Loan Operations Specialist

Live Oak Bank•Wilmington, NC

1d•$27 - $44•Remote

About The Position

Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream. As a Loan Operations Specialist at Live Oak Bank, your role is crucial in safeguarding the accuracy and integrity of our core data through your advanced knowledge of Live Oak loan products, policies, and procedures while maintaining a meticulous attention to detail.

Requirements

Bachelor's Degree or equivalent experience
Bank operations experience
Banking Industry experience
Loan processing experience
Excellent analytical, organizational and time management skills

Nice To Haves

Excellent analytical, organizational and time management skills

Responsibilities

Embody Live Oak’s core values
Demonstrate a deep understanding of Live Oak's loan products and procedures across all divisions of the bank
Efficiently manage inquiries and requests related to the loan onboarding and servicing
Use sound judgment and innovation to uphold the integrity of the bank's financial data by accurately maintaining loan records in the core system
Collaborate with bank personnel to maximize client service and mitigate potential risk to the bank through creative problem solving
Take ownership of primary responsibilities and pursue them with enthusiasm
Oversee and coordinate the onboarding of all new loans and leases to the core system with promptness and accuracy
Review and approve the allocation of funds at the time of loan funding and facilitate appropriate general ledger balancing entries for all closing costs and fees
Manage inquiries brought forth by loan personnel, legal counsel, and customers regarding payments, disbursements, payoffs, modifications, loan documents, and reconciliations
Effectively analyze and interpret complex loan documents while adhering to the parameters of the core system and established banking procedures
Manage daily data syncs between loan core system and customer relationship management platforms
Direct all aspects of the loan and lease payoff process including the preparation of payoff statements and allocation of funds received
Update core interest rate configurations through daily research and tracking of various published index values
Facilitate loan and lease related electronic funds transfer requests including disbursements, payments, deposits, and refunds
Facilitate the internal transfer of funds through Live Oak Bank accounts per the servicing requirements of Renewable Energy, Government Contracting, Specialty Finance, and Agriculture loans
Analyze daily activity reports to identify and execute actionable changes in the core system
Manage the preparation and distribution of monthly loan and lease billing invoices
Update critical core data to align with approved loan modification documents
Collaborate with various other departments around the bank to complete reconciliations and troubleshoot discrepancies
Use sound judgement. When necessary, asks for help or guidance
Comply with Federal, State and SBA Regulations
Ability to work independently while also being a team player
Collaborate effectively with team members by assisting new team members with the above processes
Work with management, technology, and other teams in the bank on projects that impact Loan Operations
Provide recommendations on how to improve processes and drive efficiencies
Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC