This position is responsible for support to all lending teams of the bank. The loan servicing specialist performs pre-closing and post-closing duties for all commercial and consumer loans.
• Establish on the core loan system all new and renewed commercial, consumer and mortgage loans including collateral, escrow for taxes/insurance and flood data.
• Process all loan payments including investor payments/collect fees/process internal transfers/process wire transfers.
• Ensure collateral is perfected (recording of real estate documents, UCC financing statements, vehicle liens, etc) and has adequate insurance coverage.
• Complete post booking audit for all loan types
• Balance all loan and general ledger accounts used by Loan Operations
• Scan all documents to imaging system
• Manage the tickler process for post closing doc exceptions (title, recorded docs, filed UCC’s, etc)
• Manage the insurance tracking (PMI, Flood insurance, Hazard & forced placed) process– maintain updated insurance files for all loans. Contact agent with errors or updates. Check for correct lien holder information and amount of coverage per bank policy. Send delinquent insurance letters of forced placed warning if insurance payment is delinquent. Pay or advance forced placed insurance. Pay monthly PMI, flood and homeowners for escrowed insurance
• Manage the property tax tracking process and maintain delinquent accounts.
• Manage real estate tax escrow process ensuring tax bills are paid and annual escrow analysis is performed.
• Process requests for payoff information and requests for account and credit verifications
• Prepare and process released collateral
• Responsible for E-Oscar reporting and updates
• Create and distribute loan operations department reports
• Review various daily, weekly & monthly reports and make required adjustments.
• Determine proper loan system coding (product type collateral codes, loan codes, call code etc) for all new, renewed and modified loans on the system
• Obtain all pre-funding requirements and obtains waivers for all exceptions
• Maintain exception tracking system by identifying, updating, and monitoring on credit and collateral exceptions and ticklers
• Ensure that policies and procedures are administered consistently and in accordance with the Bank’s objectives/policies and in compliance with all Federal and State laws and regulations.
• Other duties as required
Knowledge, Skills and Abilities
• Thorough knowledge of regulations governing lending and collection practices
• Broad working knowledge of loan servicing, collateral documents, loan documentation with an emphasis on collection & recovery
• Excellent organizational and time management skills
• Independent and self motivated
• Knowledge of basic accounting principles
• Detail oriented
• Excellent and effective verbal and written communications skills
• Excellent interpersonal skills and techniques
• Knowledge of general banking operations
• Excellent analytical skills
• Excellent problem resolution skills
Pay is $17/hour