Commercial Real Estate – Cash Associate, Cash Operations
At Capital One, we’re building a leading information-based technology company. Still founder-led by Chairman and Chief Executive Officer Richard Fairbank, Capital One is on a mission to help our customers succeed by bringing ingenuity, simplicity, and humanity to banking. We measure our efforts by the success our customers enjoy and the advocacy they exhibit. We are succeeding because they are succeeding.
Guided by our shared values, we thrive in an environment where collaboration and openness are valued. We believe that innovation is powered by perspective and that teamwork and respect for each other lead to superior results. We elevate each other and obsess about doing the right thing. Our associates serve with humility and a deep respect for their responsibility in helping our customers achieve their goals and realize their dreams. Together, we are on a quest to change banking for good.
Agency Finance – Multifamily Loan Servicing is a division of the Capital One Commercial Bank. This team supports numerous critical processes and transactions. By cultivating innovative solutions and embracing technology, this team creates an unforgettable and unparalleled experience for our associates and customers. One of the most impactful groups in the Loan Servicing team is the Cash Team.
The team supports a total loan portfolio of approximately $40BN and provides ongoing support for the life of the loan. Cash Associates are responsible for growing and sustaining our business primarily through handling the application of incoming deposits from customers, as well as an intimate knowledge of Capital One’s wire processes, while working closely with all other cash associates in pursuit of the company’s goals and objectives. The organization focuses on delivering scale and efficiency, mitigating operational risk, providing a smooth customer experience and enabling talented associates to excel.
- Monitor and manage the application of incoming cash transactions. Post payments received via Wire/Check and upload batch file containing payments received via Lockbox in loan accounting system (Strategy). Promptly notify internal business partners of unexpected payments and post as advised.
- Reconcile all payments received vs. posted to ensure all payments are processed in accordance with Reg AB requirements. Partner with internal stakeholders to resolve outages. Actively manage and seek resolution for payments held in suspense.
- Execute outgoing wires requests from Closing, Insurance, Tax, Loan Operations and Investor reporting teams. Review documentation received with each request to ensure information is complete and required signatures are included, set wire up in wire system, assist with execution of book transfers.
- Complete initial set-up of borrowers’ auto-drafts/ACHs. Actively monitor exception reports for any ACH rejections, promptly escalate rejections to Asset Management team to prevent assessment of late fees.
- Manage the set-up and maintenance of custodial accounts for securitizations. Monitor pipeline for scheduled securitizations, request the set-up of new custodial accounts, review new accounts to ensure proper set-up, request custodial account name changes once Pooling & Servicing Agreement (PSA) is received.
- Maintain reporting on payments billed and not received. Provide population of payments not received to Asset Management team for borrower follow-up.
- Assist in initial and ongoing review of departmental procedures. Establish tickler system to ensure procedures are reviewed in accordance with regulatory and audit requirements. Work with Compliance and Risk teams to ensure procedures address newly implemented or modified requirements.
- Participate in planning, testing and implementing projects aimed to streamline and/or automate manual tasks.
- Bachelor’s Degree or Military Experience
- BS in Finance or Accounting (or another related field)
- At least 1 year of Commercial Banking and/or Commercial Loan Operations experience
- At least 1 year of accounting or bookkeeping experience
- Strong Microsoft Office and/or Google Suite skills; specifically, Microsoft Excel/Google Sheets
- Strong attention to detail that is consistent during times of high work volume
- Ability to manage workload independently, assuming a high level of responsibility and accountability
- Ability to assimilate new concepts quickly and apply them accurately
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