bank policies and procedures, write/create reports, and business correspondence, (Main Street Bank’s standard language is English). As well as the ability to:
  • Speak and effectively present/communicate information and respond to questions from customers, groups of managers, vendors, and other employees.
  • Define problems, collect data, establish facts, and draw valid conclusions.
  • Read, analyze, and interpret a variety of documents such as standard Mortgage and Note, Post-closing Documents and Modifications and Bank policies and procedures.
 
WORKING CONDITIONS AND PHYSICAL EFFORT:  The physical and work environment demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is required to:
Physical Demands/Efforts
  • Occasionally lift and/or move up to 25 pounds, (i.e., files/ file boxes)
  • Regularly required to remain in a stationary position, 50% of the time    
Mental & Visual Demands
  • Consistently operate a computer for extended periods of time
  • Specific vision abilities may be required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus.
  • Regular use of office productivity machinery (i.e., a calculator, copy machine, fax machine, computer printer).
Work Environment and Hazards
  • Occasionally move throughout the inside the Bank to access resources and individuals
  • Occasional local travel for bank purposes and/or on behalf of the bank (i.e., training, retrieve files).
  • The employee must be able to work schedules that meet the needs of the bank, which may include early morning, evening and/or weekend hours.
  • It is a general office environment where the noise level is moderate.
 
AMERICANS WITH DISABILITIES ACT
Main Street Bank complies with all aspects of the Americans with Disabilities Act (ADA) and state disability laws. This means that we will not discriminate against qualified individuals with a disability in any phase of the employment relationship including application for employment, hiring, promotions and/or advancement opportunities, termination, compensation, training and any other conditions or privileges of employment.

Qualifications

The completion of this Application for Employment does not assure a position with Main Street Bank and any offer of employment is conditioned on the satisfactory completion of a background and credit review as determined by the sole discretion of Main Street Bank. Neither this Application for Employment nor any document constitutes a contract of employment for a specific term and that any employment relationship that may be established will be 'at-will' and if hired, may be terminated at any time, for any reason, by the applicant or Main Street Bank.
Massachusetts Law - It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
Massachusetts General Laws c. 151B prohibits employers from (1) terminating or refusing to hire individuals on the basis of genetic information; (2) requesting genetic information concerning employees, applicants, or their family members; (3) attempting to induce individuals to undergo genetic tests or otherwise disclose genetic information; (4) using genetic information in any way that affects the terms and conditions of an individual’s employment; or (5) seeking, receiving or maintaining genetic information for any non-medical purpose.
Main Street Bank is an Equal Opportunity Employer, we are committed to recruiting, hiring, training, and promoting persons without regard to race, color, religion, national origin, citizenship, age, sex, marital status, ancestry, physical or mental disability, veteran status, sexual orientation, military service, genetic information, and gender identity.

Consumer & Commercial Loan Operations...
Main Street Bank

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