Job Description
Who We Are
At Old Second, you're first! For more than 150 years, Old Second has consistently put businesses and individuals throughout the Chicago area first, and we're only getting started.
With great employees we've grown from a single location in the back of a general store to 50 locations and over $6 billion dollars in assets. At Old Second we embrace values that foster an environment of community and growth. Recently, we've been voted a Forbes Best-In-State Bank for Illinois by our customers. Be a part of something big as we continue our growth story together!
Position Overview:
The Loan Servicing Specialist is responsible for both commercial and consumer loan maintenance, payment processing, disbursements, payoff processing tax and insurance processing, and related loan servicing work.
Essential Job Functions - All Levels
• Processes payments and disbursing of loan proceeds.
• Reviews and processes payments and functions related to loan payoff.
• Meets expectations for accuracy of loan set-ups and maintenance to include commercial, consumer and real estate portfolio loans.
• Ensures all loan processing is managed through the designated workflow.
• Monitors and process a high volume of loan advances including construction draws
• Produce paid loan reporting to the collateral team for release preparation and collateral file movement.
• Processes all incoming mail for the department and performs miscellaneous clerical duties, projects and assignments as needed.
• Insurance and tax escrow administration.
• Force placed insurance processing, monitoring and reporting.
• Validate and update ticklers in core related to insurance exceptions.
Additional Responsibilities at Senior Level:
• Establish accurate reporting of all volume within the Loan Servicing team such as volumes related to construction draft funding, payoffs processed, reversals, accounts actively escrowed, agency services processing, etc.
• Train team member on enhanced processes within the department.
• Serve as back-up for all Loan Servicing Specialist within the team.
• Assist in any conversion related efforts for the Loan Servicing area.
Minimum Requirements
• High school diploma and two or more years of consumer and/or commercial loan operations, or related area; or equivalent combination of education and experience.
Competencies
• Technical aptitude including experience with Microsoft Office Suite
• Above average oral, written and communications skills
Preferred, but not required
• Bachelor's degree a plus
• Jack Henry experience a plus
Location Details:
This position is considered a hybrid role. With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role. Actual schedule requirements may vary based upon business needs.
Note: Job levels and hiring decisions are based upon both the business needs of the department and the qualifications of the incumbent. In some cases, an incumbent may meet the requirements of the senior level but may be hired in at a lower level based upon branch business needs and staffing dynamics.
Compensation & Benefits
Loan Servicing Specialist
Base pay: $20.10 - $26.00/hour
Senior Loan Servicing Specialist
Base pay: $22.10 - $28.00/hour
Old Second is committed to fair and equitable pay practices. Pay is dependent upon the pay range and the incumbent's knowledge, skills and experience.
Benefits: How We Support You - Old Second
Thanks for considering Old Second!
At Old Second, you're first! For more than 150 years, Old Second has consistently put businesses and individuals throughout the Chicago area first, and we're only getting started.
With great employees we've grown from a single location in the back of a general store to 50 locations and over $6 billion dollars in assets. At Old Second we embrace values that foster an environment of community and growth. Recently, we've been voted a Forbes Best-In-State Bank for Illinois by our customers. Be a part of something big as we continue our growth story together!
Position Overview:
The Loan Servicing Specialist is responsible for both commercial and consumer loan maintenance, payment processing, disbursements, payoff processing tax and insurance processing, and related loan servicing work.
Essential Job Functions - All Levels
• Processes payments and disbursing of loan proceeds.
• Reviews and processes payments and functions related to loan payoff.
• Meets expectations for accuracy of loan set-ups and maintenance to include commercial, consumer and real estate portfolio loans.
• Ensures all loan processing is managed through the designated workflow.
• Monitors and process a high volume of loan advances including construction draws
• Produce paid loan reporting to the collateral team for release preparation and collateral file movement.
• Processes all incoming mail for the department and performs miscellaneous clerical duties, projects and assignments as needed.
• Insurance and tax escrow administration.
• Force placed insurance processing, monitoring and reporting.
• Validate and update ticklers in core related to insurance exceptions.
Additional Responsibilities at Senior Level:
• Establish accurate reporting of all volume within the Loan Servicing team such as volumes related to construction draft funding, payoffs processed, reversals, accounts actively escrowed, agency services processing, etc.
• Train team member on enhanced processes within the department.
• Serve as back-up for all Loan Servicing Specialist within the team.
• Assist in any conversion related efforts for the Loan Servicing area.
Minimum Requirements
• High school diploma and two or more years of consumer and/or commercial loan operations, or related area; or equivalent combination of education and experience.
Competencies
• Technical aptitude including experience with Microsoft Office Suite
• Above average oral, written and communications skills
Preferred, but not required
• Bachelor's degree a plus
• Jack Henry experience a plus
Location Details:
This position is considered a hybrid role. With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role. Actual schedule requirements may vary based upon business needs.
Note: Job levels and hiring decisions are based upon both the business needs of the department and the qualifications of the incumbent. In some cases, an incumbent may meet the requirements of the senior level but may be hired in at a lower level based upon branch business needs and staffing dynamics.
Compensation & Benefits
Loan Servicing Specialist
Base pay: $20.10 - $26.00/hour
Senior Loan Servicing Specialist
Base pay: $22.10 - $28.00/hour
Old Second is committed to fair and equitable pay practices. Pay is dependent upon the pay range and the incumbent's knowledge, skills and experience.
Benefits: How We Support You - Old Second
Thanks for considering Old Second!
💡 Quick Summary
Seeking a career-building opportunity? The Loan Servicing Specialist (Senior) - Now Hiring position is now open for candidates interested in the Bank Jobs sector. This role in Aurora offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in Bank Jobs is a plus.
