Loan Operations Specialist

Loan Operations Specialist

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.

What You'll Do at Live Oak:

• 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

Required Experience:

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

Our Values:

• Dedication: Possess a deep commitment to Live Oak Bank's mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
• Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
• Respect: Treat everyone with courtesy, politeness, and kindness.
• Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources.

The base pay range for this position is $27.18 - $44.48 per hour. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate's salary is determined by several factors including relevant work experience or skills and expertise.

Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave.