What are the responsibilities and job description for the Loan Operations Specialist III position at Locus?
Description
About Locus
Locus (formerly VCC Social Enterprises) partners with communities where the capital system is not working to ensure that everyone, no matter their background, location, or economic status, can live in healthy, thriving communities. A capital system that centers community input and impact is essential to making this a reality. Locus is a nonprofit holding company regulated by the Federal Reserve. Locus is the parent organization for a family of social enterprises, which includes Locus Bank, Locus Impact Fund, Locus Capital, and the Community Investment Guarantee Pool, or CIGP. Locus has generated over $2 billion dollars in total impact in local communities to create jobs, energize places, and promote an enhanced quality of life. With offices in Christiansburg and Richmond, Locus offers innovative and flexible financing tools and professional advisory services to individuals and organizations in low-to-moderate income and underserved communities. Locus Bank is an FDIC-insured, certified bank and B Corp offering products tailored to socially conscious investors, along with personal and business checking, savings, and certificate of deposit accounts. Locus Bank is a majority-owned subsidiary of Locus. Member FDIC. Equal Housing Lender. Learn more at www.locusimpact.org.
Position Overview:
The Loan Operations Specialist III oversees accurate and timely operations of Locus’ loan processes. The Loan Operations Specialist's responsibilities will include but are not limited to booking loans on the loan system, imaging loan documents, verifying and auditing loan input, following up for loan documentation files, maintaining document tracking exceptions, performing loan research, and processing loan payoffs.
Loan Booking
- Book and verify new loans, renewals, modifications, letters of credit and guidance lines of credit for commercial lending
- Book and verify new SBA loans
- Scan, index, and verify loan files to core system accordingly
- Post-closing loan review
- Post payments draws and principal reductions
- Edit loans booked to loan platform for accuracy
- Participation processing – both purchased and sold
- Clear loan unposted transactions
- General loan account questions/research
- Execute recording/release of applicable documents
- Document exception tracking/reporting
GL Reconcilement
- Balance general ledger loan clearing accounts
Filing
- Filing of all loan files
- Scanning trailing documents and filing them in the appropriate loan file
- Works closely with the lenders and auditors to pull files for review
Paid Loans
- Releasing collateral on loans such as UCC’s, Titles, and Deeds of Trust
- Sending paid loan documents to customers
- Segregating the Paid Loan files
- Process loan payoffs to include collateral releases
UCC Continuations
- Timely filing of UCC Continuations
Insurance Monitoring
- Review exception reports to ensure that proper insurance coverage is maintained
- Coordinate Force Placing Coverage when necessary
Customer Service
- Assist External and Internal Customers with questions or issues as they arise related to loans
Reporting
- Serves as back up for USDA Reporting semi-annually
- Review and update Loan Tickler Report
- Review and update Daily Loan Payment Report
- Review and update Post Closing Exceptions Report
- Review and update UCC Continuation Report
Other Duties
- Back up for Operations personnel
- Perform other duties as directed
Requirements
Education, Experience, Certifications:
Minimum high school diploma and 3 years to 5 years of experience in a commercial bank lending or loan operations environment. Knowledge of accounting is a plus.
Skills Required:
Organizational Skills
- Well-developed organizational and decision-making skill, adaptability to changing priorities
- Ability to meet deadlines and oversee multiple responsibilities simultaneously
- Able to set own schedule and execute according to a plan, driving for results and effectiveness
Communication
- Verbal: Ability to communicate in a clear, comfortable, and confident manner. Communicates effectively and in a way that supports teamwork – conveys insights to peers and managers quickly and concisely.
- Written: Demonstrated ability to write clear, organized, and accurate memos, incorporating a range of information and analysis. Ability to document workflow and procedures.
Computer/Technology
- Excellent Word, Excel, and Windows file management skills mandatory
- Demonstrated web research skills
- Familiarity with Outlook or similar network-based email and calendar software
Compensation and Benefits:
- $47,000 - $57,000 annual salary, depending on skills and experience
- Annual bonus opportunity
- 18 days of PTO per year
- 12 paid holidays per year
- Medical, dental, vision, short- and long-term disability insurance
- Life Insurance
- Paid Family Leave options
- 401k savings plan with employer match
- Hybrid Remote (for candidates within driving distance of Locus offices in Richmond or Christiansburg, Va.)
For fully remote status, Locus prefers applicants from East Coast states where business relationships have already been established; they include Virginia, New York, Florida, New Jersey, West Virginia, Georgia, North Carolina, Massachusetts, and Pennsylvania. Considerations may be given to candidates from other established states such as Nebraska, Colorado, Montana, Kansas, Tennessee, and Missouri.
Locus is an Equal Opportunity Employer. Locus does not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran.
Salary : $47,000 - $57,000