Job OverviewThe Specialized Loan Servicing Specialist administers daily servicing activities of the Specialized Loan Servicing and collaborate with team members and other Valley functional teams, along with a major third-party outsourcing relationship for syndication and participation servicing. Responsible for reviewing servicing of loan transactions where Valley serves as Agent Bank or another bank is agent; loans with multiple pricing options; and swapped loans, liaising with borrowers, investors, and Valley loan officers.Job DescriptionResponsibilities include but are not limited to:
- Coordinate with internal and external third-party resources in performing the day-to-day operations of loan and agency servicing, participations servicing, and/or swap loan servicing for the bank's portfolio.
- Ensure assigned specialized loans are serviced properly and efficiently through diligent monitoring of requests and strict adherence to procedures.
- Reflect payments (principal, interest, escrow, sinking fund) accurately and efficiently in the loan system.
- Ensure appropriate offsetting GL entries are reflected in conjunction with all servicing transactions.
- Process new drawdowns, paydowns, and letter-of-credit activities for syndicated loan transactions. Process includes both loan system and reconciliation to 3rd party vendor.
- Perform quality control functions and assist with reconciliations of loan system to 3rd party vendor.
- Administer assigned deals by structuring them and booking them properly in the requisite systems.
- Act as liaison to borrowers and participant bank representatives for syndicated loans, and all loan participations sold by providing service in a professional, efficient, and accurate manner.
- Ensure all monies due and payable to the bank are collected and/or reconciled, and all past-due principal interest and fees are reported, followed up on, and ultimately collected.
- Field and resolve requests from business line regarding loan payments and, where applicable, related swap payments. and related loan payments.
RequirementsRequired Skills:
- Experienced in commercial loan servicing, loan accounting, knowledge and grasp of credit agreements.
- Firm grasp of the differences between Commitments, Outstandings, Pro-Rata Calculations, Availability, Used vs. Unused Fees, etc.
- Extensive knowledge of the commercial lending business, credit and loan documentation and terminology, banking terminology, regulatory requirements, and credit risk management.
- Comprehension of the difference between Participations and Syndications.
- Basic PC skills including general understanding of databases; highly experienced with Excel.
- Understanding of VNB's core banking software i.e. IBS Insight a plus.
- Strong oral and written communication skills and strong inter-personal skills to foster positive working relationships.
Required Experience:
- High School Diploma or GED.
- Minimum of 3 years of Banking experience in Commercial Lending/Loan operations.
Preferred Experience:
- Bachelor's degree, preferably in Finance, Business Administration, or Accounting.