What are the responsibilities and job description for the Senior Commercial Loan Administrator position at Bay State Savings Bank?
Senior Commercial Loan Administrator
Company Overview :
Established in 1895, Bay State Savings Bank is an approximately $500MM, Massachusetts-based mutual Bank. BSSB has six branch locations in central Massachusetts and operates one education branch within a high school. BSSB is the only remaining mutual savings bank originally headquartered in Worcester, Massachusetts. BSSB is a value-driven organization committed to international actions and investments that position the Bank as the communities’ preferred choice for Banking.
Position Description :
Reporting to the Chief Commercial Banking Officer the Senior Commercial Loan Administrator is responsible for supporting the Commercial Lending team by managing the administrative function of the commercial banking team. Assists the Chief Commercial Banking Officer in driving operational efficiency, vendor management, service quality, and budget performance to support customer growth and retention. Ensures department compliance with all relevant banking laws, regulations, and internal policies and procedures to mitigate risk and maintain the highest ethical standards.
Key Responsibilities :
- Provides administrative support to Commercial Loan Officers and the Chief Commercial Banking Officer.
- Develops and oversees commercial banking operations processes, ensuring seamless onboarding, service, management, review, measurement, and reporting of all commercial banking activities, with an emphasis on client experience and operational efficiency.
- Drives operational efficiencies and exceptional service levels by gathering and analyzing relevant data, utilizing workforce planning, and optimizing workflows.
- Ensures that commercial banking policies, procedures, and guidelines are fully compliant with regulatory requirements while aligning with the Bank’s goals and strategic objectives.
- Responds promptly to internal and external customer inquiries, directing clients to the appropriate internal resources when needed.
- Monitors and analyzes key performance indicators (KPIs) related to commercial and support services, assessing their impact on the overall performance of the bank.
- Delivers regulatory and executive reports and materials in a timely and accurate manner.
- Establishes and maintains comprehensive credit and legal files for all commercial loans.
- Reviews LAMs to ensure all due diligence, pre-closing conditions, collateral, and guarantor requirements are met, including completion of all necessary OFAC checks.
- Assists commercial loan officers in preparing commitment letters that align with loan approval terms and conditions.
- Prepares loan documentation for various types of new loan requests.
- Conducts post-closing documentation reviews, ensuring receipt of closing binders and addressing any outstanding exceptions.
- Tracks legal exceptions, collaborating with Commercial Loan Officers, borrowers, and attorneys to resolve items and communicate any additional documentation requirements.
- Inputs new loans, modifications, and other maintenance into the loan operating system.
- Researches, files, and maintains UCCs.
- Maintains insurance on all collateral to ensure proper coverage.
- Ensures the timely ordering and receipt of Standard Flood Hazard Determination Forms for all commercial loans secured by real estate, in compliance with regulatory requirements and internal policies.
- Prepares commercial loan advances and transfers under existing loans and lines of credit.
- Prepares and maintains various reports, including the Pipeline Report by Officer, Loans Booked, Paid Loans, Modification Report, HMDA, CRA, and Loan Denials.
- Prepares loan payoff quotes, processes loan closures in the loan operating system, prepares legal documents for the release of collateral, maintains a paid loan log, and archives files promptly.
- Tracks Reg. B notifications to commercial applicants, including incomplete applications, approvals, and denials.
- Monitors and tracks loan collection expenses, vendor fees, good faith deposits, and other professional fees, reconciling general ledger accounts and resolving billing discrepancies.
- Processes daily overdrafts and returned deposit items for commercial customers.
- Establishes and maintains escrow accounts for taxes, insurance, and flood, as required.
- Fosters a positive team spirit by leading by example, demonstrating urgency in all daily duties, and maintaining a calm, positive demeanor even in stressful situations.
- Adheres to all regulatory requirements and bank policies, ensuring compliance across all functions.
Qualifications, Education and Experience :
