Loan Boarding Specialist
City National Bank, Los Angeles, CA, United States
LOAN BOARDING SPECIALIST
WHAT IS THE OPPORTUNITY?
Reviews all requests for boarding & funding for approval, completeness & accuracy. Boards new and renewed consumer, commercial and mortgage loans. Processes advances, payments & payoffs on various loan products. Maintains guarantor records on the loan system. Performs all maintenance, calculates and adjusts interest and fee accruals. Determines causes of rejected items and processes corrections. Balances work and prepares appropriate GL entries to various cost centers as required.
WHAT WILL YOU DO?
Loan Account Set Up and OFAC Reporting and Compliance – Set up all entities, including borrowers, co-borrowers, and guarantors. Ensure CIS records have been established prior to funding the loan. Recognition of the parties to the loan is determined from the CIS Addendum. Obtain waivers from compliance as needed.
Loan Boarder is responsible to be familiar and understand FASB91 and GAAP accounting guidance related to treatment of fees/costs for new loans. For renewed or significantly modified loans, determine if a change is considered significant based on comparison of cash flows to decide whether fees can be taken into income or must be amortized over the life of the renewed/modified loan.
Pricing and Repayment Schedules – Ensure accuracy of entered pricing (All-in Rate, Margin, and Index, teaser rates, LIBOR pricing options, as applicable) and repayment schedules (Interest only period, repayment terms – mortgage style amortization, straight-line amortization, 12‑month average amortization schedule, and swap related schedules, all of which may be customized for each particular client).
Reporting requirements – Enter critical information for reporting purposes gleaned and/or translated from the Credit Approval Document, Loan Documentation Checklist, or other documents which support governmental, regulatory, and General Ledger/Financial and management reporting.
Loan Funding – Fund loan based upon disbursement authorization. Set up future disbursement account in ALDO as applicable. Funding may take the form of outgoing wire, credit to a demand deposit account, issuance of cashier’s checks, or offset to payoff/pay down an existing loan.
WHAT DO YOU NEED TO SUCCEED? Required Qualifications*
Bachelor's Degree or equivalent
Minimum 3 years of loan processing experience in a financial institution required
Minimum 2 years of basic computer experience (e.g., Microsoft Word, Excel, Outlook) required
Additional Qualifications
Ability to communicate effectively
Able to handle a heavy volume of transactions and multiple tasks
Detail oriented with strong follow‑up skills
Able to manually compute accrual adjustments
Ability to operate personal computers and word processing programs
Able to operate calculators, encoding, fax and copying machines
WHAT'S IN IT FOR YOU? Compensation Starting base salary: $24.46 – $36.69 per hour. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
Benefits and Perks
Comprehensive healthcare coverage, including medical, dental and vision plans, available the first of the month following start date
Generous 401(k) company matching contribution
Career development through tuition reimbursement and other internal upskilling and training resources
Valued time away benefits including vacation, sick and volunteer time
Specialized health and family planning benefits including fertility benefits and cancer, diabetes and musculoskeletal support programs
Career mobility support from a dedicated recruitment team
Colleague resource groups to support networking and community engagement
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law. It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
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WHAT WILL YOU DO?
Loan Account Set Up and OFAC Reporting and Compliance – Set up all entities, including borrowers, co-borrowers, and guarantors. Ensure CIS records have been established prior to funding the loan. Recognition of the parties to the loan is determined from the CIS Addendum. Obtain waivers from compliance as needed.
Loan Boarder is responsible to be familiar and understand FASB91 and GAAP accounting guidance related to treatment of fees/costs for new loans. For renewed or significantly modified loans, determine if a change is considered significant based on comparison of cash flows to decide whether fees can be taken into income or must be amortized over the life of the renewed/modified loan.
Pricing and Repayment Schedules – Ensure accuracy of entered pricing (All-in Rate, Margin, and Index, teaser rates, LIBOR pricing options, as applicable) and repayment schedules (Interest only period, repayment terms – mortgage style amortization, straight-line amortization, 12‑month average amortization schedule, and swap related schedules, all of which may be customized for each particular client).
Reporting requirements – Enter critical information for reporting purposes gleaned and/or translated from the Credit Approval Document, Loan Documentation Checklist, or other documents which support governmental, regulatory, and General Ledger/Financial and management reporting.
Loan Funding – Fund loan based upon disbursement authorization. Set up future disbursement account in ALDO as applicable. Funding may take the form of outgoing wire, credit to a demand deposit account, issuance of cashier’s checks, or offset to payoff/pay down an existing loan.
WHAT DO YOU NEED TO SUCCEED? Required Qualifications*
Bachelor's Degree or equivalent
Minimum 3 years of loan processing experience in a financial institution required
Minimum 2 years of basic computer experience (e.g., Microsoft Word, Excel, Outlook) required
Additional Qualifications
Ability to communicate effectively
Able to handle a heavy volume of transactions and multiple tasks
Detail oriented with strong follow‑up skills
Able to manually compute accrual adjustments
Ability to operate personal computers and word processing programs
Able to operate calculators, encoding, fax and copying machines
WHAT'S IN IT FOR YOU? Compensation Starting base salary: $24.46 – $36.69 per hour. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
Benefits and Perks
Comprehensive healthcare coverage, including medical, dental and vision plans, available the first of the month following start date
Generous 401(k) company matching contribution
Career development through tuition reimbursement and other internal upskilling and training resources
Valued time away benefits including vacation, sick and volunteer time
Specialized health and family planning benefits including fertility benefits and cancer, diabetes and musculoskeletal support programs
Career mobility support from a dedicated recruitment team
Colleague resource groups to support networking and community engagement
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law. It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
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