Senior Loan Servicing Officer
New Jersey Redevelopment Authority, Trenton, NJ, United States
Overview
Under direction, performs and may supervise others in work involving the management of the full lifecycle of loan processing, including commitment issuance, closing, servicing, and payoff; ensures compliance with applicable state credit policies and procedures; coordinates activities with internal staff and external stakeholders; maintains accurate loan records and documentation within the Mortgage Office System; and performs other related work. Examples of Work
Loan Processing & Documentation Prepares commitment letters following board approval and drafts amendments to existing loan documents. Monitors commitment expirations and notifies lenders of upcoming deadlines. Gathers required borrower documentation and prepares extension memoranda for executive approval. Drafts and issues extension letters to borrowers. Prepares loan closing instructions outlining all conditions required to close. Compiles and prepares complete loan documentation packages for closing. Closing Coordination & Execution Reviews closing documents, title commitments, and searches for accuracy and completeness. Coordinates with the Deputy Attorney General (DAG) to obtain required approvals prior to closing. Delivers closing files for legal review and secures final sign-off. Schedules and facilitates loan closings. Collects all applicable fees (application, closing, extension, and acceptance) prior to closing. Loan Servicing & System Management Assigns loan numbers and inputs new loans into the Mortgage Office System. Maintains accurate records, including insurance, property details, and loan payments. Prepares and issues monthly loan payment invoices. Reviews invoices and cancelled checks to process loan disbursements and advances. Monitors interest reserve accounts and ensures proper fund management. Disbursements & Financial Oversight Prepares notices of closing and disbursement. Approves wire transfers and serves as an authorized signer on designated bank accounts. Prepares monthly financial reports and supports reporting requirements. Collaborates with the Comptroller to resolve payment issues, including outstanding or uncleared checks. Compliance & Risk Management Ensures adherence to state credit policies and regulatory requirements. Maintains and updates collateral files. Files UCC continuation statements as required. Monitors insurance compliance and follows up on expired certificates. Tracks delinquent loans and follows up with borrowers on past-due payments. Prepares default and legal notices when necessary. Stakeholder Coordination & Legal Support Acts as liaison between borrowers, attorneys, and title companies. Works closely with the DAG’s office to manage legal matters related to loan agreements. Supports auditors by providing documentation and responding to inquiries. Responds to public records requests (OPRA) by gathering and organizing required documentation. Loan Payoff & Post-Closing Releases paid loan documents to borrower attorneys. Experience
Experience: Five (5) years of experience in loan operations, commercial lending, and/or mortgage servicing, including work involving loan documentation, closings, compliance requirements, and the use of loan management systems such as the Mortgage Office System. Education
An Associate's degree is required. A bachelor’s degree or equivalent experience in Finance, Business Administration, or a related field is preferred. Skills and Abilities
Strong attention to detail and organizational skills; ability to manage multiple deadlines and coordinate activities across internal and external stakeholders; strong communication, analytical, and problem-solving skills; strong computer proficiency and ability to effectively use financial systems, loan management software, and standard office applications. Ability to prepare, review, and process complex loan documents and financial records accurately. Ability to coordinate loan closings with attorneys, title companies, and internal stakeholders. Ability to analyze financial information, including invoices, payments, and loan balances. Ability to manage multiple loans, deadlines, and priorities simultaneously. Ability to ensure compliance with applicable policies, procedures, and regulations. Ability to prepare clear and accurate reports, correspondence, and legal notices. Ability to maintain organized and accurate records and filing systems. Ability to use electronic loan management and financial systems effectively. Ability to resolve discrepancies and coordinate with financial and legal personnel. Ability to monitor delinquent accounts and follow up on past-due payments. Ability to respond to audit requests and public records (OPRA) inquiries. Ability to communicate and work effectively with supervisors, colleagues, external partners, and the public. License/Certification
Possession of Notary Public certification is preferred, or the ability to obtain such certification within a reasonable period of appointment. Special Requirements
Ability to perform the essential functions of the position with or without reasonable accommodation.
