Senior officer - Loan Servicing

New Jersey Economic Development Authority (NJEDA); New Jersey; Hybrid; USD 76,000 - 96,000; Full time

Job summary

The Senior Officer in Loan Servicing will independently manage credit risk and customer relationships at NJEDA, fostering sustainable economic growth in New Jersey. This role involves overseeing complex accounts, mentoring staff, and collaborating with partners to ensure effective loan servicing. With a supportive hybrid work culture and comprehensive benefits, this position aims to make a tangible impact on the state's economic landscape.

Benefits

Hybrid work availability

Health insurance

Retirement plans

Extensive wellness programs

Qualifications

• Seven+ years of financial or banking experience required.
• Advanced degree or certification may substitute for 1 year of experience.

Responsibilities

• Manage credit risk and customer relationships within an assigned portfolio.
• Handle complex, high-profile, or high-risk accounts.
• Mentor and train staff.

Skills

Effective interpersonal skills

Communication skills

Negotiation skills

Ability to prioritize workload

Education

Bachelor’s Degree in Business, Economics, Accounting, or Finance

Tools

Microsoft Office Suite

CRM

Moody’s KMV

Enable

Job description

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Overview

Job Summary

The Senior Servicing Officer independently manages credit risk and customer relationships for an assigned portfolio of loans, guarantees, and grants, including complex, high-profile, or high-risk accounts. This role also involves mentoring and training less experienced staff.

EDA Overview

• Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA.
  
  

Job Overview

• Independently manage credit risk and customer relationships within an assigned portfolio.
• Handle complex, high-profile, or high-risk accounts, including customer appeals and special projects.
• Mentor and train less experienced staff ex. intern or Servicing Officer (e.g. Interns, Temporary Staff, Servicing Officers etc.
  
  

$76,184 - $95,230

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a manager's approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Responsibilities

Duties

Daily Tasks and Responsibilities:

• Monitor loan payment delinquencies, manage customer relationships and collaborate with customers or bank partners to collect payments and resolve issues.
• Complete Quality Assurance reviews of new project loan files.
• Maintain complete and up-to-date customer/project files in EDA’s document management systems.
• Ensures all required borrower financial statements are collected and credit analyses reviews are performed per department policies.
  
  

Projects:

• Handle loan modification requests, including obtaining information, negotiating terms, performing credit analysis, and preparing approval memoranda.
• Conduct site visits to evaluate business operations and prepare site visit reports.
  
  

Goals and Objectives:

• Identify deteriorating credits promptly and assign appropriate ratings.
• Manage call options and loan maturity renewals promptly.
• Present loan approval requests to management and the Director’s Loan Committee.
  
  

Collaboration and Cross-Divisional Interaction:

• Promote teamwork and communication within the division, EDA staff, and external customers.
• Work collaboratively with Special Loan Management officers as needed.
  
  

Reporting Structure:

• Report to the Director, Loan Servicing Compliance (or delegate).
• Mentor and train less experienced staff.
• Must complete annual self-assessment as required.
• Performs other duties and special projects, as assigned.
  
  

Qualifications

Skills and Qualifications

Technical Skills:

• Ability to perform credit analysis of various financial statements and tax returns.
• Proficient in Microsoft Office Suite, CRM, Moody’s KMV, and Enable.
  
  

Soft Skills:

• Effective interpersonal, communication, and negotiation skills.
• Ability to prioritize workload and handle multiple tasks simultaneously.
  
  

Certifications:

• Relevant certifications/licenses as required.
  
  

Experience:

• Seven+ years of financial or banking experience, including commercial credit training, lending, loan review, or similar experience.
• An advanced degree or industry-specific certification may substitute for 1 year of experience.
  
  

Education:

• Bachelor’s Degree in Business, Economics, Accounting, or Finance, or equivalent professional experience.
  
  

Software/Tools Proficiency:

• Proficient in Microsoft Office Suite, CRM; Moody’s KMV, and Enable.
• NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred.
  
  

Additional Information

• Minimal physical demands and ability to work out normal business hours
• Travel expected when necessary for business operations
  
  

Certificates And Licenses Required

• Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.
  
  

Note

The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job. This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.

Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time. Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees.

This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.

NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.

NJ SAME Program

In accordance with P.L. 2021, c. 465 and P.L. 2021, 466, the SAME program was established to enable New Jersey State agencies to hire, promote, retain, and advance qualified individuals whose physical or mental impairments impact their abilities to participate in the hiring and promotion process for non-competitive and unclassified titles within the State workforce.

The SAME program allows candidates, who identify as having a significant disability, to apply for non-competitive and unclassified positions through a fast track hiring process. This program uses a fast-track process that permits people who are eligible for the program to request that the State appointing authority schedule with them a good faith interview. For more information about the SAME program and the Fast Track Hiring program, please Click Here . If you have any questions, please email, or call the contact as indicated on the job vacancy announcement.

This posting open to eligible applicants regardless of SAME eligibility.

Equal Opportunity Employer

Position Requirements

• Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date. If this cannot be provided within 21 days of an offer the offer will be rescinded.
• Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011, to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
• Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
• Must review the required NJ State Ethics Guidelines found on the state website.
• Selected candidates must be authorized to work in the United States per the Department of Homeland Security, United States Citizenship and Immigration Services regulations. Note: The State of New Jersey does not provide sponsorship for citizenship to the United States.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

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