About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak and its People
As a Loan Operations Specialist at Live Oak Bank, your role is crucial in safeguarding the accuracy and integrity of our core data through your advanced knowledge of Live Oak loan products, policies, and procedures while maintaining a meticulous attention to detail.
What You’ll Do at Live Oak
Embody Live Oak’s core values
Demonstrate a deep understanding of Live Oak's loan products and procedures across all divisions of the bank
Efficiently manage inquiries and requests related to the loan onboarding and servicing
Use sound judgment and innovation to uphold the integrity of the bank's financial data by accurately maintaining loan records in the core system
Collaborate with bank personnel to maximize client service and mitigate potential risk to the bank through creative problem solving
Take ownership of primary responsibilities and pursue them with enthusiasm
Oversee and coordinate the onboarding of all new loans and leases to the core system with promptness and accuracy
Review and approve the allocation of funds at the time of loan funding and facilitate appropriate general ledger balancing entries for all closing costs and fees
Manage inquiries brought forth by loan personnel, legal counsel, and customers regarding payments, disbursements, payoffs, modifications, loan documents, and reconciliations
Effectively analyze and interpret complex loan documents while adhering to the parameters of the core system and established banking procedures
Manage daily data syncs between loan core system and customer relationship management platforms
Direct all aspects of the loan and lease payoff process including the preparation of payoff statements and allocation of funds received
Update core interest rate configurations through daily research and tracking of various published index values
Facilitate loan and lease related electronic funds transfer requests including disbursements, payments, deposits, and refunds
Facilitate the internal transfer of funds through Live Oak Bank accounts per the servicing requirements of Renewable Energy, Government Contracting, Specialty Finance, and Agriculture loans
Analyze daily activity reports to identify and execute actionable changes in the core system
Manage the preparation and distribution of monthly loan and lease billing invoices
Update critical core data to align with approved loan modification documents
Collaborate with various other departments around the bank to complete reconciliations and troubleshoot discrepancies
Use sound judgement. When necessary, asks for help or guidance
Comply with Federal, State and SBA Regulations
Ability to work independently while also being a team player
Collaborate effectively with team members by assisting new team members with the above processes
Work with management, technology, and other teams in the bank on projects that impact Loan Operations
Provide recommendations on how to improve processes and drive efficiencies
Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC
Required Experience
Bachelor's Degree or equivalent experience
Bank operations experience
Banking Industry experience
Loan processing experience
Excellent analytical, organizational and time management skills
Preferred Experience
Excellent analytical, organizational and time management skills
Our Values
Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
Respect: Treat everyone with courtesy, politeness, and kindness.
Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more
For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/
Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at HumanResources@liveoak.bank
The base pay range for this position is $27.18 - $44.48 per hour. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.
Live Oak Bank has had the privilege of helping thousands of passionate, driven people turn their dreams into reality. These everyday heroes aren’t in it for the fortune or the fame. They’re in it to make a difference, just like we are.
As one of the last banks to get a charter before the start of the Great Recession, Live Oak emerged out of the rubble of 2008 as the first bank to keep the customer at the center of the business model. We put a groundbreaking spin on what banking could be, focused on service and technology to redefine banking.
Live Oak is a digital, cloud-based bank serving small business owners in all 50 states. We are America's Premier SBA Lender and our mission is to be America’s small business bank. We aim to fulfill that mission through banking products that help business owners buy, build and expand, along with FDIC-insured checking, high-yield savings and CD accounts to grow their hard-earned money. Our family of companies under the holding and parent company Live Oak Bancshares (NYSE: LOB), and our subsidiaries, partner with businesses who share a groundbreaking focus on service and technology to redefine banking.
Our mantra is to treat every customer like the only customer and our mission is to be America’s small business bank.
