Loan Operations Collateral & Payoff Associate (Hybrid)

OceanFirst Bank
 Toms River, NJ

Our Loan Operations Department is seeking a new Collateral & Payoff Associate to join their team!

At OceanFirst Bank, each one of our employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with our core values. Together we foster an environment of respect, professionalism and diversity that makes OceanFirst a great place to work and do business.

Great benefits include: on-site fitness facility, hybrid schedule after initial onboarding has been completed (3 days in office, 2 days remote), employee perks & discount programs, tuition assistance, incentive compensation program, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!


The Loan Operations Collateral and Payoff Associate processes residential, consumer, and commercial loan payoff requests. This position processes payoff transactions, monitors UCC continuations, and researches, prepares and submits legal documents to appropriate source to cancel.


  1. Performs loan servicing duties associated with the processing of mortgage payoffs and cancellations.
  2. Prepares mortgage documents including discharges and satisfactions to be executed by management and forwarded for cancellation to the appropriate recording office.
  3. Processes payoff checks and makes necessary entries to close loans.
  4. Responds and provides guidance to customer inquiries by telephone or in email.
  5. Verifies loan payoff amount and consolidates all pertinent papers in loan folder.
  6. Orders title searches for Discharge requests and CEMA loan payoffs.
  7. Responsible for the daily monitoring of Paid Loan Reports and payoff spreadsheet.
  8. Maintains all department procedures in accordance with regulations and ensures all updates are accurately reflected
  9. Verifies collateral release forms and documents to be cancelled.
  10. Researches loan related internal and external requests.
  11. Works with loan officers to ensure accuracy of Collateral Release forms.
  12. Scans completed payoff checklists and various daily work to archival system.
  13. Prepares and sends cancellation final packages to the borrower.
  14. Responsible for maintaining loan files and file room locations.
  15. Responsible to maintain documents in adherence to loan document retention guidelines.
  16. Provides support to various departments and retail branch locations such as Customer Care Center, Commercial Loan Post Closing, Small Business Lending, Commercial Lending Teams, Special Asset Department, Deposit Operations, Auditors, etc.
  17. Support and provide guidance to various external customers, such as, Fiserv, external council, title companies, and county clerk offices.
  18. Reviews, proves, and submits end of day totals for department settlement.
  19. Understands compliance with all regulations governing the banking industry, as well as agency guidelines and organization policies.
  20. Understands the compliance requirements for Loan Servicing Operations to ensure files are maintained in accordance with regulations.
  21. Monitors and processes UCC continuations.


Knowledge, Skills & Abilities

  • Excellent verbal, written and interpersonal skills along with a superior aptitude for figures to perform proofs of large batch volumes.
  • Knowledge of loan policies and processes
  • Proficient in MS Office Suite.
  • Excellent organizational and time management skills with a strong attention to detail, with the ability to multitask.

Experience & Education

  • High school diploma or equivalent is required
  • 2-3 years experience in banking required, preferably in loan operations.

Internal and External Contacts

  • Extensive external contact with customers, attorneys, and title companies.
  • Maintains internal contacts with Closing Department and all other department personnel.

Working Conditions/Physical Requirements

Office environment. Ability to operate computer. Ability to communicate in order to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.

Equal Opportunity Employer

Minorities/Females/Veterans/Individuals with Disabilities/Sexual Orientation/Gender Identity