Job Title: Loan Operations Specialist
Department: Loan Operations
Reports To: Loan Operations Manager
Purpose of Position:
The Loan Operations Specialist is responsible for ensuring the accurate and timely setup and maintenance of all types of loans within the bank’s core system (Jack Henry). This position involves performing a variety of loan servicing activities, loan review, maintaining compliance with regulatory standards, and supporting operational processes to ensure efficiency and accuracy in loan administration.
Key Responsibilities:
Loan Setup and Maintenance
- Set up new loans, renewals, modifications, and extensions in the bank's core system, ensuring accuracy and adherence to loan documentation.
- Accurately create and maintain customer, loan account, note, and commitment records.
- Link guarantors, grantors, and collateral to loan and customer records.
- Set up and maintain Customer Identification Program (CIP) and Customer Information File (CIF) records.
Loan Servicing
- Process account maintenance, including changes of address, auto debit setups, and payment adjustments.
- Process loan payments, payoffs, and General Ledger (GL) transactions.
- Generate and mail loan statements and notices.
- Conduct document uploads and review loan files for completeness and compliance.
- Handle credit disputes, ensuring timely resolution and accurate reporting.
- Track insurance coverage, send notices to borrowers, and manage force-placed insurance when necessary.
Compliance and Risk Management
- Perform quality control checks to identify and resolve errors or discrepancies in loan files.
- Ensure compliance with regulatory requirements, including TILA, RESPA, and ECOA.
- Identify and escalate potential risks, fraud indicators, or compliance issues to the Loan Operations Manager.
Reporting and Data Management
- Review and process daily reports such as rejected items, auto debit/ACH transactions, and daily account activity.
- Prepare and deliver monthly and periodic reports summarizing loan quality metrics and trends.
- Maintain accurate records of loan reviews and corrective actions.
Operational Support
- Collaborate with loan officers, processors, and underwriters to resolve discrepancies and ensure timely corrections.
- Assist in process improvements to enhance loan quality and operational efficiency.
- Support training efforts by providing guidance on loan documentation and compliance.
- Review loan documentation to ensure accuracy and completeness.
Additional Duties
- Process ticklers and manage associated follow-ups.
- Assist with audits and examinations by providing requested documentation and facilitating reviews.
- Perform other job-related tasks as assigned.
Qualifications:
Education and Experience
- High school diploma or equivalent (GED) required.
- Minimum of 3 years of experience in loan servicing, loan documentation, or related financial industry roles.
- Knowledge of Jack Henry/Silverlake or other banking core systems preferred.
Skills and Abilities
- Strong understanding of loan products, lending practices, and regulatory requirements.
- Proficiency in Microsoft Office Suite (Excel, Word, Outlook).
- Excellent attention to detail, organizational, and analytical skills.
- Effective written and verbal communication skills.
- Ability to work both independently and collaboratively in a fast-paced environment.
Preferred Qualifications
- Completion of specialized banking or finance courses.
- Familiarity with general ledger balancing and standard banking transactions.
This job description in no way implies that these are the only duties to be performed by the employee occupying this position. Employees will be required to perform any other job-related duties assigned by the supervisor. All requirements are subject to possible modification to reasonably accommodate individuals with disabilities.
Century Bank is an Equal Employment Opportunity/Affirmative Action employer and does not discriminate on the basis of race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age or veteran status.