Loan Operations Specialist/Loan Servicer

Job Description

Job Description

Description:

South Ottumwa Savings Bank is seeking a motivated individual to join our Bank team as a Loan Operations Specialist/ Loan Servicer at our Church Street location in Ottumwa, Iowa.

Our Loan Operations Specialist / Loan Servicer performs essential loan servicing and administrative functions to ensure accurate processing, regulatory compliance, and efficient support of all areas of the loan department. This position is responsible for researching information, analyzing problems, and resolving issues efficiently. The role manages loan documentation, payments, escrow, insurance, and system maintenance while working closely with internal staff, vendors, and customers to deliver consistent, high-quality service.

This is a full time, non-exempt from overtime position, scheduled approximately 40 hours per week, Monday through Friday day- shift, including some scheduled Saturday mornings. South Ottumwa Savings Bank offers a full range of benefits to our full-time staff including paid holidays, paid time off, health, dental, vision, life, and disability insurance options as well as a generous 401(k) retirement plan with an employer match.

RESPONSIBILITIES AND DUTIES:

· Demonstrate comprehensive knowledge of Bank policies and procedures and maintain proficient understanding of state and federal regulatory compliance as it pertains to loan servicing, loan documentation, the Bank’s core system functions, and all outlined responsibilities and duties.

· Cooperatively and effectively share and rotate the responsibilities and duties of this role on a regular basis among all Loan Servicers. Develop and maintain a full knowledge of all assigned duties to ensure consistent coverage, operational flexibility, and uninterrupted workflow.

· Demonstrate ongoing self-development and participation in formal training per this essential expectation of this role.

· Demonstrate exceptional attention to detail under time constraints in an effective and efficient manner and prioritize work assignments and balance workloads.

· Promote and provide excellent customer service by effectively communicating and cooperating with internal and external customers in a positive and professional manner.

· Work closely with direct supervisor to identify and assist with providing training to the loan department on any of the Loan Servicer responsibilities and duties.

· Provide coverage at the Loan Department reception desk.

· Review various system reports daily to ensure all payments were processed correctly and perform correcting entries for any payment errors discovered. Responsible for performing FHLB payment reporting, which includes working closely with Operations to make sure daily payments are submitted correctly and creating ECRs for any corrections needed.

· Review various loan file maintenance reports daily to ensure new loans and loan file maintenance were entered correctly on the Bank’s core system and notifies the appropriate employee if any corrections are needed if discrepancies are discovered.

· Responsible for the annual escrow analysis statement process including validating the accuracy of the escrow analysis that was generated follows compliance with policies, procedures and escrow regulatory requirements. Provide support and assistance to loan officers and customers with questions.

· Oversee insurance for all loans. Ensures there is up to date and adequate insurance coverage for loans not covered under the Bank’s blanket policy, disbursement and payment of hazard and flood insurance from escrow accounts and adding or removing the Bank as a lien holder. Responsible for force placed insurance which includes issuing new policies and monitoring existing policies for renewal or cancellation.

· Responsible for property tax escrow distributions including monthly balancing, processing distributions, payment to county treasurers, and updates of the distribution amounts in the core system.

· Responsible for PMI including paying monthly premiums, ensuring appropriate fields were entered on the Bank’s core system for monitoring, monitor loans nearing cancellation or termination, and processing cancellations.

· Monitor and track loans secured by collateral in a flood zone on a monthly and annual basis along with weekly monitoring of new flood determinations pulled. Will also perform a flood review on loans secured by property in a flood zone prior to the loan closing to ensure adequate coverage is in place and documented.

· Perform various duties involving the Bank’s interest rates including high-priced testing, obtain updated indexes weekly, update indexes in the Bank’s loan software, prepare updated rate sheets and distribute to appropriate staff.

· Review final title opinions, final title guaranties, abstracts, and recorded mortgages for accuracy along with notifying the appropriate party of any corrections needed if discrepancies are discovered.

