Position Description
Title: Senior Loan Servicing Representative
Department: Loan Servicing
Reports to: Loan Servicing Officer
Supervises: None
Classification: Non-exempt
Date Prepared: November 22, 2024
Summary / Objective
The Senior Loan Servicing Representative responsibilities include performing a variety of loan servicing and processing activities in conformance with established bank policies, procedures and objectives. Functions include, but are not limited to, the booking of loans on the Bank’s core system, quality control and auditing of loan documents, document maintenance, tracking and review of all pending loan documents, exceptions and end of month financial reporting.
Experience & Education Requirements:
- Bachelor’s degree or equivalent lending experience
- Background in financial institution’s real estate, commercial and/or consumer lending procedures
- Excellent understanding of lending procedures, Federal and State lending regulations
- Proven customer service skills
Essential Job Functions:
- Responsible for booking and/or modifying Residential and Consumer loans, as well as an understanding for Commercial loans. This entails the ability to read and interpret promissory notes and modification agreements to establish the proper schedules and data in the system that will reflect the contract with the member. Must be able to use sound judgment when selecting codes, such as property type, account type, flags, etc., as each of these is critical to the system and reporting
- Assist with Commercial onboarding, modification, and quality control checks
- Ensure all loan documentation is accurate, complete, and in compliance with internal and regulatory standards
- Maintain, manage, and track all pending and outstanding loan documents, resolve exceptions and ensure that any missing or incorrect information is identified and corrected promptly
- Perform loan field maintenance and transactions, such as printing notices, payoff processing, unapplied payments, returned payments, tax and insurance escrow disbursements and loan modifications
- Research and resolve servicing Issues, clear system errors and verify report within scope of authority and expertise. Process loan payments and perform complex transactions, including, but not limited to, recalculating principal, interest, escrow and other payment information for accounts, as necessary.
- Process and prepare all paid off documentation to the customer and/or attorney, releasing collateral liens appropriately
- Daily/Monthly reporting of FNMA MPF loans
- Monitor real estate taxes, flood & hazard insurance, and other charges on secured properties
- Instruct vendors to impose forced-placed insurance coverage on acquired properties, ensure proper coverage, and pay premiums.
- May manage collection activities to include telephone calls, letters to borrowers and documentation of same. Address credit bureau disputes, investigate claims, and confirm or remove derogatory items from customer's credit history.
- Adhere to timelines and deadlines established, based on client needs and department workflow.
- Comply with all federal and local rules, laws and regulations
- Maintain written policies and procedures.
- Maintain knowledge of department policies and procedures through internal and external training activities
- Assist with departmental ad hoc projects, as necessary.
- Conduct regular reviews to recommend improvements in workflow, efficiency, and quality.
- Assist in all areas of lending as required, including providing backup support, conducting system testing and upgrades
