Loan Servicing Specialist I

Brief Description

Impacts loan servicing activities to ensure regulatory compliance. Supports the Bank's mission to provide excellent service to clients.

Responsibilities

• Safeguards loan servicing activities through planning, organizing, and oversight.
• Affirms accuracy and timeliness of loan transaction processing and record maintenance.
• Collaborates with internal teams to handle loan accounts, data integrity, and customer service standards.
• Processes paid loans, prepares payoff demand statements, and manages loan documents.
• Maintains and tracks insurance coverage on collateral properties, addressing lapses promptly.
• Collects and processes monthly loan payments, monitors account balances, and manages escrow funds.
• Ensures accuracy and compliance in loan servicing systems, escalates issues, and executes quality control measures.
• Indexes and images loan documents, ensuring accurate filing and storage.
• Ensures adherence to Bank policies and regulatory requirements.
• Provides cross-functional support and performs supportive tasks as needed.

Essential Functions

• Processes paid loans and distributes them according to established procedures.
• Generates payoff demand statements and provides written information in response to customer inquiries.
• Maintains and tracks pending and outstanding loan documents, identifying and correcting discrepancies promptly.
• Ensures loan documentation is accurate, complete, and compliant with internal and regulatory standards.
• Collects and processes monthly loan payments, accurately posting them to the correct accounts.
• Maintains insurance coverage on collateral properties, addressing lapses promptly.
• Manages escrow disbursements, including tax and insurance payments, and ensures compliance with loan agreements.
• Verifies and updates data in loan servicing systems, tracking loan activity, payments, covenants, and other relevant information.
• Escalates questionable transactions or recurring issues to appropriate supervisors for resolution.
• Responds to customer and internal associate inquiries regarding loan servicing, providing accurate information and resolving issues promptly and professionally.
• Executes quality control measures to ensure loan servicing activities comply with Bank policies and regulatory standards.
• Indexes and images loan documents, ensuring they are accurately filed and stored in accordance with Bank procedures and regulations.

Ancillary Functions

• Ensures adherence to Bank policies and procedures and federal and state regulatory requirements.
• Provides cross-functional support to other areas of the department and the Bank.
• Performs supportive tasks as needed, altering or redesigning them based on individual circumstances.

Career Enhancement

• Required training in regulatory compliance topics and courses related to specific job functions.
• Available career enhancement training courses.

Skills

• Clear communication in English; proficient reading, writing, grammar, and mathematics skills.
• Moderate interpersonal relations and communicative skills.
• Moderate PC skills, including proficiency in Microsoft Office software.
• Basic knowledge of loan servicing, processing, and documentation principles.

Physical Demands

• Primarily sedentary in nature, but may occasionally involve lifting up to 20 lbs.
• Requires consistent positive interactions with the public in an office environment.

Requirements

• Associate’s degree or equivalent in business or a related field.
• At least one (1) year of related experience normally required.