Loan Servicing Specialist

About the role

The Loan Servicing Specialist provides service and support to the Lending and Operations departments and Credit Union members. Key responsibilities include payment processing, loan maintenance and corrections, collateral management, insurance tracking, escrow account management, and investor remittance and reporting.

Responsibilities

• Professionally respond to inquiries from members and staff regarding all aspects of Loan Servicing.
• Review loan agreements, notes and disclosures, and all related and supporting documents for completeness, accuracy, and compliance.
• Audit DMV paperwork for accuracy and completeness and submit to DMV in a timely manner.
• Perform all post-closing loan activities including payment processing, payment corrections, payoff quotes, research requests, insurance tracking, collateral attainment, lien releases, escrow account management, and investor accounting.
• Identify and reconcile account discrepancies between mortgage servicing system and the core banking system, including general ledger accounts.
• Complete annual escrow analysis and ensure timely payment of tax bills, insurance premiums, and other impounded items.
• Ensure appropriate insurance coverage is maintained for collateral protection (vehicle or home), loan defaults (PMI), and all ancillary products (credit protection, GAP, vehicle maintenance contract, etc.).
• Assist in payment collection and loss mitigation efforts for delinquent loans and borrowers experiencing financial hardships.
• Prepare various department reports on a daily, weekly, monthly, and annual basis. Complete various month-end processes.
• Prepare mortgage reconveyances, subordinations, and modifications as needed.
• Track appropriate indices used to determine interest rates for variable-rate loans and Adjustable-Rate Mortgages (ARMs).
• Complete post-closing audits and participate in all monthly, quarterly, and annual loan audits.
• Effectively utilize insurance tracking system to ensure suitable policies are maintained for loan collateral.
• Deliver loans to the secondary market as a backup to the Closer-Funder while ensuring accuracy and compliance.

Requirements

• Must be authorized to work in the United States.
• Must be located within 50 miles of Yolo County, CA or willing to relocate.
• High school diploma or equivalent.
• Previous experience in servicing consumer loans, business loans, and/or mortgage loans.
• Completion of the Credit Union’s orientation and at least four weeks of on-the-job training is required.
• Ability to read, write, and comprehend documents and communicate effectively.
• Mathematical skills including addition, subtraction, multiplication, division, and basic algebra.
• Reasoning ability to identify and solve problems.
• Compliance with real estate and consumer lending laws and regulations.
• Effective use of Microsoft Office products (Excel, Word, Outlook, Teams).

Qualifications

• Requires compliance with all real estate and consumer lending laws and regulations.
• Regular attendance and punctuality are essential functions of this role.

Physical Demands

• Frequent standing, walking, sitting, typing, reaching, talking, and hearing.
• Lifting up to 50 pounds occasionally.
• Moderate noise levels in the work environment.