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, Specialty Finance at Live Oak Bank, you will play a critical role in the operational servicing components of complex Specialty Finance loan industries and product types, including, but not limited to:
Venture Banking,
Sponsor Finance,
Lender Finance, and
Asset-Based Lending. This role is critical in ensuring the accuracy of loan servicing, documentation, and disbursements for these specialized sectors. You will collaborate with internal teams, clients, and external stakeholders to ensure smooth loan operations, mitigate risk, and streamline processes to maximize operational efficiency.
What You’ll Do At Live Oak
- Embody Live Oak’s core values.
- Demonstrate a deep understanding of Live Oak's Specialty Finance loan products and procedures.
- 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.
- Stay up to date with Specialty Finance products, services, and regulatory changes, maintaining a thorough understanding of the bank’s product offerings.
- Balance independent initiative with effective teamwork, ensuring that all tasks are completed accurately and efficiently while providing support to others when needed.
How You’ll Do It
- Loan Setup & Onboarding: Analyze and interpret complex loan documents to ensure accurate onboarding and timely updates of detailed loan information into the Bank’s core system.
- Draws & Disbursements: Collaborate with internal teams to prepare for and process loan draws and disbursements, ensuring they align with approved terms and follow compliance protocols.
- Modifications & Restructurings: Process loan modifications, including changes in interest rates, loan extensions, and payment terms, while adhering to internal policies and customer needs.
- Payments & Reconciliations: Manage and ensure the accurate processing of loan payments while handling inquiries regarding payments, disbursements, and payoffs.
- Interest Rate & Amortization Management: Update and maintain interest rate configurations, particularly for variable-rate loans, and manage the maintenance of amortization schedules for structured loans.
- Loan Payoff & Fund Allocation: Direct all aspects of loan payoff processes, including preparing payoff statements and overseeing the allocation of funds, while coordinating the appropriate general ledger balancing entries.
- Servicing Participated Loans: Manage and service participated loans, ensuring accurate tracking of participation interests, timely payment processing, and proper documentation sharing between the lead lender and participating lenders.
- Customer & Internal Collaboration: Collaborate with bank personnel, legal counsel, and customers to address inquiries and mitigate potential risks. Work across teams to resolve discrepancies, update loan documents, and facilitate loan servicing requirements.
- Operational Reporting & Analysis: Analyze daily activity reports and execute necessary changes in the core system.
- Process Improvement: Identify opportunities to streamline and optimize loan operations, particularly in Specialty Finance, to improve efficiency and reduce processing errors. Provide feedback on process improvements and drive efficiencies.
- Regulatory Compliance: Ensure adherence to Federal, State, and applicable regulations, while staying up to date with compliance requirements in Specialty Finance.
- Project Participation: Collaborate with management, technology, and cross-departmental teams on projects that impact loan operations and improve overall processes.
Required Qualifications & Experience:
- Bachelor’s Degree required.
- Previous experience in banking operations, loan processing, and the banking industry is essential, with a focus on specialty finance and structured loans.
- Strong analytical, organizational, and time management skills, with the ability to prioritize tasks in a fast-paced environment.
- Experience with loan servicing, data entry, payment processing, and loan modifications, particularly in a specialty finance context.
- Exceptional attention to detail, ensuring accuracy and compliance in all loan servicing functions.
- Proven ability to collaborate effectively within a team, demonstrating initiative and a positive attitude toward problem-solving.
- Strong written and verbal communication skills, with the ability to communicate complex information clearly to both internal teams and clients.
- Knowledge of Federal, State, and specialty finance regulatory requirements.
- Comfortable using MS Office and loan servicing software, with experience working in specialized banking systems.
Preferred Experience:
- Familiarity with Venture Banking, Sponsor Finance, Lender Finance, Asset-Based Lending, or other specialty finance sectors.
- Strong understanding of Fiserv Premier or a similar core banking system used in loan servicing, particularly for Specialty Finance.
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 wi.th 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:
https://www.liveoakbank.com/corporate-social-responsibility/live-oak-bank-employees/
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 careers@liveoak.bank
EEO is the Law
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
The base pay range for this position is $26.44 - $43.27 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.
