What are the responsibilities and job description for the Commercial Loan Servicing Specialist position at Seattle Bank?
Description
Who We Are
Seattle Bank is a locally owned, digitally driven financial institution that provides personal, business and partner banking services and the website, CD Valet®. Our experienced team and open API, cloud-based core technology platform deliver a boutique bank experience for clients with interwoven personal and business financial needs. Our highly configurable and scalable tech stack also supports partner banking that enables companies to embed banking transactions into their customer online experience. Seattle Bank’s most recent innovation is CD Valet, a new online marketplace that connects consumers to financial institutions to compare and open Certificates of Deposit (CDs) with the most competitive rates and terms nationwide. Seattle Bank is a wholly owned subsidiary of Seattle Bancshares, Inc., a privately held bank holding company. Visit Seattle Bank for more information.
Position Summary
The Commercial Loan Servicing Specialist is responsible for managing the administration, processing, and servicing of commercial loans. This role ensures that all loan transactions comply with regulatory requirements, internal policies, and loan agreements. The position involves monitoring loan payments, processing adjustments, maintaining accurate records, and providing support to customers and internal teams.
Essential Duties
Loan Administration:
- Process new commercial loans, renewals, modifications, and payoffs.
- Ensure loan documents are accurate, complete, and in compliance with policies.
- Assist with monitoring loan covenants and conditions to ensure ongoing compliance.
Loan Payment Processing & Reconciliation:
- Post loan payments, advances, payoffs, and fee transactions accurately.
- Process escrow, insurance, and tax payments related to commercial loans.
- Reconcile loan accounts and resolve discrepancies as needed.
Customer Service & Support:
- Provide support to borrowers regarding loan payments, payoff requests, and account inquiries.
- Assist internal teams, including loan officers and credit analysts, with loan-related information.
Compliance & Reporting:
- Ensure compliance with banking regulations (e.g., CFPB, FDIC, OCC) and internal policies.
- Generate reports related to loan performance, delinquencies, and portfolio trends.
- Assist with internal and external audits by preparing documentation and responding to inquiries.
System & Data Management:
- Maintain accurate loan records within the bank’s loan servicing system.
- Update loan files with customer requests, modifications, and financial statements.
- Identify system/process inefficiencies and recommend improvements.
Requirements
- Bachelor's degree in finance, accounting, business administration, or a related field (preferred).
- 2 years of experience in commercial loan servicing, loan operations, or banking.
- Knowledge of loan documentation, loan servicing systems, and regulatory compliance.
- Strong attention to detail and ability to handle multiple tasks in a fast-paced environment.
- Excellent problem-solving skills and ability to resolve customer inquiries effectively.
- Strong communication and teamwork skills.
Work Environment:
- Office setting within a financial institution or loan servicing department.
- This is an onsite work position at the Seattle Office of Seattle Bank.
Seattle Bank Benefits
We’re committed to delivering our promise of peace of mind to our clients and fostering a collaborative, inclusive and supportive workplace for our team members. Our comprehensive benefits program for eligible employees includes:
- Medical/Vision, and Dental insurance
- Life Insurance, Long Term Disability, Voluntary Life
- 401K with Bank contribution, Stock Award, and Incentive Opportunity
- Paid Time Off:
Vacation – 3 weeks
Sick time – 1 hour per 40 hours worked
Holidays – 10 days
- Transportation and fitness benefits
- And fun, extra perks such as company social events, paid volunteer hours, quarterly incentive awards, and professional development opportunities.
Salary : $60,000 - $75,000
