Also by Reinvestment Fund

Specialist, Loan Servicing – Philadelphia, PA

Reinvestment Fund (Company) is a financial services company committed to making communities work for all people. We bring financial and analytical tools to partnerships ensuring that everyone has access to essential opportunities: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs.

Reinvestment Fund brings together individual investors, banks, government officials, private foundations, and faith-based and community organizations to invest in projects that transform communities. As a federally certified community development financial institution (“CDFI”), the company manages $1.1 billion in capital that originates from over 865 investors. Reinvestment Fund has deployed over $2 billion into community revitalizing and job-creating projects and enterprises over its 33-year history. The company maintains an AA- issuer rating from S&P, as well as a four star with Policy Plus, AAA rating from AERIS (highest rating available from industry rating agency).

Summary:

Reinvestment Fund seeks a qualified individual to join our team as Loan Servicing Specialist. The Specialist is an essential part of the Lending & Investment Department’s credit administration function providing borrowers, investors and staff accurate information about loan accounts and payments. It’s a face-paced job within a small, close-knit team that services roughly 800 social impact loans across the United States. Practical experience in commercial loan credit administration and servicing with knowledge of loan set up, servicing functions and loan system administration is required. Experience with construction loan disbursement approval procedures is highly preferred.

Essential Duties and Responsibilities
Loan Servicing:

  • Maintain the functionality of the loan servicing system (FICS).
  • Initiate and receive telephone calls, use email in Microsoft Outlook, use messages in Microsoft Teams, and utilize status updates in Asana online project management software to effectively communicate servicing activities and alerts with staff and customers.
  • Enter loan data and daily cash activity on the loan servicing system (FICS).
  • Prepare and process payments for loan participants, loan-related fees and expenses.
  • Initiate money transfers in and out of Reinvestment Fund controlled bank accounts for loan disbursements and ACH loan payments.
  • Prepare and/or adjust monthly customer billing statements and amortization schedules as directed using template forms.
  • Review and reconcile customer accounts for changes in loan fees, interest reserves, unapplied funds, etc.
  • Review draft versions of proposed new notes, participation agreements and other legal contracts to check compliance with loan servicing standards as part of the loan closing or modification procedures.
  • Translate information from legal documents and financial statements into data for entry into a loan servicing system as part of the loan closing or modification procedures.
  • Review data entered in the loan servicing system against loan documents to confirm accuracy.

Construction Disbursement:

  • Analyze construction loan advance requests and appropriate backup documentation as presented by the customer, including construction inspection reports, title bring-down and other documentation; focusing on construction related risk, budget adequacy, and adherence to loan documentation/loan policy.
  • Present construction draw requests to the Loan Officer and other designated approvers. Ensure all necessary documentation has been received and act on items affecting the disbursement process such as change orders, sufficiency of funds, liens, etc.
  • Coordinate with participants and lending partners to ensure timely receipt of draw requests, disbursement of draw funds and remittance of construction loan repayments.
  • Monitor interest reserve activity when applicable, process requests for reserve replenishment, and update escrow balances.
  • Maintain draw administration files in excellent condition and consistent with loan policy and departmental procedures.

The successful candidate will have a demonstrated affinity for systems and continued process improvement. Candidate must be inquisitive, problem-solving and have strong data analysis skills. Intermediate Excel skills are a must, including the ability to create and modify formulas, format data for effective interpretation, and present quantitative information to business users.

Education, experience and skills:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Required Qualifications:

  • High School Diploma and some coursework or training in accounting
  • Minimum 2+ years relevant experience in a mortgage loan servicing environment.
  • Demonstrated technical expertise in setting up amortizing and interest-only commercial loans in a loan servicing system.
  • Knowledge of loan servicing and accounting terms (ex. repayment types, interest accrual types, loan fees, journal entry, disbursement, loan participation, loan sale or purchase).
  • Familiarity with loan servicing industry practices and internal controls (ex. procedures and processes around loan set up, ACH, loan payoff, collateral release, loan activity reports)
  • Proficient in MS Office, especially Word and Excel, including the ability to create and modify formulas, understand data tables and format data for effective interpretation/presentation.
  • Exceptional organizational skills and the ability to manage multiple projects efficiently and effectively.
  • Attentive to numerical detail; makes accurate calculations.
  • Strong analytical and problem-solving skills with the ability to effectively resolve challenges independently.
  • Excellent interpersonal skills; cooperative and good-natured.
  • Committed to supporting Reinvestment Fund’s customers with the patience and extra assistance they may require from time to time.

Preferred Qualifications:

  • Prior experience preparing construction disbursement approvals
  • Familiarity with Microsoft Teams collaboration platform
  • Familiarity with Asana or similar collaboration and project management tools
  • Practical experience working with databases for loan reporting including familiarity with database concepts (data tables, data fields, archived data, data types, queries)

Compensation and Benefits:
Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care and transportation), tuition reimbursement, paid time off, and EAP program.

TO APPLY:
Please complete the online application and attach your resume and a cover letter.

Reinvestment Fund uses E-Verify to validate all new hires’ ability to legally work in the United States.  Reinvestment Fund is an Equal Opportunity Employer.  We do not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job related disability, or status as a veteran. Reinvestment Fund is committed to diversity, equity and inclusion (DEI) throughout our Organization and in our external investment practices.

Reinvestment Fund, Inc. has an affiliate, RF Impact Advisers, Inc. (“RFIA”) that is a state-registered investment adviser.  In order to advance compliance with and prevent violations of federal and state securities laws and to avoid even the appearance of a conflict of interest, RFIA has adopted a Code of Ethics to govern certain conduct of its staff, including certain staff of Reinvestment Fund because Reinvestment Fund is an advisory affiliate of RFIA.   As part of this Code of Ethics, there are specific personal reporting and other requirements and disclosures of personal financial and/or securities transactions information. For certain individuals this reporting will extend to your household members. You may be subject to a background check.

 

Apply For Position