Loan Ops Data Integrity Specl

Valley National Bancorp - Wayne, NJ

Full-time

Wayne, NJ

Credit Intermediation and Related Activities

About the position

The Loan Operations Data Integrity Specialist at Valley National Bank plays a crucial role in ensuring the accuracy, consistency, and regulatory compliance of data entered into the loan accounting system. This position involves preparing loan booking sheets for new loans, renewals, and modifications, which are essential for the processing of loans. The specialist will meticulously review each loan approval to confirm that it adheres to the bank's lending authority requirements as outlined in the Credit Policy Manual. This includes verifying that all necessary approvals are in place based on the loan type and exposure limits. In addition to reviewing loan approvals, the specialist will also examine loan packages to ensure compliance with various regulatory requirements, including Flood Insurance, HMDA, CRA, and Reg B. The role requires a thorough review of lender-supplied loan forms, such as TDR Assessments and LTV Calculators, to ensure accuracy and compliance with the procedures set forth by Credit Risk Management. Any discrepancies found during this review must be addressed with the lender, and significant issues should be reported to the supervising manager. For new loans, the specialist will read loan documents and prepare booking sheets for processing clerks, ensuring that all borrower information, loan terms, and billing parameters are accurately inputted into the system. This includes selecting the appropriate loan account type and Miser codes, as well as managing collateral information and escrow impounds. For line renewals and modifications, the specialist will prepare coding sheets based on the new loan terms and ensure that any existing fees and prepayment penalties are correctly reset. The role also involves resolving discrepancies related to borrower information, distributing prepared loan booking sheets to Note Tellers for processing, and auditing the output to identify and rectify any keying errors. The specialist will maintain error tracking spreadsheets for senior management and ensure that all files and documents are appropriately processed for scanning or record retention.

Responsibilities

• Review each loan approval for appropriate lending authority based on loan type and exposure limit to ensure compliance with the Bank's Lending authority requirements.
• Review loan packages for compliance with regulatory requirements such as Flood, HMDA, CRA, REG B, etc.
• Examine lender supplied loan forms for accuracy, consistency, and compliance with Credit Risk Management procedures.
• Prepare booking sheets for new loans based on loan documents and approved loan offerings.
• Prepare coding sheets for line renewals and modifications based on new loan terms and documents.
• Resolve discrepancies in borrower information with lenders and other departments as needed.
• Distribute prepared loan booking sheets to Note Tellers for processing and audit output for keying errors.
• Update error tracking spreadsheets for senior management as needed.
• Distribute files and documents for scanning, post-closing, or record retention.

Requirements

• High School diploma or GED with a minimum of 4 years experience in commercial loan operations.
• Detail-oriented with the ability to read and understand complex loan documents.
• Knowledge of bank regulatory requirements such as Flood Insurance, HMDA, CRA, Reg B, etc.
• Extensive knowledge of Miser software.
• Proficient in Microsoft Word and Excel.
• Ability to work with mathematical data including percentages, formulas, charts, and statistics.
• Ability to manage multiple projects simultaneously and prioritize daily work assignments in a fast-paced environment.

Nice-to-haves

• Bachelor's degree or Paralegal certificate preferred.