LOAN SERVICING SPECIALIST
POSITION SUMMARY
The Loan Servicing Specialist is responsible for post loan closing processes and handling the day-to-day activities within the Loan Operations department. This position will manage related servicing processes including but not limited to, post-closing loan review, reconcilement of general ledger accounts, payment posting, release of loan collateral, and management of loan collateral insurance coverage and escrow payment processing.
REQUIREMENTS
QUALIFICATIONS
- Must be a high school graduate or equivalent.
- A minimum of 2 years’ experience assisting in a lending environment or related financial service company is required.
- A working knowledge of loan processing and servicing.
- Knowledge of loan related regulations, terminology, and documents.
- Ability to use time and resources efficiently to accomplish tasks.
- Thoroughness and meticulous attention to detail.
- Ability to express written concepts clearly and concisely using correct banking forms and paperwork when required.
- Excellent interpersonal, communication, and customer service skills.
- Must be proactive, result-driven, and professional.
- Demonstrates full ownership and accountability.
- Must be a highly organized, detail oriented, and an analytical problem solver with the ability to prioritize tasks and meet deadlines with nominal direction.
· Proficiency in job-related software and computer programs such as Word and Excel.
- Knowledge of Jack Henry SilverLake and Synergy is a plus.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
- Post-closing review of all types of loans, including large complex credits, ensuring compliance with loan policy; the terms of the approval; and all applicable government regulations, including TRID, HMDA, Fair Lending, etc.
- Reviews loans booked on the Bank's core operating system, noting any deficiencies for proper exception tracking.
- Processes and monitors loan payments, payoffs, collateral releases, and adjustments.
- Prepare payoff statements.
- Research and resolve unposted transactions, payment posting errors, daily maintenance, and review and monitor daily reports.
- Analyze daily loan transactions and report or document any suspicious or potentially fraudulent transactions.
- Reconciles various loan servicing general ledger accounts, clears exceptions, and resolves issues.
- Update and maintain collateral and credit information within the core system for all loans.
- Maintain loan files, scan, and index all loan related documents to the Bank’s electronic file system.
- Retain and file required original documents following verification of proper imaging.
- Monitor and track collateral insurance coverage to meet requirements and protect Bank’s collateral.
- Monitor and track UCC filings and process amendments and terminations as needed.
· Ensures accurate insurance/escrow processing.
- Complete loan maintenance requests.
- Manage participation loan activity and communicate with participating partners.
- Track, review, and input HMDA data to ensure accuracy and regulatory compliance.
- File monthly SBA 1502 report.
- Perform year-end loan system maintenance for end of year processing and tax reporting.
- Monitor and update system interest rate changes.
ADDITIONAL RESPONSIBILITIES
- Stays current with training provided by the Bank.
- Attends seminars, classes, and/or meetings to keep abreast of new products available for customers and acquire expertise in legislative changes, as opportunities occur. Stays current in knowledge of federal regulations and state banking laws.
- Achieves superior levels of compliance by adhering to regulatory laws and guidelines. Compliance with regulatory laws and company procedures is a required component of all position descriptions.
Perform other job duties and special projects as assigned. Cross Training for other duties within Loan Operations.
Job Type: Full-time
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Employee assistance program
- Health insurance
- Life insurance
- Paid time off
- Parental leave
- Vision insurance
Schedule:
Experience:
- Loan Processing or Servicing: 2 years (Preferred)
Work Location: In person