Commercial Loan Collateral Specialist
This position is responsible for the management of collateral perfection and pledging ensuring Commercial Loan collateral is perfected as outlined in the Banks Approval Memo. These activities include Insurance review, monitoring and exception clearing; Property tax monitoring, paid loan processing, UCC filing, continuations and terminations, Real estate discharges, Collateral pledging to the Federal Reserve or Federal Home Loan Bank. The Collateral Specialist must manage several reports and provide reporting to varies business partners. This position requires a high level of attention to detail with the ability to quickly transition from one task to another with a high degree of accountability and accuracy. Adherence to lending regulation is an essential component of this job.
Insurance review, tracking and exception clearing. Review all insurance for new loan requests. Advise appropriate personnel of any corrections needed to meet Flagstar requirements and provide notification when insurance is approved. Review incoming insurance certificates for proper coverage requirements, update the tracking system and upload to the Bank's imaging system. Prepare expiration insurance letters, work with all lines of business on expired insurance.
Discharges and UCC Terminations. Prepared full and partial discharges (Real Estate related) for all paid loans. Process UCC termination requests through a 3rd party servicer. Track all releases, upload to the Bank's imaging system. Input historical UCCs for those loans closed by attorneys.
Review all real estate and non-real estate loans for edibility for pledging to the Federal Reserve or FHLB. Prepare reports to submit to the Bank's Treasury department for pledging. Once accepting input pledge codes into the Bank's core system, pull required original documents and move to the pledge file. Monitor existing pledged loans for removal or paid off status.
Property Tax Monitoring. Review reports from 3rd party servicer. Manage delinquency report, provide weekly report on delinquent taxes. Research any public Property tax websites for updated payment status of previously reported delinquencies.
Reporting Monitoring. Review paid loan reports from the Bank's core system and other reports from the 3rd party servicer.
Assist Post Close Review Specialist with loading ticklers into Baker Hill and uploading documents to the Bank's imaging system.
Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar's internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
High School Diploma, GED or foreign equivalent required.
3+ years of Commercial Loan experience.
Must be able to read loan agreements and other documentation and have a working understanding of collateral perfection and tracking processes.
AFS knowledge preferred.
Excellent communication skills, both written and oral.
Ability to prioritize work load and time to ensure that requests/tasks are completed on time or ahead of time.
Ability to learn multiple systems.
The job requires a moderate degree of physical exertion and stamina such as standing, sitting, walking, driving or infrequent lifting. Extensive periods of sitting and computing.
For Internal use only: Job Band I-Hrly