Loan Servicing Specialist

Company: Entrepreneur Works

Location: Philadelphia, PA

Job Function: Lending/Loan Operations


Background

Entrepreneur Works is a non-profit, certified Community Development Financial Institution (CDFI) whose mission is to empower entrepreneurs to grow successful businesses in the Philadelphia region by providing them with flexible capital and the highest-quality business support services. Across the Philadelphia region, Entrepreneur Works’ clients start and grow small businesses, create jobs for themselves and their neighbors, and strengthen the local economy. Entrepreneur Works serves hundreds of entrepreneurs each year, empowering small business owners from all walks of life to succeed and build sustainable communities.

Entrepreneur Works is client-focused and distinguishes itself with flexibility in serving our client entrepreneurs. We offer access to affordable loans, business training, and one-on-one guidance, which is offered to the business owner before, during and after applying for a loan. By connecting hundreds of entrepreneurs each year with access to capital, one-on-one technical assistance, business training and networking opportunities, Entrepreneur Works helps promising individuals develop stronger business practices, build wealth, and create job opportunities through business ownership.

For more information, please visit www.MyEntrepreneurWorks.org.

Summary

Entrepreneur Works is seeking a detail-oriented and customer-focused Loan Servicing Specialist to be responsible for recording and tracking the organization’s loans. The Loan Servicing Specialist will be responsible for processing loan disbursements and payment transactions, creation of internal and external reports, collecting and updating loan borrower data and financial information and assisting the lending team and senior management with other duties as assigned. The Loan Servicing Specialist will work closely with Entrepreneur Works’s lending team and play a pivotal role in maintaining strong borrower relationships, ensuring accurate loan servicing, and contributing to the growth and impact of our mission-driven organization.

Responsibilities

  • Loan Administration: Manage the administrative aspects of new and active loans, including processing disbursements and payments–including associated fees and interest payments–maintaining repayment schedules, and accurately recording loan transactions in EW’s loan servicing system and database.
  • Borrower Support: Serve as a primary point of contact for borrowers, addressing inquiries, helping with payment-related matters, and guiding them through administrative processes. Work collaboratively with lending and entrepreneur service staff to coordinate on-going technical assistance to borrowers.
  • Documentation Management: Prepare closing documents for approved loans, coordinate loan closings, and maintain organized and complete loan files, ensuring all necessary documentation is accurately filed and updated as required.
  • Compliance Adherence: Ensure compliance with regulatory standards and internal policies throughout the loan servicing process. Ensure that data collection, reporting and filing systems meet the organization’s reporting needs and comply with all contracts, funder and audit requirements.
  • Collections and Delinquencies: Monitor loan accounts for delinquencies, initiate collections efforts when necessary, and work with borrowers to resolve payment discrepancies.
  • Reporting: Generate reports to senior management, board of directors, funders and investors on loan portfolio status, payment trends, and other relevant metrics to support decision-making and reporting requirements. Coordinate with accounting and administrative staff to ensure accurate and timely financial recordkeeping.
  • Other Related Responsibilities: Assist with the preparation of industry and funder surveys and work closely with the senior management team to prepare proposals for the funding and financing of operations and the loan fund for current needs and anticipated growth.

Requirements

This position requires an energetic, flexible, detailed-oriented and highly organized individual with excellent written and verbal communication skills who thrives in a fast-paced, deadline-oriented work environment and as part of a dynamic, multicultural team of talented and committed professionals. The ideal candidate will be experienced in loan administration and servicing and who is passionate about our mission, has a commitment to excellence and accuracy, and can demonstrate their ability to multitask, prioritize and manage projects independently and comfortably tight deadlines.

  • Experience: Two or more years of small business loan administration or servicing experience in a commercial bank, CDFI or similar organization is preferred, but experience in mortgage or consumer lending will be considered. Experience working/volunteering for a non-profit organization a plus.
  • Education: Bachelor’s degree in business administration, accounting or finance preferred. Professional experience commensurate with the responsibilities outlined will be considered if the candidate’s educational background does not align with the position’s requirements.
  • Communication Skills: Excellent verbal and written communication skills, with a customer-centric approach to interactions.
  • Analytical Skills: Ability to analyze payment data, identify trends and generate accurate reports.
  • Software proficiency: Comfortable using loan management software and the Microsoft Office Suite applications. Experience with relational database applications a plus.

Compensation and Benefits

Salary commensurate with experience, plus full benefits package.

How to Apply

Please email a cover letter and resume with salary requirements to Office Administrator officeadministrator@entre-works.org with “Loan Servicing Specialist” in the Subject Line. No phone calls, please.