What are the responsibilities and job description for the Commercial Loan Servicer position at FIRST SERVICE CREDIT UNION?
Role:
The Commercial Loan Servicer is responsible for the post-closing servicing of commercial loans in accordance with credit union policy, loan agreements, and applicable regulatory requirements. This role performs accurate loan setup in lending software, ongoing compliance with regulations and loan documents, and servicing of both direct and participation loans. Other important duties are supporting Relationship Managers and providing a high level of service to business members.
Essential Functions & Responsibilities:
Loan Servicing & System Administration: Set up and maintain commercial loan accounts in Lending software as well as the core system following loan closing. Process payments, advances, rate changes, renewals, modifications, extensions, and payoffs in lending software. Ensure accurate, interest calculations and accruals, and payment application in lending software. Maintain loan servicing activities in compliance with approved loan terms and internal controls.
Covenant, Tickler & Compliance Monitoring: Track and monitor financial covenants, reporting requirements, insurance, taxes, and collateral documentation. Review required financial statements and compliance items for completeness and timeliness. Identify, document, and escalate covenant exceptions or servicing deficiencies in accordance with policy.
Documentation & Record Maintenance: Maintain complete and accurate electronic loan files in accordance with credit union policy and regulatory standards. Ensure collateral records, UCC filings, and lien positions are properly recorded, tracked, and updated. Coordinate with legal counsel, title companies, and third-party vendors as needed.
Participation Loan Servicing: Service participation loans in accordance with participation agreements and servicing standards. Prepare and distribute participant reports, remittances, and interest allocations accurately and timely. Maintain clear communication with participants regarding loan performance, covenant compliance, and exceptions. Support participant audits, loan reviews, and information requests.
Member & Internal Support: Serve as a point of contact for business members and internal lending staff. Support Commercial Relationship Managers and Credit Administration with servicing and documentation requests. Provide timely, professional service while maintaining confidentiality and data integrity.
Regulatory, Audit & Quality Control Support: Assist with internal audits, regulatory exams, and loan reviews. Ensure servicing practices align with NCUA regulations, credit union policy, and sound risk management standards. Participate in quality control reviews to ensure accuracy and consistency of loan servicing data.
Performance Measurements:
- To carry out assigned responsibilities with minimum number of errors according to established department standards.
- To prepare reports in a timely accurate manner.
- To ensure all data entry for loans made with zero errors.
- To provide informed, professional and accurate service and support to all members and associates.
Knowledge and Skills:
Experience - Minimum 2 years of commercial loan servicing, loan operations, or commercial lending experience. Credit union experience and participation loan servicing experience preferred
Education - High school diploma required; associate or bachelor's degree preferred.
Interpersonal Skills - Work involves much personal contact with others inside and/or outside the organization for the purpose of first-level conflict resolution, building relationships, and soliciting cooperation. Discussions involve a higher degree of confidentiality and discretion, requiring diplomacy and tact in communication
Other Skills
Strong organizational and communication skills.
Ability to interpret loan documents and servicing provisions.
Sound judgment and ability to escalate issues appropriately.
This position supports compliance with applicable NCUA regulations, internal policies, and generally accepted servicing practices, including documentation standards, covenant monitoring, participation servicing, and audit readiness.