What are the responsibilities and job description for the Loan Operations Specialist position at Locus?
Description
About Locus:
At Locus, we know communities thrive when they have equitable access to capital. We collaborate with stakeholders across the community development ecosystem to invest in communities with strong aspirations, while addressing challenges like a shortage of affordable housing, limited access to fresh food, a lack of quality jobs, and clean energy innovation. We believe a capital system that centers community input and impact is essential to ensure that everyone, no matter their background, location, or economic status, can live in healthy, thriving places.
Locus is the parent organization for a family of community development enterprises, which includes a nonprofit CDFI loan fund, a CDFI bank, a fund management practice, and a national guarantee program. With offices in Christiansburg and Richmond, Virginia, Locus offers innovative and flexible financing tools and strategic consulting services to individuals and organizations in underestimated and excluded communities, most of which are low-to-moderate income. Alongside our many partners, Locus has generated over $2 billion dollars in total impact.
Locus is a nonprofit holding company regulated by the Federal Reserve. Locus Bank is an FDIC-insured, certified bank and B Corp offering products tailored to socially conscious investors. Locus Bank is a majority-owned subsidiary of Locus. Member FDIC. Equal Housing Lender. Learn more at www.locusimpact.org.
Position Overview:
The Loan Operations Specialist responsibilities will include but not limited to booking loans on loan system, imaging loan documents, verifying and auditing loan input, following up for loan documentation files, maintaining document tracking exceptions, performing loan research, and processing loan payoffs.
Essential Duties and Responsibilities:
Loan Booking
Book and verify new loans, renewals, modifications, letters of credit and guidance lines of credit for commercial lending
- Book and verify new SBA loans
- Post-closing loan review
- Arrange loan ACHs
- Post payments, draws, and principal reductions
- Edit loans booked to loan platform for accuracy
- Participation loan processing both purchased and sold
- Clear loan unposted transactions
- General loan account questions/research
- Execute recording/release of applicable documents
- Document exception tracking/reporting
- Update adjustable rate on all loan accounts
GL Reconcilement
- Balance multiple general ledger loan clearing accounts
Filing
- Scan, index, and verify loan files to core system accurately
- Filing of all physical loan files
- Scanning trailing documents and filing them in the appropriate loan file
- Work closely with the lenders and auditors to retrieve files for review
Paid Loans
- Releasing collateral on loans such as UCC's, Titles, and Deeds of Trust
- Sending paid loan documents to customers
- Segregating and storing the paid off loan files
- Process loan payoffs to include collateral releases
UCC Continuations
- Filing of UCC Continuations
Insurance Monitoring
- Review exception reports to ensure that proper insurance coverage is maintained
- Coordinate force placed insurance coverage when necessary
Customer Service
- Assist External and Internal Customers with questions or issues as they arise related to Loans
Reporting
- Serve as back-up for semi-annual USDA Report
- Review and update monthly Loan Tickler Report
- Review and update daily Loan Payment Report
- Review and update monthly Post Closing Exceptions Report
- Review and update monthly UCC Continuation Report
- Review and update weekly SBA Payment Report
- Serve as backup for daily File Maintenance Report
- Review and update monthly Closed Loan Report
- Serve as backup for the weekly Purchased Participation Report
- Serve as backup for the Interest Due Review Report
Other Duties
- Backup for Operations personnel
- Perform other duties as directed
Requirements
Experience/Education/Certifications:
- Minimum high school diploma and 3 to 5 years of experience in a commercial bank lending environment
- Knowledge of accounting is a plus
Skills Required:
Organizational Skills
- Well-developed Experience/Education/Certifications: organizational and decision-making skills, adaptability to changing priorities
- Ability to meet deadlines and oversee multiple responsibilities simultaneously
- Able to set one's schedule and execute according to a plan, seeking effective and efficient results
Communication
- Ability to communicate in a clear, comfortable, and confident manner
- Communicate effectively and in a way that supports teamwork
- Demonstrate ability to write in a clear, concise and organized way
Computer/Technology
- Excellent Word, Excel, and Windows file management skills mandatory
- Demonstrated web research skills
- Familiarity with Outlook, Teams, or similar network-based email and calendar software
Compensation and Benefits:
- $47,000 - $57,000 annual salary, depending on skills and experience
- Annual bonus opportunity
- 18-days of PTO per year
- 13-paid holidays per year
- Medical, dental, vision, short- and long-term disability insurance
- Life Insurance
- Paid Family Leave options
- 401k savings plan with employer match
Locus is an Equal Opportunity Employer. Locus does not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran.
Salary : $47,000 - $57,000