Loan Servicing Officer

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SUMMARY:

Provides a variety of servicing support functions while providing quality member service in connection with consumer, mortgage, credit card and business loans which includes account adjustments and corrections, resolving member disputes, loan record management, final closing and releases of paid loans, insurance tracking and force placements. Have a high level of understanding of the Credit Union's loan related products and its accompanying documents. Expands Coast360's market share via soliciting new lending and deposit relationships.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following job functions. Other job functions may be assigned from time to time. The job functions contained herein are intended to be supplemented by “Task Lists” which describe various individual tasks associated with each job function.

• Complies with procedures, policies and regulation guidelines on consumer, mortgage, credit card and business loans ensuring complete compliance.
• Provides assistance and processes homeowners and automobile insurance inquiries and requests received via email, telephone, fax, online secured messages and walk-ins.
• Researches and responds to various loan inquiries and complaints inclusive of credit cards. Prepares loan adjustments as required subject to the approval of Loan Servicing Supervisor or Loan Servicing Manager.
• Performs recalculations on all loan accounts and makes necessary entries to correct loan history inclusive of rate adjustments and MAPR for Service-members and military and/or dependents in compliance to the Service-members Civil Relief Act and Military Lending Act, and any other applicable laws.
• Provides support to all departments with problem resolutions on servicing of loans.
• Reconcile various loan servicing general ledgers, clear exceptions and resolve issues.
• Performs research and validation on credit reporting complaints and disputes and coordinates with Credit Solutions Services Department for correction, as necessary.
• Funds new mortgage loans and prepares loan payment booklets.
• Board and funds new member business loans and processes drawdowns on lines of credit.
• Establishes the collateral manager for Member Business Loans.
• Prepares loan payoffs.
• Reviews daily mortgage loan payments and makes adjusting entries as needed.
• Processes monthly adjustable rate mortgage adjustments and initial rate adjustment in compliance with the mortgage servicing rules.
• Tracks collateral insurance for automobile renewal and updates system. Generates daily reminder notices. Communicate and correspond to members with expiring insurance policy.
• Processes force placement coverage of expired automobile loan policies as required and prepares premium disbursements to insurance agent.
• Processes force place cancellations, reimbursements, add-on, and prepares member notifications.
• Tracks collateral insurance for homeowner renewal and updates system. Generates monthly reminder notices. Processes premium disbursements.
• Processes monthly Private Mortgage Insurance premium disbursements. Ensuring sufficient insurance coverage (PMI & Hazard and Flood Insurance) is maintained throughout the life of the loan; and until the member reaches the automatic cancellation.
• Prepares construction loan increment disbursements and monthly billings.
• Performs annual projects to include 1098 Mortgage Interest Statement preparation and distribution; Real Property Tax review, system update and disbursement and coordinates payment with Rev & Tax Property Tax Division; Escrow Analysis notification, check disbursement, coupon processing.
• Process ACH/ATA payment updates and distribution for mortgage loans; inclusive of resolving member issues or concerns related to these processes.
• Service members and cross-sell credit union products and services.
• Other duties and responsibilities may be assigned from time to time.
• Provides support to Loan Servicing Specialist.

SUPERVISORY RESPONSIBILITIES:

NONE.

PERFORMANCE STANDARDS:

Thorough knowledge of servicing/maintenance of loan files, insurance, and federal regulations. Performs all job functions in an accurate and timely manner. Detail oriented. Displays sound interpersonal skills. The ability to service members or visitors in person and by telephone. Utilizes interpersonal skills effectively in a team environment. Displays professional attitude and appearance at all times. Fully competent in using a personal computer and contemporary software and office equipment customarily used in an office environment.

QUALIFICATION REQUIREMENTS:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE:

A high school diploma or general equivalency diploma (GED) is required; plus two years or more in lending or loan servicing experience and/or training; or any equivalent combination of formal training and/or experience which provides the necessary knowledge, skills, and abilities thereof.

LANGUAGE SKILLS:

Ability to read and interpret forms, savings account and loan account entries and transactions, as well as general banking documents such as operating and maintenance instructions, and procedure manuals. Ability to write routine reports and construct basic correspondence to communicate account information to members. Ability to read, analyze, and interpret documents such as credit bureau reports, debt to income ratio reports, general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to effectively present information and respond to questions from members, employees and the community. Communicate effectively in both oral and written form.

MATHEMATICAL SKILLS:

Ability to work with mathematical concepts such as probability and statistical inference, and fundamentals of financial management. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations involved in job functions and practices.

REASONING ABILITY:

Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.

CERTIFICATES, LICENSES, REGISTRATIONS:

Valid Driver's License.

OTHER SKILLS and ABILITIES:

Ability to operate standard office equipment and tools such as postage machine, fax machine, telephones, photocopier, typewriter, and utilize appropriate versions of current computer software (e.g., Microsoft Office).

Familiarity with any federal, state, and/or local law and regulations related to lending (e.g., Regulation B, Regulation Z, Real Estate Settlement Procedure Act, Equal Credit Opportunity Act, Equal Housing Lending, Fair Credit Reporting Act, etc).

Familiarity with all service delivery systems and products including input requirements, output capabilities, system maintenance, upgrading, and general operations.

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. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit and talk or hear. The employee is occasionally required to stand; walk; use hands and fingers to handle, or feel objects, tools, or controls; reach with hands and arms; and stoop, kneel, crouch, or crawl.

The employee must occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, depth perception, and the 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 quite.

MENTAL DEMANDS:

The mental characteristics necessary to competently perform this job include the need to routinely assist others in completing tasks; the frequent need to write, be continuous resourceful, persuasive, and creative in problem resolution. In addition, the incumbent requires concentration, need to be alert, precise, exercise patience, and reason in dealing with members and fellow employees.