A Day in the Life of Joshua Sudman
Authored May 21, 2021
At 5 am, my cat Arthur wakes me up to eat. He already has food in his bowl, but he will not eat his breakfast until I am out of bed (cats are ridiculous – trust me, I know). I get a quick drink of water and then head back to for two more glorious hours of sleep.
A few hours and a cup of coffee later, I prepare for my workday by checking for any important emails that have come through and prioritizing my to-do list and actions for the day. Once I’ve officially “signed on,” the first thing I do every morning is check for any loan payments that may have arrived so I can identify the loan associated with the payment and log it into our loan management system.
Although I monitor and respond to email throughout the day, I try to take some time each morning to make sure there are no outstanding items in my inbox. Often, I’m collaborating with my wonderful colleague Asia Edwards to share loan schedules and transaction histories with borrowers, communicate with other CDFIs regarding participation loans, and connect with NFF staff about wire transfer requests or other various cash-related items.
It seems that I have at least one meeting scheduled on any given day, from regular loan servicing project meetings to various business unit meetings. Add in monthly national all-staff calls, equity in action forums, and lunch-and-learn sessions, and, well … I’m sure most NFF staff can relate to the feeling of always having an upcoming meeting. That being said, I really appreciate my meetings when I have them – it’s the best opportunity to connect with other staff and learn about all of the great things NFF is doing.
After the more routine items of the day are taken care of, my tasks are broken up into two major categories: loan portfolio accounting and NFF’s ongoing loan servicing project.
The most important aspect of my role as the Portfolio Finance Associate is ensuring an accurate monthly closing of our loan portfolio each month. This means updating our Master Loan Receivable schedule (MLR) and booking all journal entries related to loan principal, interest, and fees into their various accounts in our General Ledger. I then reconcile the balances in our MLR with that of the General Ledger to ensure the amounts match. Typically, closing takes place between the 10th and the 20th of each month – during this time of the month, closing is always the priority!
My role in NFF’s loan servicing project involves reviewing each loan agreement, participation agreement, and any agreement amendments to confirm that the interest and repayment terms of each loan are onboarded correctly, then logging historical transactions for the loan into our new system to recalculate the loan’s balance. I then reconcile the recalculated balance with the actuals documented in our MLR and note any adjustments that need to be made. Once a loan is fully up to date, I generate a new amortization schedule within the system and lock it in as “live.” All adjustments are then made as part of the monthly closing process to make sure NFF’s loan balances are correct at each month’s close. For some loans, this process is very straightforward; for others, it can be quite complicated!
Because nothing helps keep me organized like a to-do list, every evening I finish my workday by updating my list to see what tasks I’ve accomplished for the day and what needs to be done tomorrow.
After 6 pm, I log off. It’s time to relax! Evenings are a great time for playing music, watching television, and making dinner with my partner Julian (he’s a great chef; me, not so much). I try to be in bed by 10:30 pm so I am ready to start the day all over again!