Loan Accounting Manager
ING DIRECT (Delaware, Delaware)

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Description: Job Summary:
Oversees accounting for the organic and purchased loan portfolios, including settlements, premium/discount amortization, interest accruals, charge-offs and recoveries and deferred origination costs/fees. Responsible for ensuring the integrity of loan accounting data and reconciling applicable balances to the Bank's loan sub-ledger systems. Assists with the monthly close, preparation of financial statements and schedules, management reporting, Head Office reporting and project-based assignments related to loan accounting functions. Responsible for the accounting and reporting of derivative activity associated with the originated and purchased loans. Works with stakeholders to explain the intricacies of loan accounting and assists in defining their operational responsibilities with respect to reporting, deferred costing, etc. Looks for opportunities to improve financial controls and increase efficiencies.

Essential Functions:
Primary:
Supervises the loan accounting functions that include:
Timely and accurate processing of loan activity (payment remittances, settlement wires, interest accruals, charge-offs and recoveries, etc.) through the review/approval of journal entries prepared by the Loan Accountant.
Completion of loan related reconcilements within 30 days after the monthly close. Includes review and approval of reconciliations performed by the Senior Loan Accountants, as well as provide direction to the Senior Loan Accountants to resolve outstanding reconciling items as needed.
Act as primary resource for the Senior Loan Accountants to answer all questions/provide guidance on daily issues encountered during the processing of daily/monthly loan accounting activity.
Acts as primary liaison to internal and external contacts (i.e. KPMG, Internal Audit) for loan accounting and reporting issues. Includes providing evidence for key controls performed, analytical review for balance sheet and income statement account variances, and general explanations regarding the processes surrounding the loan accounting functions.
Ensures that the bank's accounting system for origination fees and costs maintains compliance with SFAS-91 with respect to deferral methodology, standard fee/cost development and amortization treatment.
Interfaces with the Credit, ALM and Asset Acquisition teams on a regular basis to stay abreast of new product offerings, changes in processing and other developments that impact the loan accounting landscape.
Ensures that problem assets, such as Other Real Estate Owned (OREO) and loans in non-accrual status, are properly accounted for in accordance with generally accepted accounting principles (GAAP) and the bank's Credit and Collections Policies.
Ensures that the Allowance for Loan Losses (ALL) is maintained at the appropriate level in accordance with the ALL Policy and Classified Asset Policy. Prepares the ALL and Classified Asset Reserve analysis on a monthly basis.
Assess and enhance the availability of loan data for regulatory reporting purposes. Ensures that accounting data is organized in a manner that facilitates the regulatory reporting process.

Secondary:
Serve as back-up to the Senior Loan Accountants to record daily/monthly loan accounting activity. Includes:
Processing of loan payment remittances, settlement wires, interest accruals and other loan related transactions.
Reconciles loan related general ledger accounts to subsidiary records on a weekly and/or monthly basis.
Performs the accounting for problem assets (OREO), loans in non-accrual status, charge-offs and recoveries.
Maintains a systematic process for adjusting the amortization of purchased loan premiums/discounts on a monthly basis. Includes updating CPR speeds in the models and preparing entry to record necessary to record monthly amortization change. Qualifications: Experience & Qualifications:
5-7 years of specific work experience in a mortgage banking environment or 6-8 years practical work experience in a related field.
Working knowledge of applicable generally accepted accounting principles (GAAP) and regulatory guidelines.
3-5 yrs of staff supervision experience.

Education and/or Certifications:
An undergraduate degree from an accredited University in Finance or Accounting required.
CPA a plus.
A graduate degree in business or management a plus.

Technical skills and abilities:
Proficiency with MS Office Suite products, specifically intermediate or advances excel skills necessary. Experience with PeopleSoft General Ledger preferred.
Computer literacy with regards to accounting systems and loan product sub-ledger systems.
Previous exposure and insight to the needs of loan accounting issues in financial institutions.
Attention to detail and a focus on accuracy and timeliness.
Ability to be adaptable and flexible while responding to workflow fluctuations, i.e. ability to work after normal business hours and weekends if necessary to meet multiple deadlines.
Ability to interact with all levels of employees and management and make operational decisions based on available information.
Ability to identify possible issues or anticipated problems and escalate to next management level as needed (i.e. operational issue that would pose material risk and impact to financial statements). Salary/Benefits: Salary commensurate with experience ING DIRECT offers one of the best benefits plans around, providing medical and dental health coverage; flexible spending accounts; 401K retirement plans and fitness programs. Job Location: Wilmington, DE Job Number: 5987 Company Profile: Why join the ING DIRECT team? We're on a mission to lead Americans back to saving and are looking for people who share that passion to join our team. Our successful Orange Savings Account and Orange Mortgage have set the bar for how to simplify financial products to provide a better deal for consumers. If you are an energetic individual interested in helping build a different kind of bank, we look forward to hearing from you. To learn more about the world's largest DIRECT bank, visit ingdirect.com.