What are the responsibilities and job description for the Loan Servicing Specialist position at Valley Bank?
At Valley Bank, we believe in people's growth potential. We invest in it. We protect it. We focus it. For nearly 100 years, we've been the Bank that clients from every industry turn to for our expertise, strategies, and advice--building the kind of trust that can fuel every goal. We are the leading relationship bank built for growth--with over $60 billion in assets, 3,800 experts, and more than 200 consumer branches and commercial banking offices in communities across the US.
At Valley, we're all driven by an ambition that goes deeper than just having a job. That's why when you work for us, we make it our goal to help you focus on what drives you--working to turn your passions and strengths into assets you can use to propel your ambitions and build the professional legacy you want. Because when we say we're a relationship bank built for growth, that's not just reserved for our clients--that includes all our associates as well.
The Loan Servicing Specialist is responsible for ensuring loan transactions are serviced in compliance with regulations, applicable laws and loan policy. Responsible for pre-closing, closing and/or post-closing loan processing. This role ensures compliance with internal policies and external regulations while maintaining thorough documentation and communication with internal departments, borrowers and lending teams.
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Responsibilities Include But Are Not Limited To
Required Skills
At Valley, we're all driven by an ambition that goes deeper than just having a job. That's why when you work for us, we make it our goal to help you focus on what drives you--working to turn your passions and strengths into assets you can use to propel your ambitions and build the professional legacy you want. Because when we say we're a relationship bank built for growth, that's not just reserved for our clients--that includes all our associates as well.
The Loan Servicing Specialist is responsible for ensuring loan transactions are serviced in compliance with regulations, applicable laws and loan policy. Responsible for pre-closing, closing and/or post-closing loan processing. This role ensures compliance with internal policies and external regulations while maintaining thorough documentation and communication with internal departments, borrowers and lending teams.
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Responsibilities Include But Are Not Limited To
- Manage the processing of loan payments, paydowns, payoff requests or other processing of loan fees on core banking system.
- Reviewing and handling of loan funding requests as needed.
- Managing payments processed and reconciling the general ledger to process payments timely.
- Reviewing various reports produced on core banking system.
- Handling any maintenance requests and processing on core banking system.
- Requires understanding of basic to complex loan structures, legal documentation and knowledge of commercial lending products.
- Handle research requests, statement requests or other general inquiries from lending teams.
- Represents the bank with borrowers, borrower attorneys, title companies and internal lending partners.
- Monitoring/Tracking exception items for processing.
Required Skills
- Experienced in variety of loan servicing activities including all aspects of loan funding, borrowings, paydowns, commitments, etc.
- Loan Administration knowledge, ability to read and interpret a variety of credit agreements.
- Strong knowledge of commercial lending and loan servicing.
- Strong attention to detail, ability to handle multiple tasks simultaneously.
- Knowledge of bank regulatory requirements.
- Strong oral and written communication skills.
- Ability to prioritize daily work assignments while working in a demanding environment.
- Basic loan operational systems experience.
- Ability to trouble-shoot basic loan related functional problems/issues.
- Ability to meet deadlines defined by Bank and regulators.
- High school diploma or GED equivalent. Minimum of 2 year's bank experience with knowledge of commercial loan servicing and commercial documentation.
- Completion of college level courses in business administration and/or associates degree.