Loan Servicing Officer

Overview

Job Summary

Manages credit risk and customer relationships in an assigned portfolio of loans, guarantees, and grants.

EDA Overview

• Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA.

Job Overview

• Manage credit risk and customer relationships within an assigned portfolio.
• Handle loan payment delinquencies and administrative payment issues.
• Conduct Quality Assurance reviews of new project files.

$65,484 - $81,855

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a managers approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Responsibilities

Duties

Daily Tasks and Responsibilities:

• Manage credit risk within the assigned portfolio, including collecting and spreading all required borrower financial statements and completing credit analyses per department policies.
• Monitor loan payment delinquencies and collaborate with customers to collect payments and resolve administrative payment issues.
• Maintain complete and up-to-date customer/project files in EDA’s document management systems.

Projects:

• Handle loan modification requests, including loan maturity renewals, obtaining needed information, negotiating terms, performing credit analysis, and preparing approval memoranda.
• Conduct site visits to evaluate business operations and prepare site visit reports.

Goals and Objectives:

• Identify deteriorating credits promptly and assign appropriate ratings.
• Manage call options and loan maturity renewals promptly.
• Present loan approval requests to management and the Director’s Loan Committee.

Collaboration and Cross-Divisional Interaction:

• Promote teamwork and communication within the division, EDA staff, and external customers.
• Work collaboratively with Special Loan Management officers as needed.

Reporting Structure:

• Report to the Director, Loan Servicing Compliance (or delegate).
• Must complete annual self-assessment as required.
• Performs other duties and special projects, as assigned.

Qualifications

Skills and Qualifications

Technical Skills:

• Ability to perform credit analysis of various financial statements and tax returns.
• Proficient in using Moody’s KMV software for spreading financial statements.

Soft Skills:

• Effective interpersonal, communication, and negotiation skills.
• Ability to prioritize workload and handle multiple tasks simultaneously.
• Proficient in Microsoft Office Suite.

Certifications:

• Relevant certifications/licenses as required.

Experience:

• Five years of financial or banking experience, including commercial credit training, lending, loan review, or similar experience.
• Advanced degree or industry specific certification may be substituted for 1 year of experience

Education:

• Bachelor’s Degree in Business, Economics, Accounting, or Finance, or equivalent professional experience.

Software/Tools Proficiency:

• Proficient in Microsoft Office Suite, CRM, and Moody’s KMV.
• NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred.

Additional Information

• Minimal physical demands and ability to work out normal business hours
• Travel expected when necessary for business operations

Certificates and Licenses Required

• Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.

Note

The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job.  This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.

Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time.  Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees. 

This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.

NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.

NJ SAME Program

 In accordance with P.L. 2021, c. 465 and P.L. 2021, 466, the SAME program was established to enable New Jersey State agencies to hire, promote, retain, and advance qualified individuals whose physical or mental impairments impact their abilities to participate in the hiring and promotion process for non-competitive and unclassified titles within the State workforce.

The SAME program allows candidates, who identify as having a significant disability, to apply for non-competitive and unclassified positions through a fast track hiring process. This program uses a fast-track process that permits people who are eligible for the program to request that the State appointing authority schedule with them a good faith interview. For more information about the SAME program and the Fast Track Hiring program, please Click Here.  If you have any questions, please email, or call the contact as indicated on the job vacancy announcement.

This posting open to eligible applicants regardless of SAME eligibility.

Equal Opportunity Employer

Position Requirements

• Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date. If this cannot be provided within 21 days of an offer the offer will be rescinded.
• Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011, to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
• Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
• Must review the required NJ State Ethics Guidelines found on the state website.
• Selected candidates must be authorized to work in the United States per the Department of Homeland Security, United States Citizenship and Immigration Services regulations. Note: The State of New Jersey does not provide sponsorship for citizenship to the United States.

Salary : $65,484 - $81,855