Loan Servicing Officer
Company: New Jersey Economic Development Authority
Location: Newark
Posted on: January 23, 2023
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Job Description:
Overview
Job Summary
Manages credit risk and customer relationships in an assigned
portfolio of loans, guarantees and grants.
$65,979 - $73,310
Note: The NJEDA currently offers a hybrid work schedule for up to 2
days of telecommute work from home. To participate, you will be
required to have high speed home internet access and a managers
approval. This program does not supersede the "New Jersey First
Act", which requires newly hired NJEDA employees to establish and
then maintain, principal residence in the State of New Jersey.
Responsibilities
Essential Duties and Responsibilities
* Manages credit risk within assigned portfolio, including
collecting and spreading all required borrower financial statements
and completing credit analyses reviews per department policies.
* Monitors loan payment delinquencies and works with customers to
collect payments as needed, as well as to resolve administrative
payment issues.
* Completes Quality Assurance review of new project files.
* Responsible for maintaining complete and up to date
customer/project files, in EDA's document management systems
* Promptly identify deteriorating credits and assign appropriate
ratings. Involve Special Loan Management officers and processing
transfers to Special Loan Management as needed.
* Manages call options and loan maturity renewals promptly.
* Handles loan modification requests, including loan maturity
renewals, which includes obtaining needed information, negotiating
terms of approval, completing a full credit analysis (including
cash flow, collateral, EDA risk rating and loan pricing models),
and preparing approval memoranda in accordance with delegated
authority or board approval policies. Ensures loan documentation is
amended accurately and promptly.
* Presents loan approval requests to management and Director's Loan
Committee. Attends EDA Board Meeting to address questions regarding
those modifications requiring Board action.
* Conduct site visits with customers to evaluate business
operations and management and to identify new business referrals
opportunities. Prepares site visit reports.
* Stay abreast of pertinent subjects including bond regulations,
financial and bond markets, economic conditions, GAAP standards,
portfolio management, collateral control and legal issues.
* Promote teamwork and communication to encourage and interactive,
cooperative, collaborative and customer focused work environment
among division, EDA staff and external customers.
* Performs other duties or special projects, as assigned.
Qualifications
Required Skills and Abilities
* Ability to perform credit analysis of business (corporate,
partnership, LLC, and non-for-profit etc.) financial statements and
tax returns. Understand supporting information such as leases, cash
flow reports, projections, and aging reports. Ability to interpret
and analyze personal tax returns, statements and credit reports.
Ability to prepare global debt service, collateral coverage and
personal cash flow analyses.
* Ability to spread financial statements using Moody's KMV software
in accordance with commercial lending standards and EDA
policies.
* Ability to analyze real estate, equipment, and corporate asset
valuations using external appraisal reports and equalization values
and determine collateral risk and calculate accurate Loan-To-Value
ratios given EDA's lien priority.
* Ability to interpret loan and bond documentation to identify
actions and parities to the agreement required to complete bond
customer request, and modification documentation needed to protect
EDA's interests in loans.
* Ability to communicate effectively both verbally and in writing;
proficient in grammar, spelling and editing; and promote effective
relationships with business professionals and EDA staff.
* Ability to prioritize workload, must be highly organized and
handle various tasks simultaneously and work independently within
limited time constraints with little or no supervision.
* Must be able to maintain confidentiality and deal effectively and
diplomatically with business professionals and EDA staff.
* Effective analytical, interpersonal, negotiation and
organizational skills
* Demonstrates respectful behavior and promotes teamwork and
communication to encourage an interactive, cooperative,
collaborative and customer focused work environment among division,
EDA staff and external customers
* Proficient in Microsoft Office Suite, CRM; Moody's KMV and
Enable; possess the ability to learn new software packages
quickly.
Required Qualifications
Education and Experience Requirements
* Bachelor's Degree in Business, Economics, Accounting or Finance
and/or equivalent professional experience
* Five years of financial or banking experience including
commercial credit training, lending, loan review or similar
experience
Advanced degree or industry specific certification may be
substituted for 1 year of experience
Physical Demands
* Minimal
* Ability to work outside of normal business hours, as needed
Travel
* As necessary to events, meetings, businesses, etc.
Certificates and Licenses Required
* License: Staff are required to possess a valid driver's license
valid in New Jersey only if the operation of a vehicle, rather than
employee mobility, is necessary to perform the essentials duties of
the position.
Note
The examples of work for this title are for illustrative purposes
only. A particular position using this title may not perform all
duties listed in this job description. Conversely, all duties
performed on the job may not be listed. This job description is
intended to convey information essential to understanding the
scope, general nature and level of work performed by job holders
within this job. This job description is not intended to be an
exhaustive list of qualifications, skills, efforts, duties,
responsibilities or working conditions associated with the
position.
Your employment at NJEDA is voluntary and subject to termination by
you or NJEDA at will, with or without cause, or with or without
notice, at any time. Nothing in this job description shall be
interpreted to conflict, eliminate or modify the employment-at-will
status of NJEDA employees.
This position is considered exempt and is excluded from minimum
wage, overtime regulations, and other rights and protections
afforded nonexempt workers under the FLSA.
NJEDA reserves the right to amend/revise this job description as
necessary to meet current and changing business needs.
Equal Opportunity Employer
Position Requirements
* Must comply with the "New Jersey First Act" which requires
employees hired after September 1, 2011 to reside in New Jersey.
Non-New Jersey resident employees must relocate to New Jersey
within one year of their date of hire and provide proof of
residency to Human Resources.
* Must complete an Outside Activity Questionnaire (disclosure of
outside office or employment) on an annual basis.
* Foreign degrees/transcripts must be evaluated by a reputable
evaluation service at your own expense and must be submitted prior
to a start date. If this cannot be provided within 21 days of an
offer the offer will be rescinded.
Keywords: New Jersey Economic Development Authority, Newark , Loan Servicing Officer, Other , Newark, New Jersey
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