Loan Operations Specialist III

Description

About Locus:

At Locus, we know communities thrive when they have equitable access to capital. We collaborate with stakeholders across the community development ecosystem to invest in communities with strong aspirations, while addressing challenges like a shortage of affordable housing, limited access to fresh food, a lack of quality jobs, and clean energy innovation.

We believe a capital system that centers community input and impact is essential to ensure that everyone, no matter their background, location, or economic status, can live in healthy, thriving places. 

Locus is the parent organization for a family of community development enterprises, which includes a nonprofit CDFI loan fund, a CDFI bank, a fund management practice, and a national guarantee program. With offices in Christiansburg and Richmond, Virginia, Locus offers innovative and flexible financing tools and strategic consulting services to individuals and organizations in underestimated and excluded communities, most of which are low-to-moderate income. Alongside our many partners, Locus has generated over $2 billion dollars in total impact. 

Locus is a nonprofit holding company regulated by the Federal Reserve. Locus Bank is an FDIC-insured, certified bank and B Corp offering products tailored to socially conscious investors. Locus Bank is a majority-owned subsidiary of Locus. Member FDIC. Equal Housing Lender. Learn more at www.locusimpact.org. 

Position Overview:

The Loan Operations Specialist III oversees accurate and timely operations of Locus’ loan processes. The Loan Operations Specialist's responsibilities will include but are not limited to booking loans on the loan system, imaging loan documents, verifying and auditing loan input, following up for loan documentation files, maintaining document tracking exceptions, performing loan research, and processing loan payoffs.

Loan Booking 

• Book and verify new loans, renewals, modifications, letters of credit and guidance lines of credit for commercial lending
• Book and verify new SBA loans
• Scan, index, and verify loan files to core system accordingly
• Post-closing loan review
• Post payments draws and principal reductions
• Edit loans booked to loan platform for accuracy
• Participation processing – both purchased and sold
• Clear loan unposted transactions
• General loan account questions/research
• Execute recording/release of applicable documents
• Document exception tracking/reporting

GL Reconcilement 

• Balance general ledger loan clearing accounts

Filing

• Filing of all loan files
• Scanning trailing documents and filing them in the appropriate loan file 
• Works closely with the lenders and auditors to pull files for review

Paid Loans 

• Releasing collateral on loans such as UCC’s, Titles, and Deeds of Trust
• Sending paid loan documents to customers
• Segregating the Paid Loan files
• Process loan payoffs to include collateral releases

UCC Continuations 

• Timely filing of UCC Continuations

Insurance Monitoring 

• Review exception reports to ensure that proper insurance coverage is maintained 
• Coordinate Force Placing Coverage when necessary

Customer Service 

• Assist External and Internal Customers with questions or issues as they arise related to loans

Reporting 

• Serves as back up for USDA Reporting semi-annually
• Review and update Loan Tickler Report 
• Review and update Daily Loan Payment Report
• Review and update Post Closing Exceptions Report
• Review and update UCC Continuation Report

Other Duties 

• Back up for Operations personnel 
• Perform other duties as directed

Requirements

Education, Experience, Certifications: 

Minimum high school diploma and 3 years to 5 years of experience in a commercial bank lending or loan operations environment. Knowledge of accounting is a plus. 

Skills Required: 

Organizational Skills 

• Well-developed organizational and decision-making skill, adaptability to changing priorities 
• Ability to meet deadlines and oversee multiple responsibilities simultaneously 
• Able to set own schedule and execute according to a plan, driving for results and effectiveness 

Communication 

• Verbal: Ability to communicate in a clear, comfortable, and confident manner. Communicates effectively and in a way that supports teamwork – conveys insights to peers and managers quickly and concisely. 
• Written: Demonstrated ability to write clear, organized, and accurate memos, incorporating a range of information and analysis. Ability to document workflow and procedures. 

Computer/Technology 

• Excellent Word, Excel, and Windows file management skills mandatory 
• Demonstrated web research skills 
• Familiarity with Outlook or similar network-based email and calendar software

Compensation and Benefits:

• $47,000 - $57,000 annual salary, depending on skills and experience
• Annual bonus opportunity
• 18-days of PTO per year 
• 13-paid holidays per year
• Medical, dental, vision, short- and long-term disability insurance
• Life Insurance
• Paid Family Leave options
• 401k savings plan with employer match
• Hybrid Remote (candidates within driving distance of Locus offices in Richmond or Christiansburg, Va.) 

Locus is an Equal Opportunity Employer. Locus does not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran.