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Commercial Loan Servicing Specialist

Company: Flagstar Bank
Location: Troy
Posted on: January 26, 2023

Job Description:

The Commercial Loan Operations Specialist's main function is a combination of several of the following: booking commercial loan facilities to the core accounting system, managing a book of participation loans, processing transactions, balancing general ledgers, funding loans, account maintenance, paying invoices related to loan bookings, internal and external customer service, Swap servicing with third party vendor, reviewing daily reports and maintenance of spreadsheets. This list may not be all inclusive. All of these functions, individually or in concert, create efficiencies, increased service levels to internal and external customers plus ensure proper accounting of commercial loans on the Bank's books.

  • Loan Booking - Requires a thorough knowledge and understanding of commercial loan documentation and the accounting system to which they are booked. Must be extremely organized in thoughts and procedures. Is responsible for timely and accurate input and the ability to question when any documentation is outside the norm. Must be able to book new, renewed, extended loans as well as Letters of Credit, Swap and ACH exposures.
  • Transaction Processing/Daily Report Review - Post transactions including payments, pay downs, payoffs, advances, adjustments to accounting system. Requires a complete and thorough understanding of loan system in order to post properly. The daily report review uncovers system errors that would not otherwise be caught.
  • General Ledger balancing/Swap servicing and invoices - All transactions flow through two general ledgers that must be balanced daily. There are hundreds of entries and all must be accounted for and organized. Swap servicing includes monthly manual rate changes and 2-3 times a month reconciling with the third party vendor, as well as new Swap monetary activity.
  • Participation Loan Booking and Monitoring: Owning a group of participation loans, which includes daily, weekly, monthly updates for rate changes, advances and payments. Must ensure that we stay in balance with lead bank and the monetary transactions and rate changes are done timely to avoid any unnecessary past due or out of balance situations. Must be able to calculate interest by hand and communicate clearly both orally and in writing. Requires wires to be created and/or verified in very large dollar amounts.
  • Updating Borrowing Base Availability, Cross Training, Loan Maintenance and Updating Various Spreadsheets: When notified of borrowing base changes, must make changes to Core system within the day to ensure availability of funds for customers. Updates various spreadsheets to ensure proper recording of different types of loans, exposure, etc. Cross trains to understand the basics of other participation loans and transaction processing and other department functions. Make maintenance changes to core system as requested by internal staff.
  • Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar's internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
    Job Requirements:
    • High School Diploma, GED, or foreign equivalent required.
    • 5+ years in commercial loan operations or commercial servicing; 7+ preferred
    • Must have considerable exposure to commercial loan documentation
    • Demonstrated ability to understand and interpret commercial loan documentation.
    • Previous experience in booking commercial loans and participation loan processing.
    • Good analytical and problem solving skills.
    • Excellent verbal and written communication skills.
    • Willingness to work in a team environment.
    • Intermediate understanding of MS Excel.
    • Automated Financial Systems (AFS) experience preferred.
      For Internal use only: Job Band H-Hourly

Keywords: Flagstar Bank, Warren , Commercial Loan Servicing Specialist, Other , Troy, Michigan

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