Commercial Loan Servicing Specialist
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Job Title: Commercial Loan Servicing Specialist
Location: Remote (Troy, MI preferred)
Heitmeyer Consulting is hiring a Commercial Loan Operations Specialist whose main function is a combination of several of the following: booking commercial loan facilities to the core accounting system, managing a book of participation loans, processing transactions, balancing general ledgers, funding loans, account maintenance, paying invoices related to loan bookings, internal and external customer service, Swap servicing with third party vendor, reviewing daily reports and maintenance of spreadsheets.
Loan Booking – Requires a thorough knowledge and understanding of commercial loan documentation and the accounting system to which they are booked. Must be extremely organized in thoughts and procedures. Is responsible for timely and accurate input and the ability to question when any documentation is outside the norm. Must be able to book new, renewed, extended loans as well as Letters of Credit, Swap and ACH exposures.
Transaction Processing/Daily Report Review – Post transactions including payments, pay downs, payoffs, advances, adjustments to accounting system. Requires a complete and thorough understanding of loan system to post properly. The daily report review uncovers system errors that would not otherwise be caught.
General Ledger balancing/Swap servicing and invoices – All transactions flow through two general ledgers that must be balanced daily. There are hundreds of entries, and all must be accounted for and organized. Swap servicing includes monthly manual rate changes and 2-3 times a month reconciling with the third-party vendor, as well as new Swap monetary activity.
Participation Loan Booking and Monitoring: Owning a group of participation loans, which includes daily, weekly, monthly updates for rate changes, advances, and payments. Must ensure that the client stays in balance with lead bank and the monetary transactions and rate changes are done timely to avoid any unnecessary past due or out of balance situations. Must be able to calculate interest by hand and communicate clearly both orally and in writing. Requires wires to be created and/or verified in very large dollar amounts.
Updating Borrowing Base Availability, Cross Training, Loan Maintenance and Updating Various Spreadsheets: When notified of borrowing base changes, must make changes to Core system within the day to ensure availability of funds for customers. Updates various spreadsheets to ensure proper recording of different types of loans, exposure, etc. Cross trains to understand the basics of other participation loans and transaction processing and other department functions. Make maintenance changes to core system as requested by internal staff.
- HS Diploma, GED, or Foreign Equivalent
- 5+ years in commercial loan operations, commercial servicing, or similar loan servicing experience
- Considerable exposure to commercial loan documentation preferred.
- Demonstrated ability to understand and interpret loan documentation.
- Good analytical and problem-solving skills
- Excellent verbal and written communication skills
- Willingness to work in a team environment.
- Intermediate understanding of MS Excel
- Financial Systems (AFS) experience preferred.
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