Loan Servicing Specialist

Job Description

Job Description

Description :

Loan Servicing Specialist

Non-Exempt – Grade Level 4

Equal Employment Opportunity

Corporate Values & Mission

“Provide superior service, quality advice and show our utmost respect to everyone we meet.”

General Summary

Handles various loan servicing processes and functions, including escrow administration, insurance tracking, lien continuations and releases, account reconciliation, and reporting. Handles the more complex customer service issues related to loans.

Reports To : Loan Servicing Team Lead

Essential Duties and Responsibilities

• Oversees the process of maintaining and balancing loan servicing DDA’s and GLs, providing administrative assistance to Accounting with transaction research when requested.
• Oversees the management of the escrow portfolio, including; monitoring reports for escrow error resolution (ex. large negative escrow balances, escrow accounts with no addenda’s, escrow accounts with no annual analysis, etc.), monitoring system generated Excess Escrow Refund Checks, monitoring system generated annual escrow analysis reports, maintaining active Tax Log, and maintenance of Vendor portfolios.
• Oversees the escrow disbursement process for all loans, including force place, property taxes, hazard / flood insurance, PMI, and miscellaneous other escrow items.
• Oversees all maintenance of escrow accounts, including escrow account recalculations, initiation or cancellation of escrow accounts post close, and escrow counseling with borrowers when necessary. Processes escrow disbursements for all loans, including property taxes, hazard / flood insurance, PMI, and miscellaneous other escrow items.
• Oversees all PMI maintenance, including cancellations. Reviews loans for cancellation eligibility and counsels’ borrowers on options. Orders appraisals for cancellation recommendations and processes approved cancellations with MI companies, removes PMI from loans.
• Oversees the insurance cancellation tracking process, including force placing coverage as needed.
• Oversees the lien release process, including removing paid off loans from Tax Service database, removing paid off loans with escrow from Tax Log, filing UCC terminations, preparing vehicle lien releases, preparing and filing mortgage and assignment of leases and rents discharges, issuing payoff refunds.
• Prepares and publishes various reports on a regular basis.
• Research and resolve complex system processing issues and errors.
• Answer requests and inquiries that are received via phone or email from internal and external customers, or third-party vendors and companies.
• Processes all loan type post close maintenance, including payment error resolution, auto debit setup and changes, change of address forms, payoff letters, payoff transaction processing, ACH payment requests, system code update requests, and name changes.
• Works with third party vendors to identify efficiencies in servicing processes.
• Additional responsibilities as assigned.
• Be familiar with and comply with the provisions of the Bank Secrecy Act and USA PATRIOT Act as they relate to the functions of this position. Complete all required reports related to those acts and reports any observed violations or potential violations of those acts to a supervisor or other appropriate bank officer.
• Be familiar with and comply with all federal and state banking regulations as applicable.

Competencies

In addition to the Corporate Core Competencies, individuals in this position are expected to exhibit the following :

Written and Oral Communication – Effective written and oral communication skills required, with the ability to interface with Internal and external stakeholders and community partners. Has group presentation skills.

Quality – Demonstrates accuracy and thoroughness; monitors own work and the work of others to ensure quality.

Quantity – Meets productivity standards; completes work in a timely manner; strives to increase productivity; works quickly.

Technical Skills – Assesses own strengths and weaknesses; pursues training and development opportunities; strives to continuously build knowledge and skills; shares expertise with others.

Dependability – Follows instructions; responds to management direction; takes responsibility for own actions; keeps commitments; commits to long hours of work when necessary to reach goals; completes tasks on time or notifies appropriate person with an alternate plan.

Adaptability – Adapts to changes in work environment; manages competing demands; changes approach or method to best fit the situation; able to deal with frequent change, delays or unexpected events.

Initiative – Undertakes self-development activities; takes independent actions and calculated risks; looks for and takes advantage of opportunities; asks for and offers help when needed.

Requirements : Qualifications

To perform this job successfully, an Individual in this position must be able to perform each of the above essential duties satisfactorily and exhibit the values of the Company. In addition, the requirements listed below are representative of the knowledge, skill and / or ability required.

Experience and / or Education

Physical Demands and Work Environment

Ability to work in an office environment which may include many hours of computer and telephone usage. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

This position description is not to be construed as an exhaustive statement of duties, responsibilities, or requirements. Employees may be required to perform any other job-related instructions as requested by their supervisor, subject to reasonable accommodations.

By signing below, I acknowledge and understand the expectations and requirements of my role and agree to meet these duties to the best of my ability.