What are the responsibilities and job description for the Loan Servicing Specialist, Commercial Loans (SBA 504 and Community RLF) position at Racine County Economic Develop?
Loan Servicing Specialist, Commercial Loans
Reports to: Loan Portfolio Manager
FLSA Classification: Exempt
Summary
RCEDC’s lending division, Business Lending Partners, includes Loan Officers, Credit Analysts, Loan Processor, Loan Closing Specialist, Loan Servicing Specialist, and Loan Portfolio Manager. The Loan Servicing Specialist will communicate with existing borrowers to provide and receive materials that are necessary to maintain properly organized loan files.
The Loan Servicing Specialist works closely with the lending team, but primarily with the Loan Closing Specialist and the Loan Portfolio Manager to ensure that the loan files are set up and maintained accurately.
Essential Duties and Responsibilities (with approximate time spent on each activity)
Loan Servicing (80% of time)
- After the loan closes, meet with the Loan Closer to review the loan files to understand the loan structure and determine if outstanding documents need to be collected on an annual basis.
- Prepares, distributes, and collects the Annual Servicing Letter for all loan recipients in the loan portfolio.
- Sets monthly calendar reminders in CRM software (Ventures) to ensure that UCC’s, hazard and life insurance, job numbers, financial statements or tax returns and site visits are all being collected and acted on in a time-sensitive manner.
- For loan recipients in which real estate was secured for collateral, monitor property taxes and takes appropriate action when alerted that property taxes are past due.
- Completes the annual risk rating process for the loan portfolio.
- Leads the process to release collateral for RLF loans that have been paid off and updates CRM software accordingly.
- Coordinate loan portfolio site visits based on the adopted policy.
- Work with Credit Analysts to prepare the quarterly Troubled Loan reports. If necessary, reaches out to the borrower for needed documentation and if necessary, takes action to ensure payments will continue to be made.
- Work with the Credit Analysts to complete servicing actions for existing borrowers.
- Remains informed about SBA’s liquidation policy, and maintains documentation on RLF liquidation activities.
Audits & Reports (10% of time)
- Assist with loan file reviews to prepare for audits as required.
- Work to review, update, and disseminate policies and procedures governing compliance with the core responsibilities of this position.
Additional Duties (10% of time)
- Complete data entry into Salesforce software to track activities.
- Participates in other project assignments as directed by the RCEDC Executive Director.
- Other special projects as assigned.
Knowledge, Skills, and Abilities
- Associate's Degree in Accounting, Administrative Professional, Business Management, or Bachelor’s Degree in Business Management or Economics or a minimum of 2 years of relevant experience
- An ideal candidate will have one year or more of experience in a business setting, ideally a financial institution, insurance company, accounting firm, or the like
- A strong attention to detail is required for this position
- Ability to understand business financial statements and related business documents
- Ability to work independently, maintain a high degree of professionalism, confidentiality, flexibility, and initiative
- Proven oral and written communication skills with an emphasis on effective interpersonal skills to work with varying levels of professionals, such as public officials, bankers, State and federal employees, board members, staff, and business owners
- Ability to manage multiple projects requiring specific deadlines that may often result in a fast-moving environment
- Proven organizational and time management skills
- Advanced knowledge of Microsoft and Google platforms
- Valid driver’s license with verification of appropriate insurance coverage
RCEDC is an AA/EEO Employer: All applicants will receive consideration for employment without regard to race, color, national origin, religion, sex, sexual orientation, gender identity/expression, disability, or protected veteran status. Individuals from diverse backgrounds are encouraged to apply.
Job Type: Full-time
Benefits:
- 401(k)
- 401(k) 5% Match
- 401(k) matching
- Dental insurance
- Flexible schedule
- Flexible spending account
- Health insurance
- Life insurance
- Paid time off
- Tuition reimbursement
- Vision insurance
Work Location: In person