· Ensure accurate and timely reporting of borrower loan data to the credit bureaus. This includes investigating and resolving credit bureau disputes received through e-Oscar and reviewing monthly reports from the Bank’s core system to ensure loans are reported correctly in accordance with the Fair Credit Report Act and the CDIA.

· Responsible for the Bank’s denied and withdrawn loan process by preparing Adverse Action Notices for denied loan applications accurately, ensuring Adverse Action Notices are mailed to the borrower(s) in a timely manner, and maintaining the denied/withdrawn log.

· Review and balance loan department vendor billings such as Equifax, CBMS, and Loan Coupon books.

· Prepare paper loan files for scanning, upload electronic files to the Bank’s imaging system, and provide second review of loan documents scanned/uploaded to the Bank’s imaging system.

· Handle credit life and disability policies by processing new policies and closed policies, maintaining records, and processing entries to the checking account or general ledger accounts.

· Assist with various daily, monthly, quarterly or annual loan reports and reviews such as but not limited to EOD report, CD/Savings/Stock/Bond secured loan review, and paid loan report.

· Perform various lien perfection duties such as preparing and submitting the release of mortgage and title liens, processing new title liens, and recording new mortgages. Review the paid loan reports and mail the paid note and letters to customers.

· Perform admin responsibilities for the various websites and software used in the department including adding, removing, and unlocking users, providing training and support to staff, communicating with vendors for support and issues, processing and reviewing updates, reviewing system specs, and any other items as needed.

· Research and handle outstanding checks and transactions in the loan department checking account and assist Operations as needed with the account reconciliation.

· Perform loan file maintenance requests in the Bank’s core system and provide backup to the Loan Operations Specialist / Core System Specialist

· Responsible for tickler tracking including follow-up for abstracts and collateral titles.

· Process daily mail received in the department including returned mail.

· Process loan payments, advances, incoming/outgoing wires accurately and timely.

· Answer phones, assist with CRM requests, and loan support email requests.

· Balance end of year interest statements and process correcting 1098 entries.

· Familiarity with all Bank products and services is a must and using Bank products and services is highly encouraged.

· Attend meetings held by committees and groups of which you are a member and represent the Bank in various community activities and volunteer opportunities.

· Perform other duties as assigned. Commit to staying busy at all times by routinely seeking and performing value-added work throughout scheduled work hours, immediately directing questions regarding what tasks need completed and priorities to your manager.

EOE/Veteran/Disabled

Requirements:

Must be able to work a full-time schedule of approximately 40 hours per week, Monday through Friday, including occasional overtime and some scheduled Saturday mornings. High school diploma or equivalent is required. Relevant job knowledge and experience is required with drive and ability to develop job proficiency. Degree in finance or business-related field helpful.

Requires general to intermediate loan knowledge. Ability to perform mathematical calculations and collect and analyze data. Must be organized and able to multi-task, prioritize workload, complete tasks in a timely manner. Must be flexible and have high attention to detail. Proficient in use of computers and technology including Excel and Word. Must portray an energetic and positive attitude, good verbal communication skills, dependability, initiative, motivation, good judgment, and problem-solving skills. Must be able to work independently and with a team. Must be willing to independently research information to determine solutions.

While performing the duties of this job the employee is regularly required to sit, talk and hear. The employee is occasionally required to stand; walk and reach with hands and arms. The employee is frequently required to use hands and fingers. Specific vision abilities required by this job include close vision and ability to adjust focus.

Interested individuals must complete a South Ottumwa Savings Bank Application for Employment to be considered for this position. Must be able to pass a background screening including a credit and criminal check . Candidates may apply via Indeed or in person at 320 Church Street, Ottumwa, Iowa 52501. Applications are available on the Careers page of our sosb-ia.com website, and applications may be requested and returned via our View email address on us.fitly.work email address.

EOE Veteran/Disability