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Under direction, performs and may supervise others in work involving the management of the full lifecycle of loan processing, including commitment issuance, closing, servicing, and payoff; ensures compliance with applicable state credit policies and procedures; coordinates activities with internal staff and external stakeholders; maintains accurate loan records and documentation within the Mortgage Office System; and performs other related work. Examples of Work
Loan Processing & Documentation Prepares commitment letters following board approval and drafts amendments to existing loan documents. Monitors commitment expirations and notifies lenders of upcoming deadlines. Gathers required borrower documentation and prepares extension memoranda for executive approval. Drafts and issues extension letters to borrowers. Prepares loan closing instructions outlining all conditions required to close. Compiles and prepares complete loan documentation packages for closing. Closing Coordination & Execution Reviews closing documents, title commitments, and searches for accuracy and completeness. Coordinates with the Deputy Attorney General (DAG) to obtain required approvals prior to closing. Delivers closing files for legal review and secures final sign-off. Schedules and facilitates loan closings. Collects all applicable fees (application, closing, extension, and acceptance) prior to closing. Loan Servicing & System Management Assigns loan numbers and inputs new loans into the Mortgage Office System. Maintains accurate records, including insurance, property details, and loan payments. Prepares and issues monthly loan payment invoices. Reviews invoices and cancelled checks to process loan disbursements and advances. Monitors interest reserve accounts and ensures proper fund management. Disbursements & Financial Oversight Prepares notices of closing and disbursement. Approves wire transfers and serves as an authorized signer on designated bank accounts. Prepares monthly financial reports and supports reporting requirements. Collaborates with the Comptroller to resolve payment issues, including outstanding or uncleared checks. Compliance & Risk Management Ensures adherence to state credit policies and regulatory requirements. Maintains and updates collateral files. Files UCC continuation statements as required. Monitors insurance compliance and follows up on expired certificates. Tracks delinquent loans and follows up with borrowers on past-due payments. Prepares default and legal notices when necessary. Stakeholder Coordination & Legal Support Acts as liaison between borrowers, attorneys, and title companies. Works closely with the DAG’s office to manage legal matters related to loan agreements. Supports auditors by providing documentation and responding to inquiries. Responds to public records requests (OPRA) by gathering and organizing required documentation. Loan Payoff & Post-Closing Releases paid loan documents to borrower attorneys. Experience
Experience: Five (5) years of experience in loan operations, commercial lending, and/or mortgage servicing, including work involving loan documentation, closings, compliance requirements, and the use of loan management systems such as the Mortgage Office System. Education
An Associate's degree is required. A bachelor’s degree or equivalent experience in Finance, Business Administration, or a related field is preferred. Skills and Abilities
Strong attention to detail and organizational skills; ability to manage multiple deadlines and coordinate activities across internal and external stakeholders; strong communication, analytical, and problem-solving skills; strong computer proficiency and ability to effectively use financial systems, loan management software, and standard office applications. Ability to prepare, review, and process complex loan documents and financial records accurately. Ability to coordinate loan closings with attorneys, title companies, and internal stakeholders. Ability to analyze financial information, including invoices, payments, and loan balances. Ability to manage multiple loans, deadlines, and priorities simultaneously. Ability to ensure compliance with applicable policies, procedures, and regulations. Ability to prepare clear and accurate reports, correspondence, and legal notices. Ability to maintain organized and accurate records and filing systems. Ability to use electronic loan management and financial systems effectively. Ability to resolve discrepancies and coordinate with financial and legal personnel. Ability to monitor delinquent accounts and follow up on past-due payments. Ability to respond to audit requests and public records (OPRA) inquiries. Ability to communicate and work effectively with supervisors, colleagues, external partners, and the public. License/Certification
Possession of Notary Public certification is preferred, or the ability to obtain such certification within a reasonable period of appointment. Special Requirements
Ability to perform the essential functions of the position with or without reasonable accommodation.
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