Loan Servicing of Commercial and Industrial Loans.
Our client is a privately-owned commercial wholesale bank that provides financing and banking solutions to companies across a wide variety of industries, and commercial real estate financing to sponsors.
The Loan Servicing Associate will be responsible for:
- Process loan payments as received from automatic transfers, clients and administrative agents directed to the Bank. Process payments to or from participating Banks and agents.
- Reconciliation of syndication allocations of principal and interest payments
- Boarding of Loan Offering Tickets (establishing new / renewed loans on the servicing system), and review of new loan set-up on the servicing system.
- Processing of loan advance offering tickets for drawdowns, rollovers, pay downs, loan splits, conversions, break funding, rate and spread changes, LC activity, as applicable.
- Processing of loan pay-offs - payment, release of collateral, maintenance of loan status.
- Process upfront fees or premiums/discounts, commitments, amendment fees, and FASB information.
- Process loan maintenance changes
- Process loan pay-offs financial transactions
- Verification of Loan Offering Ticket and maintenance items coordinated to the loan servicing system.
- Review credit agreements to ensure pertinent information is reflected on the servicing system.
- Maintain tracking of collateral documents (UCC filings, mortgages, and other collateral) in accordance with loan documentation.
- Maintain loan tracking for taxes, insurance, document collections, and reporting requirements.
- Coordinate loan payoffs and re-finances with Bank and correspondent attorneys.
- Conduct necessary balance and rate information investigations on participations and syndications including liaise with administrative agent and other participants.
- Establish tracking of UCC information on the servicing system.
- Review and verify accuracy of billing statements for direct and agent loans.
- Participate in testing and the implementation of new technology applications.
- In conjunction with Credit Administration, establish loan information on the servicing system (Fiserv) and review all closing documents.
- Perform quality control of Loan Offering Tickets and closing documents.
- Verification that loan note and other closing documentation conform to computer system information established. Review, cite and clear exceptions for closing binders, unrecorded documents, expired insurance certificates and additional closing documents.
- Review tax reports from tracking agents; correspond with clients and management on any deficiencies.
- Review UCC reports from tracking agents; correspond with clients and management on any deficiencies.
- Review flood-tracking reports from tracking agents; correspond with clients and management on any deficiencies.
- Provide loan servicing account and portfolio monthly activity reports to the Chief Credit Officer, Deputy Chief Credit Officer, and other Senior Management as needed.
- Assist Bankers and Underwriters with loan set up on the servicing system at loan inception.
- Provide support for on-going maintenance items across all product lines.
- Provide the business origination area with supporting system information.
Policy and Procedures:
- Assemble and maintain information for input and maintenance of the Loan Servicing Procedure Manual.
- Maintain familiarity with the Bank's credit policies.
- Assist in systems and operations improvements in the furtherance of efficient control of the loan servicing process.
- Maintain current knowledge on regulatory requirements as established in the credit policies and procedures of the Bank.
- Maintain familiarity with Local, State, and Federal rules and regulations dealing with OFAC, KYC, BSA, and customer / agent contact.
- Attend training classes as directed by management. Participate in the Banks' online and in person training classes. When required, gain a passing grade on all in-house compliance training test administered.
The successful candidate will have:
- College degree
- Preferred knowledge of Fiserv Loan Servicing System (not required)
- Minimum 2 years' experience in loan servicing functions
The Loan Servicing Associate will receive a competitive base salay in New York, NY.