Loan Operations Associate

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.