Loan Servicing Specialist I

Brief Description

Impacts loan servicing activities to ensure regulatory compliance. Supports the Bank's mission through risk minimization and operational efficiency.

Responsibilities

• Safeguards loan servicing activities, ensuring accurate and timely processing of loan transactions and updated records.
• Collaborates with internal teams to handle loan accounts, maintain data integrity, and uphold customer service standards.
• Processes paid loans, prepares payoff demand statements, maintains loan documents, and resolves discrepancies.
• Maintains insurance coverage on collateral properties, monitors account balances, and manages escrow disbursements.
• Ensures loan servicing systems are accurately tracked and monitored, escalates issues, and provides quality control measures.
• Indexes and images loan documents, ensuring compliance with Bank procedures and regulations.
• Affirms adherence to Bank policies and regulatory requirements, provides cross-functional support, and performs supportive tasks.

Essential Functions

• Processes all paid loans, ensuring accurate distribution and proper record-keeping.
• Generates payoff demand statements and responds to customer inquiries with accurate and compliant information.
• Maintains and tracks pending and outstanding loan documents, identifying and correcting any discrepancies promptly.
• Collects and processes monthly loan payments, ensuring accuracy and compliance with loan terms.
• Maintains insurance coverage on collateral properties, addressing lapses in coverage promptly and escalating issues as necessary.
• Manages escrow disbursements, collects and pays taxes and insurance, and ensures compliance with loan agreements.
• Updates data in loan servicing systems, tracking and monitoring loan activity, payments, covenants, and other relevant information.
• Escalates any questionable transactions or recurring issues to appropriate supervisors for resolution and follow-up.
• 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.

Ancillary Functions

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

Career Enhancement

Required training includes regulatory compliance topics and specific job function courses. Available career enhancement training courses are also provided.

Skills

• Clearly communicates in English; proficient in reading, writing, grammar, and mathematics.
• Has moderate interpersonal relations and communicative skills.
• Proficient in PC skills, including Microsoft Office software.
• Has basic knowledge of loan servicing, processing, and documentation principles.

Physical Demands

• The job is mostly sedentary in nature, but may occasionally involve lifting up to 20 lbs.
• Employees must have consistent positive interactions with the public in an office environment.

Requirements

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