What are the responsibilities and job description for the Loan Operations Specialist position at Insight Global?
Job Description
Job Description
REQUIRED SKILLS AND EXPERIENCE
Must be detail oriented and have ability to read and understand complex loan documents to accurately choose the correct loan codes, determine approvals, etc. (Credit Policy Manual).
Knowledge of bank regulatory requirements; i.e. Flood Insurance, HMDA, CRA, Reg B, etc.
Extensive knowledge of Miser software.
Proficient PC skills including Microsoft Word and Excel.
Must be able to work with mathematical data i.e. percentages, formulas, charts, and statistics to produce meaningful reports.
Ability to work on multiple projects simultaneously.
Ability to prioritize daily work assignments while working in a fast paced environment is required
Screening Questions :
Have you booked a loan before to the system? (not a pre-review)
o What documents are you used to reviewing? You would have to review credit approval against note, credit agreement, participation agreement
Have you filled out a term sheet? (if they have, ask if they’ve book, if they have only done term not good fit)
JOB DESCRIPTION
A large bank is looking for a Loan Operations Data Integrity Specialist to join their team. Responsibilities include :
Review each loan approval for appropriate lending authority based on loan type, exposure limit, etc. to ensure approvals are in compliance with Bank's Lending authority requirements as outlined in the Credit Policy Manual.
Review loan packages for compliance with regulatory requirements i.e. Flood, HMDA, CRA, REG B, etc.
Review lender supplied loan forms; i.e. TDR Assessment, LTV Calculator, Loan Exceptions, CIP, etc. for accuracy, consistency and compliance with procedures and directives published by Credit Risk Management. Work with lender to resolve any issues found; report any discrepancies to supervising manager as appropriate.
For New loans : Read loan documents, approved loan offering and commitment letter (if applicable), and prepare booking sheets for processing clerks to utilize for Miser input. Select appropriate loan account type and Miser codes required to accurately input borrower information, loan terms, billing parameters, collateral information, escrow impound, deferred fees , deferred expenses, prepayment penalties, scheduled rate and payment changes, CALL Report codes, ticklers for exception tracking, etc. based on loan terms, bank policy, procedures and regulatory requirements.
For Line renewals and modifications : Prepare coding sheets based on new loan terms approved on loan offering and / or commitment letter and new / modified loan documents. Earn out any existing fees, reset prepayment penalties etc., as applicable.
Resolve any discrepancies in borrower name, address, tax id, etc. with lender, documentation department, branch system and / or CIF Department as needed.
Distribute prepared loan booking sheets to Note Tellers for processing. Audit output review to identify and resolve any keying errors. Update error tracking spreadsheets for Sr. Mgmt as needed. - Distribute files and insert documents to scanning, post closing or record retention for processing as appropriate.
Compensation :
60,000_____ to $____65,000______ per year annual salary.
Exact compensation may vary based on several factors, including skills, experience, and education.
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