Loan Operations Compliance Specialist

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 Compliance 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, procedures, and compliance requirements 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.

• Manage high levels of institutional risk through extensive reviews of critical core data.

• Take ownership of primary responsibilities and pursue them with enthusiasm.

How You’ll Do It

• Oversee and coordinate the onboarding of all new loans and leases to the core system with promptness and accuracy.

• Review updates to loan data within the core system, ensuring that all maintenance has been properly authorized and documented in accordance with established processes and procedures.

• 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.

• Review core interest rate configurations through daily research and tracking of various published index values.

• Approve 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 facilitate actionable changes in the core system.

• Manage the preparation and distribution of monthly loan and lease billing invoices.  

• Review and approve changes to critical core data in alignment with approved loan modification documents.

• Collaborate with various other departments around the bank to complete reconciliations and troubleshoot discrepancies.

• Review and authorize incoming and outgoing ACH payments, validating the authenticity and accuracy of each transaction.

• Use sound judgement. When necessary, asks for help or guidance.

• 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.

Required and Preferred Experience

• Excellent analytical, organizational and time management skills.

• Bank operations experience is required.

• Banking Industry experience is required.

• Loan processing experience is required.

• Audit experience is preferred.

• Bachelor’s Degree required.

Our Values

• Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplifie