What are the responsibilities and job description for the Loan Operations Specialist position at Prime Meridian Bank?
General Summary
Performs primary and secondary duties to ensure the department is functioning properly. Interacts with Relationship Managers, ARMs, other internal personnel, clients, and third-party providers to complete tasks associated with the origination and servicing of loans.
Duties and Responsibilities
- Preparation of new and renewed loan documentation adhering to Federal Regulations, State Regulations and Bank Policy. Funding of new loans for portfolio and held for sale loans.
- Booking of new, renewed and extended loans. Input of tickler information, perform loan post closing duties such as payment to third parties and sending documents for recording. Entry and balancing of daily general ledger entries.
- Working loan tickler reports to include verification of current and adequate insurance, file and maintain UCC filings, verification of receipt of recorded documents and final title policies and life insurance assignments.
- Demonstrates a working knowledge of the loan accounting system, daily reconciliation of loan related general ledger accounts.
- Escrow processing, payment of escrowed taxes and insurance. Monthly processing of escrow account analysis.
- Assist clients with routine inquiries regarding payoffs, loan reference and other loan details.
- Maintains and sets up files on each loan and ensures that the information is complete and accurate.
- Keys and balances monetary transactions including payments, payment reversals, payoff checks, loan advances and fee waivers.
- Researches and clears rejected items and unposted items in a timely manner in order to mitigate risk of loss.
- Participation payment processing.
- Paid out loan processing, preparation of mortgage satisfactions and partial releases.
- Verification of held for sale settlements, posting of entries, input and balancing of monthly held for sale reports.
- Delinquent real estate tax tracking and reporting.
- Scans, verifies and indexes loan files and other related loan documentation.
- Quality control of loan file scanning.
- Works departmental reports with varying frequencies to ensure compliance and mitigate risk.
- Preparation and input of loan related wire transfers.
- Maintains a thorough understanding of the Loan Operations process from start to finish.
- Responsible for actively working with other employees to grow the organization.
- Embrace and demonstrate qualities that support the Bank's Brand and Culture. Ensure optimal standards are adhered to for Brand
- Building the Bank.
- Performs other duties as assigned.