Loan Operations Associate

Job Description

Job Description

The Loan Operations Associate is responsible for reviewing and analyzing loan applications to ensure files are complete and the borrower(s) meet the Banks underwriting guidelines. A successful Loan Operations Associate will be capable of adapting to the challenges that come with working at a smaller banking institution, where the candidate may need to take on new responsibilities and tasks. Accuracy and a strong attention to detail are imperative to the success of this position as well as complying with all lending regulations, bank policies and procedures.

Duties and Responsibilities

• Underwrites and reviews commercial, consumer, and residential loans.
• Evaluate loan applications from originators for risk, accuracy, consistency, and completeness. Any suspicious activity noted should be reported to the BSA Officer immediately.
• Manage the loan pipeline, ensuring loans are kept on track and meeting deadlines.
• Work with appraisers, attorneys, title companies, and municipal agencies.
• Maintains appraiser, attorney, and title company vendor management profiles.
• Loan account set up and maintenance on new and existing loans including tax and insurance escrows, Private Mortgage Insurance, and VSI processing.
• Prepare for all loan audits, work with senior management, auditors, regulators, customers.
• Work closely with Loan Originators, keeping originators on track through the loan process.
• Creates and maintains a file for each application, underwrites loan applications to ensure they follow regulations, bank policies and procedures.
• Receives and processes borrower funds for appraisals in a timely manner.
• Takes ownership of concerns and follows through with a resolution.
• Perform loan maintenance, corrections, and research.
• Assist branch personnel with loan payoffs for all types of loans.
• Send letters to customers for all maturing lines of credit.
• Processes loan payoffs for all types of loans.
• Tracks collateral insurance and flood.
• Prepare loan closings by updating final fees and producing a closing disclosure, produce accurate closing documents for the settlement attorney.
• Fund loans on the day of disbursement.
• Prepare closed mortgage files for secondary market, such as Rural Development, Maine State Housing, and Federal Home Loan Bank of Boston.
• Discharge paid off mortgages with the registry of deeds.
• Prepares loan reports for the monthly Board of Directors meeting.
• Annual completion of compliance training
• Maintains dispute and missing documents log.
• Assists in monitoring E-Oscar for incoming and outgoing disputes.
• Annual review of commercial loans over $250,000.
• Perform other duties as requested.