Loan Servicing Officer

Loan Servicing Officer

Reports to: VP, Manager Loan Servicing and Operations

Direct Reports: None

Location and Travel Expectations: Hybrid or Remote with expectation to attend monthly all hands meetings (in-person for Chicago based personnel and remote for non-local personnel) and travel to Chicago minimum twice annually for strategic gatherings

At First Women’s Bank (FWB), we recognize the vital contributions of small business owners who

support their families, employees, and communities. We are dedicated to supporting these trailblazers and driving forward a brighter economic future with more opportunity for everyone.

Growing the economy and elevating the role of women is the mission of First Women's Bank. To execute on this mission, we recruit deposits from individuals, organizations, and corporations from across the economy. These funds are then strategically deployed to finance small businesses with a strategic focus on women-owned and women-led businesses. Joining First Women’s Bank means supporting this mission alongside a group of talented, driven, and supportive teammates.

Job Description:

As the Loan Servicing Officer at First Women’s Bank, you will assist in all aspects of loan servicing and operations for the bank's Small Business Administration (SBA) and conventional loan portfolios. You will help to ensure the efficient and effective management of loan servicing activities, adherence to regulatory requirements, and delivery of exceptional service to borrowers and internal stakeholders. Here's a detailed overview of your responsibilities:

Portfolio Monitoring and Loan Servicing

• Regularly review loans, focusing on compliance with loan covenants, credit quality, and repayment status.
• Collect and analyze annual financial statements, tax returns, insurance, updated personal financial statements, and other reporting requirements from borrowers.
• Review and process loan servicing requests such as collateral releases, substitutions, loan deferrals, and modifications, in line with SBA and internal guidelines.
• Maintain accurate electronic records, track UCC filings, and ensure collateral documentation is properly perfected and up to date
• Monitor loan performance metrics and trends to identify areas of risk; work with the VP on strategies to minimize delinquencies.
• Identify deteriorating loan situations early, monitor classified or past-due accounts, execute collection follow-ups, and initiate loan workouts to minimize losses and preserve the SBA guaranty
• Maintain a strong understanding of portfolio risk factors and implement strategies to mitigate these effectively.

Customer Service and Client Assistance

• Serve as a point of contact for borrower inquiries, escalations, and servicing requests, ensuring prompt and accurate resolution.
• Provide high-quality customer support across loan servicing functions to foster strong relationships with borrowers and internal partners.
• Collaborate with internal stakeholders, such as loan officers and credit officers, to resolve client issues and support servicing operations.

Operations Support

• Assist the VP in establishing efficient workflows and implementing process improvements that leverage technology to optimize loan servicing.
• Conduct quality assurance checks to ensure data integrity and compliance with regulatory requirements.
• Track operational metrics and key performance indicators (KPIs) to report on loan servicing productivity, accuracy, and quality.

Other Duties

• Performs other duties as assigned.

Regulatory Compliance

• Ensure adherence to SBA and conventional loan servicing regulations and internal policies.
• Stay informed on regulatory updates and assist in adjusting processes to align with new requirements.
• Participate in internal audits and regulatory reviews to provide data and ensure ongoing compliance.

Documentation and Reporting

• Maintain accurate documentation for loan servicing processes and borrower records in the banking systems.
• Generate and analyze reports on loan portfolio performance and servicing activity for management review.
• Track and maintain reports on loan servicing initiatives, pipeline performance, and compliance to support operational decision-making.

Stakeholder Collaboration

• Work closely with the VP to coordinate activities with lending officers, credit officers, loan documentation specialists, and other internal departments.
• Foster strong cross-functional relationships to ensure seamless communication and alignment in loan servicing operations.
• Support internal and external stakeholders by preparing materials and documentation as needed for board and management risk committee meetings.

Qualifications:

• Minimum of 3-5 years of experience in loan servicing, portfolio management, special assets, or operations, preferably within SBA or commercial lending.
• Knowledge of SBA loan regulations, SOPs, and compliance standards.
• Proficiency in loan servicing platforms, CRM systems, and Microsoft Office Suite.
• Strong analytical, problem-solving, and communication skills.
• Demonstrated ability to collaborate with teams and maintain high-quality client service.
• Excellent communication and interpersonal skills, with the ability to build rapport and collaborate effectively with internal and external stakeholders.

Benefits:

• Health, Dental and Vision Coverage
• Short-Term and Long-Term Disability Coverage
• Basic Life / AD&D Insurance
• Supplemental Life / AD&D Insurance
• 401K
• Happiness benefit (monthly $85 for approved wellness and happiness activities)
• Flexible Spending Accounts
• Unlimited PTO
• Parental Leave
• All Federal Bank Holidays

Equal Opportunity Employer

FWB is committed to creating a diverse work environment and is proud to be an equal opportunity employer. FWB does not discriminate on the basis of race, color, national origin, sex, gender identity, religion, sexual orientation, age, disability, parental status, veteran status, or any other protected status under applicable laws. We encourage individuals of all backgrounds to apply.