Commercial Loan Administrator

Company Overview:

Established in 1895, Bay State Bank is an approximately $500MM, Massachusetts-based mutual Bank. As a Bank owned by a mutual holding company, the Bank is effectively governed by its depositors, and its mutual ownership structure allows it to focus on long-term and community impact rather than short-term profits. BSB has seven branch locations in central Massachusetts. BSB is the only remaining Bank originally headquartered in Worcester, Massachusetts, the second largest city in New England. BSB is a value-driven organization committed to international actions and investments that position the Bank as the community's preferred choice for Banking.

Position Description:

Reporting to the Senior Commercial Loan Administrator, the Commercial Loan Administrator is responsible for supporting the Commercial Lending team by managing the administrative functions of commercial loan documentation, processing, and servicing. Supports the Commercial Lending team in ensuring an excellent customer experience.

Key Responsibilities:

• Provides administrative support to Commercial Loan Officers.
• Respond to internal and external customer inquiries, directing customers to the appropriate internal resource when needed.
• Establishes and maintains credit and legal files for all commercial loans.
• Scans and uploads loan documents and other file documents to electronic files.
• Reviews LAMs for completion of all due diligence, pre-closing conditions, collateral, and guarantor requirements, and ensures all appropriate OFAC checks have been completed.
• Assists the commercial loan officers with the preparation of commitment letters in accordance with loan approval terms and conditions.
• Prepares necessary loan documentation for various types of new loan requests, including modifications, increases, renewals, and extensions, while ensuring adherence to required loan terms and conditions.
• Works in conjunction with closing attorneys, various vendors, commercial loan officers, and customers to aid in the closing process.
• Completes the post-closing documentation review and ensures receipt of closing binders and exception items.
• Tracks legal exceptions and works with Commercial Loan Officers, borrowers, and attorneys to clear these items, including the preparation and communication of any additional documentation requirements.
• Input new loans, modifications, and other maintenance to the loan operating system.
• Research and files UCC's. Maintains loan operating system to reflect tracking of UCC and expiration dates.
• Maintains insurance on all collateral (real estate, contents, all business assets, and vehicles) and makes updates to service bureau and loan operating system.
• Ensures that Standard Flood Hazard Determination Forms have been ordered and received on all commercial loans secured by real estate in accordance with regulatory requirements and internal policy.
• Obtains receipt of Patriot Act Identification Worksheets and verifies customer information required on all in accordance with all regulatory requirements and internal policies.
• Prepares and maintains various reports, including but not limited to the Pipeline Report by Officer, Loans Booked, Paid Loans, Modification Report, HMDA, CRA, and Loan Denials.
• Prepare loan payoff quotes, close out loans on the loan operating system, prepare legal documents for release of collateral, maintain paid loan log, and archive files in a timely manner.
• Tracks Reg. B notifications to applicants, including incomplete applications, approval of, and denials.
• Tracks all loan collection expenses, vendor fees, good faith deposits, and other professional fees. Reconciles general ledger accounts and billing discrepancies.
• Processing the daily overdrafts and returned deposit items for the Bank's commercial customers.
• Establishes and maintains escrow accounts for taxes, insurance, and flood as required.
• Adheres to all regulatory requirements and bank policies.
• Performs other duties as assigned or required.

Qualification, Education, and Experience

• A high level of interpersonal skills is required in providing superior customer service to new and existing customers.
• Working knowledge of all aspects of commercial and real estate loan documentation and regulatory requirements.
• Knowledge of business types (Corps, Trusts, LLP, LLC, etc.)
• Knowledge of debit/credit transactions
• Strong computer skills including proven ability to assimilate new software applications, Word, Excel, in a Windows environment.
• Must be able to work well in a fast-paced environment.
• Strong organizational skills in working effectively with other divisions of the Bank.
• Excellent customer relations, communication, and interpersonal skills.
• Ability to pay close attention to detail, work independently, and meet deadlines in a fast-paced environment.
• Demonstrates confidence, assertiveness and must present self and BSSB in a professional manner.
• Outstanding sales and service orientation.
• Strong ability to lead and motivate others.