Job Description
Position Summary
Under direction, performs and may supervise others in work involving the management of the full lifecycle of loan processing, including commitment issuance, closing, servicing, and payoff; ensures compliance with applicable state credit policies and procedures; coordinates activities with internal staff and external stakeholders; maintains accurate loan records and documentation within the Mortgage Office System; and performs other related work.
Examples of Work
Loan Processing & Documentation
- Prepares commitment letters following board approval and drafts amendments to existing loan documents.
- Monitors commitment expirations and notifies lenders of upcoming deadlines.
- Gathers required borrower documentation and prepares extension memoranda for executive approval.
- Drafts and issues extension letters to borrowers.
- Prepares loan closing instructions outlining all conditions required to close.
- Compiles and prepares complete loan documentation packages for closing.
Closing Coordination & Execution
- Reviews closing documents, title commitments, and searches for accuracy and completeness.
- Coordinates with the Deputy Attorney General (DAG) to obtain required approvals prior to closing.
- Delivers closing files for legal review and secures final sign-off.
- Schedules and facilitates loan closings.
- Collects all applicable fees (application, closing, extension, and acceptance) prior to closing.
Loan Servicing & System Management
- Assigns loan numbers and inputs new loans into the Mortgage Office System.
- Maintains accurate records, including insurance, property details, and loan payments.
- Prepares and issues monthly loan payment invoices.
- Reviews invoices and cancelled checks to process loan disbursements and advances.
- Monitors interest reserve accounts and ensures proper fund management.
Disbursements & Financial Oversight
- Prepares notices of closing and disbursement.
- Approves wire transfers and serves as an authorized signer on designated bank accounts.
- Prepares monthly financial reports and supports reporting requirements.
- Collaborates with the Comptroller to resolve payment issues, including outstanding or uncleared checks.
Compliance & Risk Management
- Ensures adherence to state credit policies and regulatory requirements.
- Maintains and updates collateral files.
- Files UCC continuation statements as required.
- Monitors insurance compliance and follows up on expired certificates.
- Tracks delinquent loans and follows up with borrowers on past-due payments.
- Prepares default and legal notices when necessary.
Stakeholder Coordination & Legal Support
- Acts as liaison between borrowers, attorneys, and title companies.
- Works closely with the DAG’s office to manage legal matters related to loan agreements.
- Supports auditors by providing documentation and responding to inquiries.
- Responds to public records requests (OPRA) by gathering and organizing required documentation.
Loan Payoff & Post-Closing
- Prepares mortgage discharges for satisfied loans.
- Releases paid loan documents to borrower attorneys.
Experience
Experience: Five (5) years of experience in loan operations, commercial lending, and/or mortgage servicing, including work involving loan documentation, closings, compliance requirements, and the use of loan management systems such as the Mortgage Office System.
Education: An Associate's degree is required. A bachelor’s degree or equivalent experience in Finance, Business Administration, or a related field is preferred.
Skills and Abilities: Strong attention to detail and organizational skills; ability to manage multiple deadlines and coordinate activities across internal and external stakeholders; strong communication, analytical, and problem-solving skills; strong computer proficiency and ability to effectively use financial systems, loan management software, and standard office applications.
License/Certification: Possession of Notary Public certification is preferred, or the ability to obtain such certification within a reasonable period of appointment.
Knowledge and Abilities
Knowledge
- Knowledge of loan processing procedures, including preparation of commitment letters, amendments, extension memoranda, and closing instructions
- Knowledge of loan documentation requirements and preparation of complete loan closing packages
- Knowledge of loan closing procedures, including review of closing documents, title commitments, and legal requirements
- Knowledge of loan servicing processes, including payment processing, invoicing, disbursements, and interest reserve monitoring
- Knowledge of financial reporting and reconciliation practices
- Knowledge of state credit policies, regulatory requirements, and compliance standards
- Knowledge of collateral file maintenance, UCC filings, and insurance tracking requirements
- Knowledge of delinquency management, default procedures, and loan payoff processing
- Knowledge of recordkeeping systems, including the Mortgage Office System and related financial systems
- Knowledge of coordination practices with legal counsel, auditors, and public records (OPRA) processes
Skills and Abilities
- Ability to prepare, review, and process complex loan documents and financial records accurately
- Ability to coordinate loan closings with attorneys, title companies, and internal stakeholders
- Ability to analyze financial information, including invoices, payments, and loan balances
- Ability to manage multiple loans, deadlines, and priorities simultaneously
- Ability to ensure compliance with applicable policies, procedures, and regulations
- Ability to prepare clear and accurate reports, correspondence, and legal notices
- Ability to maintain organized and accurate records and filing systems
- Ability to use electronic loan management and financial systems effectively
- Ability to resolve discrepancies and coordinate with financial and legal personnel
- Ability to monitor delinquent accounts and follow up on past-due payments
- Ability to respond to audit requests and public records (OPRA) inquiries
- Ability to communicate and work effectively with supervisors, colleagues, external partners, and the public
Special Requirements
- Ability to perform the essential functions of the position with or without reasonable accommodation
- Use of a personal vehicle may be required.