Loan Servicing Specialist

Loan Servicing Specialist

Yolo Federal Credit Union is looking for a Loan Servicing Specialist that will provide service and support to the Lending and Operations departments and to the Credit Union's members. This includes, but is not limited to: payment processing, loan maintenance and corrections (including processing DMV paperwork), collateral management, insurance tracking, escrow account management, and investor remittance and reporting. Additionally, the Loan Servicing Specialist will handle various research requests and member inquiries from within the Credit Union.

This position may be filled as either: one full-time employee (40 hours per week) or two part-time employees (20 hours per week each).

Essential Duties and Responsibilities include but may not be limited to:

• 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 must be willing to relocate

Education and Experience:

High school diploma or general education degree (GED); or equivalent training or experience. Previous experience that would normally be acquired through a minimum of one year of 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.

Language Skills:

Ability to read and interpret documents such as operating policies and procedure manuals. Ability to comprehend instructions, correspondence, memos, and loan documents. Ability to write basic correspondence and reports as well as effectively present information in one-on-one and small group situations to the public, members, and other employees.

Mathematical Skills:

Ability to add, subtract, multiply and divide numerical data. Ability to use common fractions and decimals. Ability to compute rates, ratios, and percentages. Ability to apply concepts of basic algebra.

Reasoning Ability:

Ability to identify and define problems, deficiencies, or potential issues of concern. Ability to collect and analyze data and draw reasonable conclusions and implement resolutions. Ability to apply common sense understanding to carry out instructions furnished in written, verbal, or diagram form. Ability to solve problems involving multiple variables.

Other Qualifications:

Requires compliance with all real estate and consumer lending laws and regulations. Effective utilization of Microsoft Office products (Excel, Word, Outlook, Teams). Regular attendance and punctuality are essential functions of this role.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. While performing the duties of this job, the employee is frequently required to stand; walk; sit; type; reach with hands and arms; and talk or hear. The employee must occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus.

Work Environment:

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate.