Loan Operations Representative at First Bank Chicago in Northbrook, Illinois

Posted in General Business 18 days ago.

Type: Full-Time





Job Description:

This position reports to Loan Operations Quality Control Manager.

Basic Function

Provide support to the Bank’s loan function by reviewing new/renewed loans; reviewing loan advances, payments, and rate changes; and processing paid loans.

Job Duties


  1. Perform basic loan servicing functions for a variety of loan types (Commercial Real Estate; Commercial and Industrial; Consumer)

    • Apply payments and advances to loans

    • Act as servicing agent for participated/syndicated loan transactions

    • Perform servicing for troubled loans, i.e., non-accruals, OREO, and charge-offs

    • Pay invoices

    • Pay real estate taxes

    • Process paid loans

      • Prepare payoff letters

      • Prepare release deed if necessary and send for recording

  2. Review new and renewed loans

    • Review new and/or renewed loans on the Fiserv system against boarding data

    • Responsible for maintaining original loan documents and files in the collateral vault

  3. Answer client inquiries regarding loan balance, transactions & payoffs

    • Transfer money between accounts

    • Prepare wire transfer requests

    • Research and correct errors

  4. Audit data entry of new and renewed loans

    • Perform maintenance as needed

    • Scan key loan documents

  5. Audit all previous day’s servicing activity

    • Correct errors as found

    • Perform reconciliation process for GL accounts

  6. Monitor hazard and flood insurance

    • Contact agents/borrowers to obtain current certificate of insurance

    • Update weekly insurance tickler report

    • Add lapsed insurance coverage to force placed insurance program

  7. Perform additional departmental duties such as:

    • Order credit reports, title work and/or flood searches

    • Assist with Board reports

    • Update Procedures

    • Input CRA/HMDA information into the FFIEC CRA/HMDA data entry software

    • Assist in the processing of construction draws

    • Update collateral & insurance report

    • Prepare Subordinations of lien

    • Provide notary services

    • Monthly insurance monitoring

    • Monthly available commitment report monitoring

    • Collateral maintenance for tax certificates secured loans

    • Review daily reports

    • Update loans secured by stock/bonds/investment accounts report

    • Input Customer Due Diligence and Beneficial Ownership information into BAM+

Nonessential Duties


  • Other duties as assigned

Knowledge, Skills & Abilities


  • Detail oriented

  • Basic accounting knowledge

  • Working knowledge of Bank regulations preferred

Training & Experience


  • High School diploma or GED

  • 0-2 years banking experience

  • Microsoft proficiency

  • Fiserv application experience helpful

  • College degree helpful

First Bank Chicago is an Equal Opportunity Employer: disability/veteran

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