The Operations Specialist assists other processors while working under limited supervision, answering questions from branch staff and other processors, researching and resolving both routine and complex problems.
Follows established procedures in compliance with all relevant regulations. Receives approved equity line files from lenders. Completes, monitors, and reviews service orders including property valuation, flood determination, verifications, and ownership information as needed. Coordinates closing with Retail staff when processing is complete, prepares/updates equity line documentation including legal paperwork for customer signature, provides closing instructions, and coordinates and tracks legal documents to vendor for recording. Operations Specialist works under general supervision, answers questions/solving routine problems from branches, and customer service staff. Obtains and completes payoffs, processes loan applications in CRIF. Handles other duties as requested.
Typical Duties and Responsibilities
- Create and ensure that documentation complies with appropriate regulations, coordinates and tracks legal documents. Orders, monitors and tracks services as appropriate, including Property Valuation, Flood determination and Ownership information. Upgrades report as needed. Reviews property and ownership information for discrepancies. Reviews flood certifications and documents for zones; mail letter to customer if property is located in a zone; ensure proper documents are received and reviewed prior to closing
- Notifies branches when ready to close. Communicates with branches to determine closing dates/instructions. Updates the documentation system. Obtains all necessary payoff quotes for required payoffs. Instructs the branch with detailed requirements for closing. Communicates with branches to determine closing dates/instructions. Obtains lien payoffs both internal and external. Provides detailed written closing instructions for branches to follow. Ensures constant flow of applications throughout various stages until closing.
- Updates CRIF and other reporting tools as required. Reviewing for accuracy and compliance. Maintains accurate, up to date notes in CRIF for management reporting. Handles numerous phone calls and emails to relay status information. Continually educates
- branch staff on product information, legal requirements, and policy guidelines.
- Oversees and completes Subordination and Modifications requests. Provides guidance, assistance and knowledge transfer to internal and branch staff for all direct products; Cash Reserve, Auto, Demand Secured, Collateral Installment, Heat Loan, Flex Fixed Loan, Personal Loan, Personal Line of Credit, Starter Loan, Flex Line of Credit.
- Trains new and current staff on all equity and non-equity products and procedures and uses knowledge and experience to independently research and resolve complex issues.
- Brainstorms with colleagues to come up with work arounds to system limitations. Maintains comprehensive knowledge of consumer processing systems.
- Maintain meticulous files of pending/ready to close files to ensure expedition of closing process.
- Works under general supervision of department supervisor and managers;
- Must be knowledgeable about Federal and State Consumer Lending regulations, and requirements of various appraisal and ownership scenarios.
- Must understand how to process individual transactions based on specific scenarios, and ensure compliance with regulations and know when to seek direction from a supervisor.
Education and Background
- High school diploma
- Minimum 1 year banking experience preferred
- Solid working knowledge of Flex Equity Line of Credit product is preferred.
Skills and Competencies
- Knowledge of word processing, databases, and Excel spreadsheets helpful; good communication skills required; experience on Eastern Bank systems helpful; accuracy and attention to detail required
About Us
Committed. Inclusive. Courageous. Eastern Bank has built a legacy of investing in the communities we serve and helping our customers, communities and employees thrive and grow. We pride ourselves in having knowledgeable and experienced professionals that can provide the expertise, personal attention and service our customers deserve.
As an inclusive company, we work to ensure that our valued employees are treated fairly, recognized for their individuality, and encouraged to reach their fullest potential. These values have earned us a reputation as a great place to work and provide a strong reason why you should consider a career with us.
