for Nonprofit Finance Fund in New York, NJ USA
What We Do:
NFF works toward a more just and vibrant society through:
Financing that helps nonprofits and social enterprises expand opportunity in low- and middle-income communities.
Consulting that helps nonprofits and funders connect money to mission and community impact.
Partnering with service providers, funders, and investors to turn money and goodwill into positive outcomes.
Learning that shares experiences and expertise ? from ideas to anecdotes to cutting-edge data and analysis.
Nonprofit Finance Fund (NFF) advances missions and social progress in underserved communities through financing, consulting, partnerships, and knowledge-sharing. A leading Community Development Financial Institution (CDFI), NFF currently manages over $329 million. Since 1980, we have provided $871 million in financing and access to additional capital in support of over $2.9 billion in projects for thousands of organizations nationwide.
The Loan Administrator/Servicer, Senior Associate coordinates and oversees all loan administration and servicing aspects of NFF?s diverse loan portfolio and assists in the servicing of NFF?s New Market Tax Credits portfolio. As an important member of a close-working team of local and national professionals, the Loan Servicer provides critical support to the Financial Services team in ongoing relationship and risk management of a portfolio of loans, New Market Tax Credits investments and other financial products. This role requires an ability to balance multiple priorities and a detail-oriented approach to meeting time sensitive deadlines.
This position will be based in NFF?s New York, NY office. This position will report to the Director of Portfolio Management, Financial Services.
Primary Duties and Responsibilities:
Loan Servicing and Administration:
- Responsible for the set-up and maintenance of systems and databases for the administration, reporting and servicing of Financial Services products and clients, including loan onboarding, billing, draws and payments, delinquency management, and other portfolio activity for Financial Services products and clients.
- Reviews loan documentation, including loan, security and participation agreements, promissory notes, and closing memos, to ensure a correct understanding of the loan terms or resolve any issues or inconsistencies.
- Completes the onboarding of new loans, loan modifications and renewals by accurately summarizing the loan terms and entering such information into the loan management system in a timely manner, per NFF?s internal procedures and policies; updates loan terms on existing loans to reflect loan conversion dates, changes in interest rates payment terms, and maturity dates.
- Serves as the primary contact for clients and participant lenders on all loan servicing-related matters.
- Coordinates with underwriters, in-house counsel and portfolio managers on the collection of post-closing items.
- Reviews wire transfers for accuracy and compliance with loan disbursement conditions and ensures that all required approvals have been obtained and back-up documentation is attached.
- Establishes ACH processing set-up on new loans.
- Calculates non-use fees on lines of credit.
- Prepares and sends loan invoices and prepares ACH batches.
- Generates lock box and ACH reports on loan payments.
- Reviews participant remittances from lead lenders and NFF remittance reports for accuracy.
- Enters data into, and ensures and validates data integrity of, the loan management system (CommonGoals TEA10) and CRM system (Salesforce), including loan disbursements, interest capitalizations, and payments; compares self-calculated capitalizations with loan management system records.
- Responsible for expertise in utilization of TEA10 for loan servicing and supporting training of colleagues on use of TEA 10.
- Works collaboratively with the Finance team to reconcile internal records with bank account statements.
- Confirms collection of all payments, including late fees and default interest.
- Monitors late and delinquent payment status and upcoming and past maturities.
- Leads early collection efforts with clients, reaching out to clients that are between 10-30 days late, and alerting Portfolio Managers of any borrowers that are late in payment.
- Monitors borrower compliance with insurance requirements in a spreadsheet to ensure that coverage does not lapse, and obtains all required insurance certificates, endorsements and policies from clients in a timely manner; notifies the Director of Portfolio Management of any borrower noncompliance with insurance requirements and ensures that no disbursements are made on loans with lapsed insurance coverage or incomplete documentation.
- Provides assistance to the Director of Portfolio Management and recommends solutions to resolve operational and servicing issues.
- Creates and maintains spreadsheets as needed.
- Maintains loan and portfolio files for collateral and financial documents.
- Completes close-out of repaid loans in TEA 10 and returns original promissory note and collateral release documentation to borrowers.
- Supports the Loan Receivable Associate in servicing and overseeing the New Market Tax Credit portfolio.
- Supports and contributes to a diverse range of Financial Services projects and initiatives.
Communication and Reporting:
- Communicates and coordinates with Financial Services and Finance & Accounting management and staff on loan administration and servicing issues.
- Responds to loan servicing inquiries from clients, partner lenders, and NFF staff.
- Prepares client correspondence, including payoff letters.
- Supports other Financial Services staff through the collection of financial statements, impact reports, and other documents, as requested.
- Generates, reviews, approves and saves monthly loan portfolio reports and prepares the quarterly portfolio report for Financial Services staff, investors, loan committees and board.
- Assembles data, conducts analysis and prepares reports and presentations for Financial Services staff, investors, loan committees and board.
- Contributes to the refinement of NFF?s procedures and policies to enhance efficiency and minimize credit and operational risk.
Internal and External Relations:
- Maintains a culture of quality customer service at all points of contact with NFF clients, investors, board and committee members, Financial Services team, regional and site management and other staff and professionals.
Essential Requirements for Education and/or Experience:
- Bachelor?s degree or equivalent experience
- At least three years of loan servicing and administration experience, ideally in commercial banking or with another CDFI
- Knowledge of loan documentation, lending, and portfolio management concepts and terminology
- Proficiency in Microsoft Office applications including Excel, Word, PowerPoint, and Outlook
- Experience with loan management system data entry, invoicing, payment processing, monitoring, report generation, payoff and client service aspects of loan servicing and administration
- Demonstrated written and oral communication and interpersonal skills
- Detail oriented with strong time-management, multi-tasking, and organizational abilities
- Demonstrated analytical skills
- Self-starter with the ability to work independently as well as collaborate with a team across geographies
- Ability to take initiative and focus on results
Specialized Knowledge/Beneficial Skills and Experience:
- Experience with CommonGoals TEA10
- Experience with Salesforce
- Understanding of the New Markets Tax Credit program
- An openness to learning new skills and systems, with an entrepreneurial work ethic
- Demonstrated commitment to the nonprofit community
- Flexibility, creativity, and patience, with imagination, enthusiasm and a sense of humor
All salaries are commensurate with experience and include an attractive benefits package.
Nonprofit Finance Fund is committed to diversity, equity, and inclusion in its workforce. Diverse candidates are encouraged to apply.
NFF is an equal opportunity employer and does not discriminate against any applicant or employee because of race, color, religion, sex, national origin, disability, genetic information, age, or military or veteran status in accordance with federal law. In addition, NFF complies with applicable state and local laws governing non-discrimination in employment in every jurisdiction in which it maintains facilities. NFF also provides reasonable accommodation to qualified individuals with disabilities in accordance with applicable laws.
This job posting provides a general list of the essential responsibilities and qualifications required for this position. It does not represent a contract for employment and NFF reserves the right to change the description and/or posting at any time without notice.
When applying, please DO NOT include any of the following information with your job application: Social Security number; driver's license number or state-issued identification card number; financial account number, or credit or debit card number.
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Job Category: Other / Miscellaneous
Location: New York, NJ USA
Zip Code: 10004
Posted on: 12/02/2019
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