Loan Operations Specialist

About the position

The Loan Operations Specialist at Bank of Ann Arbor is responsible for supporting all processes within the Loan Operations Department. This role involves inputting and maintaining loan information, processing payments and draws, and assisting clients and branch personnel with loan-related inquiries. The specialist will ensure accuracy in loan transactions and maintain the escrow database, while also preparing necessary reports and communications.

Responsibilities

• Input all new and modified loan information into the loan accounting system for commercial, mortgage, and consumer loans.
• Perform account maintenance on existing loans and resolve transaction corrections.
• Investigate and find solutions for rejected items from the prior day.
• Enter loan modifications into the loan accounting system to update or correct information.
• Work directly with lenders and clients to process draws and payments.
• Collaborate with other financial institutions for processing participated loans.
• Prepare payoff letters and process loan payoffs.
• Review reports to track and fix errors or research specific information.
• Assist customers and branch personnel with loan inquiries, primarily payment posting issues.
• Review loan billings for accuracy and make necessary corrections before forwarding to customers for payment.
• Process all escrow payouts for tax and insurance payments and maintain the escrow database.
• Run and verify annual escrow analysis reports and notify customers of shortages or refunds.
• Adjust escrow portions of monthly payments based on analysis results.
• Maintain a running balance of Commercial Loan fees and track them on an Excel spreadsheet for management review.
• Review and initial maintenance done by other Loan Operations Specialists.

Requirements

• High School diploma or equivalent; some college or BA/BS preferred.
• Previous work experience in a financial or banking environment, preferably in loan operations.
• Knowledge and experience with bank core system processing software and proficiency with Windows-based applications.
• Excellent work ethic and high levels of integrity.
• Ability to prioritize tasks and focus on results.
• Strong attention to detail to ensure accuracy in all tasks.
• Excellent verbal and written communication skills.

Nice-to-haves

• History of relevant continued education in banking or finance.