Loan Operations Specialist

Description

This role is responsible for the timely and accurate maintenance and oversight of all commercial, mortgage and consumer loan files and documentation. The Loan Operations Specialist is integral in the loan life cycle; ensuring all documentation, record keeping, and reconciliation is current and accurate. This position must effectively and proactively communicate with internal and external customers in continued efforts to support compliance, tracking, and reporting.

Essential Functions

• Ensure accurate and complete setup of all new loans, including reconciliation of new loan funding, expenses, and credit to appropriate general ledger accounts. Also includes establishing escrow accounts and FASB deferred fees/costs
• Process construction disbursements for both Residential and Commercial loans, following up on collection of original affidavits and documents from assigned Construction Administration firm. Responsible for tracking each disbursement and available construction funds.
• Oversee new property legal descriptions update process on new commercial and residential mortgages for property tax tracking. Update new loan and refinance date in applicable systems to assure accurate billing of tax service fees
• Coordinate processing of tax reporting to include establishing parameters to sweep tax amounts from report provided to Fiserv, process disbursements for payment of property tax amounts and reconciliation of all related disbursements, checks and general ledger entries for Commercial and Residential mortgages
• Track insurance policies for Hazard and Flood on all mortgage loans to ensure adequate coverage. Communicate with insurance companies and customers to obtain new or renewed policy information for payment if escrowed and tracking if non escrow and force place insurance as necessary
• Review participation loans: perform reporting and remittance process for participant Banks in timely and accurate fashion, review remittance reports and payments received for accuracy, apply payments as appropriate
• Service new secondary market loans, payoffs, funds disbursement, reporting and all account reconciliation
• Record all documentation on new loan setups requiring timely follow up on tracking spreadsheet or tracked through Loan origination programs
• Responsible for identifying and correcting any required escrow adjustments to mortgage loans, including reviewing escrow analysis for accuracy before customer receipt
• Collect data on delinquent property taxes working with Commercial Lenders or senior loan servicing team to contact and ensure payment of outstanding amounts
• Follow up on PMI cancellations to identify loans scheduled for cancellation.
• Process requests for credit verifications and payoff quotes in accordance with established procedures for all commercial, mortgage and consumer loan customers
• Process necessary adjustments to accounts resulting from return items and/or misapplied funds
• Calculate new monthly principal and interest amortizations with requests for recasts of payments when substantial principal reductions have been applied.
• Prepare loan modifications, and input changes to system when signed modification received
• Prepare monthly SBA report(s), perform remittance process
• Monitor daily reports on automated payments, secondary market activity, and other loan activity and take appropriate action
• Perform loan audits to verify input and setup of accurate data for loans not booked personally
• Ensure documents received post-closing are appropriately posted to the digital file, follow up on expiring UCCs for continuation to ensure collateral lien remains in force through full loan period
• Process, review, and report on changes, payments, and delinquency data for all applicable loans
• Using Collection Manager program, review and contact customers according to processes in place for loans less than 30 days past due as needed
• Collect from websites and input loan rates daily/weekly/as needed for Commercial, Residential, and Consumer platforms
• Acts as primary resource for all servicing issues related to commercial, mortgage and consumer loans. Research and resolve issues related to posting errors and customer inquiries. Escalate to management for more complex issues where appropriate and maintain confidentiality
• Performs additional duties as requested

Core Competencies:

• Attention to Detail: Accomplishing tasks by considering all areas involved, no matter how small; showing concern for all aspects of the job; accurately checking processes and tasks; being watchful over a period of time.
• Quality and Work Standards: Setting high standards of performance for self and others, self-imposing standards of excellence rather than having standards imposed.
• Integrity: Demonstrates honesty; keeps commitments; Maintains confidentiality. Adheres to organizational policies and procedures.

Requirements

Minimum Requirements (education and experience):

• High-school diploma or equivalent.
• 1 to 2 years Loan Servicing/Banking experience preferred, or 3 to 5 years of Customer Service Experience required.
• Excellent customer service, communication, and organizational skills
• Strong computer skills and familiarity with various software programs
• Requires a high degree of self-discipline and the ability to work with minimal supervision